The 421-g Tax Incentive was an NYC tax incentive program that offered both exemptions and abatements to building owners that converted commercial buildings to residential in downtown Manhattan. The program...
Latest Posts
Real Estate Commission Rebates: How They Work
In the US, for better or worse, real estate commissions are negotiated between the listing agent and the seller. You, the buyer, have no say in the commission paid. As a result, some brokers that are will to work for...
Rent to Own an NYC Condo
With unsold condo inventory high in NYC, some sponsors in larger buildings with many units to sell, are offering ‘rent to own’ options to potential buyers. In NYC, rent to own are basically ‘try before you...
What is a Condo Declaration?
A Condo Declaration is a legal document that lays out what common and private spaces were built and who owns them. It details the block and lot, address, unit number, size, square footage, common interest percentage...
Why Now is the Time to Buy an NYC Condo
The pandemic has forced people to question whether now is the right time to look for condos for sale in the densely populated NYC. Yes, NYC has been put to the test: Covid-19, ‘anarchist city‘, record...
Building Stages: Pipeline, Sponsor, Resale
If you are reading this blog post you are probably a Marketproof Pro subscriber. If not, please visit the site to learn more. Marketproof Pro organizes new development condo (and co-op) buildings into three separate...
New Development Market Report: Oct 5 – Oct 11, 2020
Marketproof is a real estate marketplace for NYC new development condos. It is used by real estate professionals and all kinds of people looking to buy or sell new condos. Only 10% of available new condos are listed on...
Offering Plan Basics: Sponsor Control Period
An important part of a condo offering plan, the document that lays out the terms under which a sponsor can sell you a condo, is the Sponsor Control Period. The Sponsor Control Period is the time, typically in the early...
Right to Rescind If Delay in First Closing in Newly-Constructed Condos
The following is the text from a memorandum issued by New York State titled ‘Delay in First Closing in Newly-Constructed Condominiums and Rescission’. (Memorandum PDF and link are below)...
Right To Rescind Condo Contract After Delays & Operating Budget Increase
Below is an excerpt from ’13 NYCRR Section 20.3: Format and content’ concerning condo purchase contract recision due to operating budget increases. —————— (h) Budget for...
New York Real Estate Syndication Act (Martin Act)
In New York, Article 23-A of the New York General Business Law (“GBL”), commonly referred to as the Martin Act, gives the Attorney General the authority to enforce its provisions, which regulate the offer and sale of...
Offering Plan ‘Accepted’: What happens next?
The condo process begins when a building sponsor’s attorney submits an offering plan to the New York State Attorney General’s office for approval. The AG’s Real Estate Finance Bureau oversees the...
