Is it difficult to get a mortgage for a co-op?

Fewer lenders are willing to finance the purchase of a co-op over a condo. Before you begin your search, make sure you are pre-approved.

Can I sublet my co-op apt?

The answer differs from building to building. Some co-op boards have a strict prohibition against subletting your co-op apartment.  Others may allow for it, subject to certain conditions, which vary.

What do I need to pass a co-op board?

Co-op board requirements differ greatly from building to building. Typically, after closing, co-op boards require two years worth of mortgage and maintenance reserves in your bank account, derived typically from your income and savings, and after your other expenses.

What is the difference between a condo and co-op?

When you purchase a condominium, you own the actual unit itself. You also have rights to use common areas, such as the exercise room, the party room, and so forth. Fees are charged against occupants for maintenance, insurance and management of these common areas. When you buy into a co-op, you do not own the … Read More

How long does the sales closing process take?

On average, it takes 45-60 days to close a condo, and 60-90 days to close a co-op.

SoHo Update: Should Artists in SoHo Monopolize Lofts in SoHo?

A debate has begun as to whether loft-space in SoHo should still be exclusively rented out to artists in New York City, or whether everyone should have the opportunity to live in a SoHo loft.  The debate centers around a 1971 New York City zoning law, which requires each SoHo loft to have at least … Read More

Price This Pad!

It’s time for everyone’s favorite game! Here’s the deal, we give you the apartment specs and you give us your best guess on what the list price is. The closest to the listed sales price wins a gift!  Good Luck! Description: Tribeca Co-op w/ keyed elevator 1000 sq ft Penthouse loft w/ wrap-around terrace Features 11 … Read More

When You Need To Rent

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When It’s Time To Buy

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