A home buyer is Fannie Mae eligible when the government-backed company will buy their mortgage from a lender. A lender — a bank like Chase or Wells Fargo — will provide the mortgage to the home buyer. Fannie Mae will...
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Does this Mega-Deal Signal the Comeback of Ultra-Luxury NYC Real Estate?
For one Upper East Side resident, a casual walk around the neighborhood led to among the year’s biggest real estate deals. The unnamed buyer took down the phone number of a developer of a property under...
What is a Building Identification Number?
A Building Identification Number (BIN) is a unique identifier for each NYC building. The Department of City Planning assigns Building Identification Numbers, though the Department of Buildings may do so as well. The DOB...
Search NYC condos for sale
Sites abound that claim to optimize your search for NYC condos for sale. Identifying the platform with the best resources and user experience can be challenging. We recommend Marketproof, the gold standard in this arena...
What is a recorded sale?
A recorded sale happens when the city recognizes a transfer of ownership and adds it to the public record. This comes after the closing date, when ownership actually passes from seller to buyer and the buyer gets their...
Condos v. co-ops: why condos are easier to buy and sell
Condos v. co-ops: These two types of homes may at first seem the same, but condos are easier to buy and sell. That’s one reason NYC developers have built 46,311 condo units in 2,097 buildings in the last ten...
The REBNY Financial Statement in 2021, Explained
Sellers and listing agents use the REBNY financial statement to assess the financial status of prospective buyers. The statement covers a buyer’s assets, liabilities, monthly income, and projected monthly expenses...
New Brooklyn condos outsell Manhattan
The NYC new development market suffered three disruptions between 2017 and 2020 that especially affected Manhattan: International buyers looked elsewhere following the 2016 US election,a new mansion tax went into...
Where to find an NYC BBL
In NYC real estate, BBL stands for borough, block, and lot. This 10-digit number identifies each individual piece of land in NYC. It is also universal, so it makes tracking buildings across databases easier. The...
What are condo common charges?
The owner of each unit in a condo building pays common charges, which are monthly fees that cover the building’s amenities, services, and upkeep. Common charges may include building staff salaries, management...
New Development Condo Buyer’s Worksheet: How to Craft an Offer Price
Use the spreadsheet below to help analyze costs in the purchase of a new development condo in NYC. Marketproof Pro provides the latest and most comprehensive data anywhere on new New York City condos. This post uses...
What happens to a condo developer if the apartments do not sell and they default?
A condo developer defaults when they are unable to sell apartments and do not have the funds to pay off their loans. If this happens, it is likely that the building’s lender will either take over the building or...
