In New York, a CEMA (Consolidation, Extension, and Modification Agreement) is an agreement where a buyer and seller agree to cooperate to save on state taxes. Here’s how a CEMA works: The buyer assumes...
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Building profiles: 6 Manhattan condos likely selling soon
The relatively pricey Manhattan condo market was up against tough conditions last year. COVID conspired with the 2019 progressive mansion tax to shift buyer attention toward the less expensive boroughs, and Brooklyn...
Legal challenges could upend how real estate brokers share commissions
Legal challenges to co-broking likely headed to the Supreme Court were already threatening to upend the real estate brokerage business. But Compass took more direct aim at the local status quo when it filed an antitrust...
Compass’ lawsuit against REBNY
The real estate brokerage Compass filed a lawsuit against NYC trade organization REBNY for its rules governing co-broking. Below is a copy of Compass’ legal complaint. Compass-REBNY-Lawsuit Link to download...
REBNY Universal Co-brokerage Agreement Rules and Regulations
The REBNY Listing Service Universal Co-brokerage Agreement Rules and Regulations state the rules for co-broking in New York City. Co-broking is when a home buyer and seller’s brokers coordinate a deal. REBNY...
Building profiles: 10 new condos in Manhattan and Brooklyn
The NYC real estate market currently boasts a high supply of new Manhattan and Brooklyn condos. Marketproof tracks condo buildings, including those under construction, currently selling, and those that have moved on to...
What are condo covenants, conditions, and restrictions (CC&Rs)?
Condo covenants, conditions, and restrictions (CC&Rs) are rules that govern a condo community. All owners agree to abide by these rules when buying a condo unit. CC&Rs do not just set the rules for condo owner...
What is a land lease in NYC?
A land lease is an agreement where the owners of a condo, co-op, or commercial building do not own the land their building sits on. Instead, they rent it from the landowner. There’s a number of reasons a developer...
Why NYC New Development Should Be More Transparent
In an unregulated market economy, suppliers sell goods and services at the highest price buyers are willing to pay. If supply increases faster than demand, prices will fall. If demand increases faster than supply...
NYC tax guide: What do RPTT and RETT mean
In the NYC tax system, RPTT means real property transfer tax, and RETT means real estate transfer tax. Most obviously, RPTT and RETT are important because they can considerably boost the cost of a transaction, for buyer...
Elad Group’s $87M Charlie West bulk condo deal by the numbers
The Elad Group is selling 70 condo units at its Charlie West tower for $87 million to Tishman Realty, The Real Deal reported. Elad has developed numerous residential projects in New York but is best known for its...
What does a property manager do?
A property manager oversees a rental property for the home’s owner. Condos and co-ops employ property managers to make sure the building runs smoothly, manage tenants, and address their concerns. Property managers...
