Co-op or condo buyers or tenants in New York City should be aware there are a particular setof policies. The governing policies are called house rules. The house rules govern day to day normal behavior throughout the building. After all, many people, often with entirely different backgrounds, are living vertically in tight quarters in New […]
Most co-ops have very strict policies about subletting, which does not make them an idealinvestment opportunity and can present a serious challenge if your job suddenly relocates toLondon, for instance. The rules vary, but owners are usually allowed to sublet their apartmentfor no longer than 1 to 2 years in any 5-7 year period. The […]
A self-managed building is a condo or co-op building which does not pay for the services of athird party ‘Managing Agent’ to run the day-to-day operations of the building. Self-managedbuildings in NYC are typically very small and have less than 15 units. If a building is self-managed, it means that the individual apartment owners take […]
While your lawyer reads the board meeting minutes as part of his/her duty when conductingdue diligence, we help prospective co-op and condo buyers in order for him/her to alsounderstand the issues prior to making an offer. It can also assist existing owners to keepabreast of the building’s issues, and if there are any festering problems. […]
Here’s a fact that might surprise you: A co-op board can turn down a buyer for any lawfulreason. And because the reason need not be divulged, this means that in practice, unlawfulreasons (race, religion, profession, sexual orientation, nationality, etc.) may also prompt arejection. (Note: If you buy an apartment directly from the sponsor, you will […]
In a co-op, shareholders elect a volunteer co-op board which–except in some very small buildings that choose to save money by self-managing–works with a property management company to oversee the care and maintenance of the building. The board also creates and enforces rules about everything from renovation inside units, to what’s allowed to transpire on […]
A condominium budget will determine a condo apartment’s monthly common charges It’s critical to analyze a condo budget before signing a purchase contract in NYC. Many first time home buyers rely exclusively on their lawyers to scrutinize the condo budget as part of the lawyer’s legal and financial due diligence. However, since you’ll be the […]
In a co-op, shareholders pay a monthly maintenance fee. Part of it goes toward the expenseof operating the building. The other part is the amount of property taxes apportioned to eachshareholder based on the number of shares assigned to their apartment. Particularly thesedays, when property taxes and fuel costs are rising sharply, maintenance fees are […]
NYC condos are more expensive, on average, than co-ops. In the 2nd quarter of 2018, for example, condo buyers forked over an average of $1,989 per square foot in Manhattan, approximately 50% more than co-op buyers, who paid an average of $1,319 per square foot, according to a report by the appraisal firm Miller Samuel. […]
If you’re living in Brooklyn, you might be interested in exploring and contributing to the vibrant community garden scene connecting the borough. These green spaces are more than just pretty spots—they’re vital hubs that exemplify New Yorkers’ dedication to their neighborhoods. Here’s how you can join and participate in these thriving gardens. 1. Discovering Community […]
