The last quarter of 2010 in Manhattan real estate market will be known for the year of luxury as homes of $3 million and up and were popular sales in last quarter of 2010.
Prices for Manhattan apartments continued to edge upward, as their average sale price of $1,432,787 was 8% higher than a year ago. This marked the sixth straight quarter that the average price has risen.
While the number of recorded transactions fell 25% from a year ago, the fourth quarter of 2009 was uncharacteristically busy due to pent-up demand after the collapse of Lehman Brothers had frozen the market earlier that year.
To view the 4Q 2010 Market Report Click Here
Showing posts with label buying a home in Manhattan. Show all posts
Showing posts with label buying a home in Manhattan. Show all posts
Sunday, January 16, 2011
Saturday, January 1, 2011
New York on sale: The top 20 residential real estate deals of 2010
Although it was not a stellar New York City real estate market, there were some incredible luxury homes sold in Manhattan in 2010 . In fact, the top 20 NYC real estate sales of 2010 added together totaled $539 million.
Here are the top 20:
1. $44,000,000
1009 5th Ave New York, NY 10028
A billionaire from Mexico bought the landmark Duke Semans Mansion, one of Fifth Avenue’s last great “Beaux Arts Style” private residences, built in 1901, complete with 7 floors. The originalprice of the home was $40M in ‘06.
2. $40,000,000
15 Central Park West New York, NY 10023
The 41st floor penthouse at 15 Central Park West was the Limestone’s biggest sale of the year, a staggering $9,940 per square foot.
Built between 2006-2008 and designed by Robert A.M. Stern this gem is located at the corner of West 61st Street and Central Park West and houses the who’s who of business, finance, entertainment and other industries,
3. $33,177,083
1 Central Park West New York, NY 10023
This was a foreclosed penthouse at the Trump International which allegedly needs millions more in renovations by the reported buyer a party king from Malaysia.
The building overlooks Central Park at the juncture of Central Park West and Columbus Circle. The first 17 floors of the 52 story building are made up of 167 hotel units ranging in size from Studios to Two Bedrooms that overlook the Park and Broadway. The upper portion of the building, known as the Tower, is comprised entirely of residential condominiums with gracious proportions and limitless views. All the residences feature floor-to-ceiling windows and top of the line appliances throughout. Jean George’s flagship restaurant is located off of the lobby and the building features a full service spa and fitness center with pool.
4. $31,500,000
400 W 12th St New York, NY 10014
A Houston sports team owner wanted $39.5 million for this unfinished penthouse atop the West Village’s Superior Ink, but the sale price is still a Downtown condo record.
The building is the condo record. West Village’s most coveted new condominium and offers breathtaking 360 degree views of the Hudson River, the Manhattan skyline and beyond. Superior Ink is a full service building offering its residents a private screening room, entertainment lounge, state-of-the-art fitness center with Pilates/Yoga room, children’s playroom, 24-hr concierge and doorman and 24-hr on premise valet parking.
5. $30,000,000
1 Central Park west New York, NY 10023
The same 5,500 square-foot penthouse that needs much at the Trump International which originally sold for $33M in a foreclosure auction was then resold this month, to a couple who already owns a place in the building.
The building overlooks Central Park at the juncture of Central Park West and Columbus Circle. The first 17 floors of the 52 story building are made up of 167 hotel units ranging in size from Studios to Two Bedrooms that overlook the Park and Broadway. The upper portion of the building, known as the Tower, is comprised entirely of residential condominiums with gracious proportions and limitless views. All the residences feature floor-to-ceiling windows and top of the line appliances throughout. Jean George’s flagship restaurant is located off of the lobby and the building features a full service spa and fitness center with pool.
6. $28,597,895
1 Central Park S New York, NY 10019
The massive 9,000 plus square feet State Suite on the third floor in The Plaza was supposed to sell for $45 million, but the buyer backed out, and a new buyer got a “bargain.” Back on the market for $39 million, is not its real estate bubble history (bought by an Italian businessman who failed to close on the $45 million deal after whispers he was looking to resell for $100 million) nor is it the massive L-shaped floor plan with a bananas 55′ x 13′ gallery. It’s those incredible marble columns that closed the deal!
This lifestyle is further enhanced by access to all the hotel services and restaurants of the Plaza, and the added security of entering the Plaza through the beautifully restored residential lobby on Central Park South.
7. $27,500,000
141 Prince St New York, NY 10012
A famous fashion mogul and his wife sold this Soho loft penthouse (known for its rooftop water tower) to a friend following their split. They bought it from a famous media mogul in 2006 for $25 million. This coop is in one of the most coveted areas of Soho.
8. $26,000,000
778 Park Ave New York, NY 10021
This huge fifth floor apartment was a lofty yet quiet sale, the famed co-op that once housed Brooke Astor. The apartment was never listed and purchased through a trust.
The building was designed in 1931 by Rosario Candela, who is to this day New York’s most celebrated luxury residential architect.
9. $25,000,000
115 Central Park West New York, NY 10023
Following the Tonight Show debacle, Conan O’Brien sold his duplex as he’s a full-time West Coaster now. He has found a buyer, brokers say, at or close to the $29.5 million asking price. The buyer wasn’t identified.
Located at 71st and Central Parl West, one of Central Park West’s famous twin-towered apartment houses, the 29 story art deco Majestic is considered to be among the West Side’s finest pre-war cooperatives apartment houses. Residents enjy the finest service and amenities, such as a state of the art gym, penthouse terrace for exclusive use by residents, bike room, children’s playroom and private planted gardens.
10. $25,000,000
950 5th Ave New York, NY 10075
A former Goldman Sachs bigwig sold his duplex in the tiny and prestigious 950 Fifth Avenue co-op to an unknown buyer. He was asking $29M. The apartment situated in one of the Upper Eastside’s most prestigious white glove co-operatives on Fifth Avenue designed by James E. R. Carpenter, this palatial and sun-drenched high floor prewar thirteen into twelve room duplex features some of the most spectacular formal entertainment space in New York with breathtaking views of Central Park and the southern city skyline.
Grand and beautifully proportioned, this pristine home is in triple mint condition with an abundance of original prewar details, high ceilings and beautiful herringbone floors. All mechanical elements of the apartment have been fully modernized as well including central air conditioning, Lutron lighting and updated media and electrical wiring. The apartment has been featured in Architectural Digest.
Off its own private elevator landing is the massive entrance gallery with marble flooring and limestone walls. There is a lovely powder room and polished mahogany paneled wet bar. The expansive corner living room faces west and south with oversized picture windows, panoramic views of Central Park and a wood burning fireplace.
11. $24,438,000
1 Central Park S New York, NY 10019
The other penthouse that’s on this list twice. A casino mogul flipped this penthouse at The Plaza for a slight profit shortly after buying it. Not every resale at the Plaza winds up losing money. Some break even! It’s been reported that the casino mogul has flipped the apartment for $24.4 million to a buyer who lost to him during the summer’s bidding war. The mogul got about $1 million more than he paid for it, but once taxes and commissions are accounted for, he probably only broke even. He still did better-or at least walked away with less of a headache-than the apartment’s previous owner, a hedge funder who sued Plaza developer El-Ad Properties for breach of contract and the return of his deposit.
The Plaza is grand scale living, quiet and has a spirit of its own which draws one into a lifestyle that only “Eloise” could have penetrated.
12. $24,065,000
2 N Moore Street New York, NY 10013
Tribeca’s infamous “Our Suburb” house finally found a buyer, albeit for far less than the original $35 million asking price. It was reported last month that 2 N. Moore Street, all 11,000+ square feet of it, had found a buyer for just under $24 million, a nice bargain from its original asking price of $35 million back in 2008. The single-family house-part old, part new, all “our suburb,” as the family that built it once described the place-old for a bit more than that, $24,065,000, a massive deal for downtown no matter how you look at it. The purchaser is an LLC.
This unique mansion is a one of a kind masterpiece fit for the most discerning buyer. The 65′ wide townhouse has every imaginable amenity and more than 11,000 interior and 1,500 exterior square feet. Spacious and elegant, this home includes 6 bedrooms, 7 full baths, 4 powder rooms, 3 fireplaces, a staff apartment with separate entrance, an art room, a grand library, a screening and billiards room, an outdoor dining atrium, a finished lower level and a 2-3 car garage. The generous outdoor spaces on the 2nd & 3rd floors have both privacy and views and have been masterfully landscaped, including an irrigation system and mist outdoor cooling system.
13. $23,980,000
515 Park Ave New York, NY 10022
What do you get for the Swedish lingerie manufacturer who has everything? A $24M duplex in the tallest residential building on Park Avenue. Page Six reported that the Swedish lingerie manufacturer has bought this palatial 13-room duplex for $24 million even though he’s based in Hong Kong full time.
The tallest residential building on Park Avenue, this slim, 43-story tower opened in 2000 and was developed by the Zeckendorf General Partnership and the Whitehall Real Estate Fund has only 38 apartments.
14. $23,980,000
15 W 63rd St New York, NY 10023
A couple from a far-away land bought this oft-listed 15-room duplex high up in the Park Laurel near Central Park West and Lincoln Center. The apartment boasts 7,738 square feet and 1,244sf of landscaped terrace. There are Central Park views from nearly every room. A 35′ entry gallery and a grand staircase goes up to 5 bedrooms and more.
This very handsome, mid-block apartment tower, was built in 2000, and is a significant new component of the west skyline of Central Park.
Designed by Beyer Blinder Belle and Costas Kondylis, it has a nicely detailed red-brick façade with white detailing that enhances the vistas of the Upper West Side from Central Park as it partially blocks views of a very large, beige-brick apartment building just to the west of it on the same block.
The 40-story tower has 53 condominium apartments ranging in size from two- to four-bedrooms.
15. $23,689,586
1 York St New York, NY 10013
The all-glass 6,000 Square Foot penthouse atop Tribeca’s One York sold for a $10 million discount, but after a long spell on the market, we don’t think the developer is complaining. One year ago, the two glass-wrapped floors atop Tribeca’s One York got quite the price hike: from $25 million up to an asking price of $34 million.
The developers of the Enrique Norten-designed building have to be pretty excited to finally sell this home for north of $20 million. The buyer is an anonymous buyer cloaked in secrecy behind the an LLC.
One York Street, a brick warehouse dating back to before the Civil War was transformed into a modern 136,000-square-foot condominium complex. The building occupies a full city block, bound by Laight and York Streets, St. John’s Lane, and Avenue of the Americas.
The new structure features a 14-story glass tower and contains 40 loft units, 25 of them located within the original building. The development’s first level houses a lobby and 9,000 square feet of high-end retail space, and the second level holds 14,000 square feet of office space. The remaining 12 levels are dedicated to condominiums, with units on the uppermost floors featuring wrap-around terraces or large balconies offering residents 360-degree views of the Manhattan skyline.
16. $23,469,632
1 Central Park S New York, NY 10019
The other Plaza penthouse that’s on this list twice owned by a Casino Mogul was owned was owned for about four months before selling it for about a million dollars more!
17. $22,000,000
2 E 88th Street New York, NY 10128
A hedge funder paid $4.5 million over the asking price at 2 East 88th Street for a full floor designed for “preeminent collectors of contemporary art.”
This extraordinary Fifth Avenue home was designed by the noted architectural firm, Shelton, Mindel & Associates, as a “private residential gallery” for preeminent collectors of contemporary art. It comprises the entire eleventh floor of an intimate, fully serviced and highly desirable prewar cooperative and features large-paned windows with virtually 180 degrees of unparalleled and dramatic vistas of Manhattan. These unobstructed, majestic views overlook Central Park and the Reservoir to the dramatic skyline of Central Park West, as well as upper Fifth Avenue beyond the Guggenheim Museum. These wonderful urban landscapes, framed as they are, complement the over eleven-foot-high walls throughout the residence and showcase a renowned art collection.
18. $21,995,500
720 Park Ave New York, NY 10021
A NY Philanthropist/Socialite got approved by the board at 720 Park, which isn’t even easy for someone of that caliber. The full-floor apartment is said to be “a lovely layout but it’s tired.”
This 15-room, fourth-floor nest for $33 million in November 2008 was the eye of the post-Lehman storm.
One of the city’s most exclusive and prestigious buildings, 720 Park Avenue was designed by Rosario Candela and Cross & Cross, who also collaborated on the design of One Sutton Place South, another of the city’s grandest residences.
Candela is widely considered to have been the country’s greatest designer of luxury apartment buildings and he collaborated with many of the city’s most famous architectural firms.
19. $21,011,434
995 5th Ave New York, NY 10075
One of the last remaining units in the converted Stanhope Hotel, this 8,000-square-footer was once asking $33 million.
The finest on Fifth, elegant and pristine full floor condop residence with private elevator entry and sweeping views of Central Park, The Metropolitan Museum, George Washington Bridge and New York Skyline. Majestically restored, expansive residence with 42 ft. living room along with a spacious corner dining room and library on the Park.
20. $20,000,000
13 E 67th St New York, NY 10065
A New York Artist bought this 10,000-square-foot townhouse and filed plans to combine it with the one next door, which he bought last year for $12M. There are no interior pics or word on how the artist plans to renovate the space.
The six-story neo-classical limestone town house in 1921. Mrs. Rockefeller bought the house in 1955, after she split with Winthrop Rockefeller, brother of Nelson.
Here are the top 20:
1. $44,000,000
1009 5th Ave New York, NY 10028
A billionaire from Mexico bought the landmark Duke Semans Mansion, one of Fifth Avenue’s last great “Beaux Arts Style” private residences, built in 1901, complete with 7 floors. The originalprice of the home was $40M in ‘06.
2. $40,000,000
15 Central Park West New York, NY 10023
The 41st floor penthouse at 15 Central Park West was the Limestone’s biggest sale of the year, a staggering $9,940 per square foot.
Built between 2006-2008 and designed by Robert A.M. Stern this gem is located at the corner of West 61st Street and Central Park West and houses the who’s who of business, finance, entertainment and other industries,
3. $33,177,083
1 Central Park West New York, NY 10023
This was a foreclosed penthouse at the Trump International which allegedly needs millions more in renovations by the reported buyer a party king from Malaysia.
The building overlooks Central Park at the juncture of Central Park West and Columbus Circle. The first 17 floors of the 52 story building are made up of 167 hotel units ranging in size from Studios to Two Bedrooms that overlook the Park and Broadway. The upper portion of the building, known as the Tower, is comprised entirely of residential condominiums with gracious proportions and limitless views. All the residences feature floor-to-ceiling windows and top of the line appliances throughout. Jean George’s flagship restaurant is located off of the lobby and the building features a full service spa and fitness center with pool.
4. $31,500,000
400 W 12th St New York, NY 10014
A Houston sports team owner wanted $39.5 million for this unfinished penthouse atop the West Village’s Superior Ink, but the sale price is still a Downtown condo record.
The building is the condo record. West Village’s most coveted new condominium and offers breathtaking 360 degree views of the Hudson River, the Manhattan skyline and beyond. Superior Ink is a full service building offering its residents a private screening room, entertainment lounge, state-of-the-art fitness center with Pilates/Yoga room, children’s playroom, 24-hr concierge and doorman and 24-hr on premise valet parking.
5. $30,000,000
1 Central Park west New York, NY 10023
The same 5,500 square-foot penthouse that needs much at the Trump International which originally sold for $33M in a foreclosure auction was then resold this month, to a couple who already owns a place in the building.
The building overlooks Central Park at the juncture of Central Park West and Columbus Circle. The first 17 floors of the 52 story building are made up of 167 hotel units ranging in size from Studios to Two Bedrooms that overlook the Park and Broadway. The upper portion of the building, known as the Tower, is comprised entirely of residential condominiums with gracious proportions and limitless views. All the residences feature floor-to-ceiling windows and top of the line appliances throughout. Jean George’s flagship restaurant is located off of the lobby and the building features a full service spa and fitness center with pool.
6. $28,597,895
1 Central Park S New York, NY 10019
The massive 9,000 plus square feet State Suite on the third floor in The Plaza was supposed to sell for $45 million, but the buyer backed out, and a new buyer got a “bargain.” Back on the market for $39 million, is not its real estate bubble history (bought by an Italian businessman who failed to close on the $45 million deal after whispers he was looking to resell for $100 million) nor is it the massive L-shaped floor plan with a bananas 55′ x 13′ gallery. It’s those incredible marble columns that closed the deal!
This lifestyle is further enhanced by access to all the hotel services and restaurants of the Plaza, and the added security of entering the Plaza through the beautifully restored residential lobby on Central Park South.
7. $27,500,000
141 Prince St New York, NY 10012
A famous fashion mogul and his wife sold this Soho loft penthouse (known for its rooftop water tower) to a friend following their split. They bought it from a famous media mogul in 2006 for $25 million. This coop is in one of the most coveted areas of Soho.
8. $26,000,000
778 Park Ave New York, NY 10021
This huge fifth floor apartment was a lofty yet quiet sale, the famed co-op that once housed Brooke Astor. The apartment was never listed and purchased through a trust.
The building was designed in 1931 by Rosario Candela, who is to this day New York’s most celebrated luxury residential architect.
9. $25,000,000
115 Central Park West New York, NY 10023
Following the Tonight Show debacle, Conan O’Brien sold his duplex as he’s a full-time West Coaster now. He has found a buyer, brokers say, at or close to the $29.5 million asking price. The buyer wasn’t identified.
Located at 71st and Central Parl West, one of Central Park West’s famous twin-towered apartment houses, the 29 story art deco Majestic is considered to be among the West Side’s finest pre-war cooperatives apartment houses. Residents enjy the finest service and amenities, such as a state of the art gym, penthouse terrace for exclusive use by residents, bike room, children’s playroom and private planted gardens.
10. $25,000,000
950 5th Ave New York, NY 10075
A former Goldman Sachs bigwig sold his duplex in the tiny and prestigious 950 Fifth Avenue co-op to an unknown buyer. He was asking $29M. The apartment situated in one of the Upper Eastside’s most prestigious white glove co-operatives on Fifth Avenue designed by James E. R. Carpenter, this palatial and sun-drenched high floor prewar thirteen into twelve room duplex features some of the most spectacular formal entertainment space in New York with breathtaking views of Central Park and the southern city skyline.
Grand and beautifully proportioned, this pristine home is in triple mint condition with an abundance of original prewar details, high ceilings and beautiful herringbone floors. All mechanical elements of the apartment have been fully modernized as well including central air conditioning, Lutron lighting and updated media and electrical wiring. The apartment has been featured in Architectural Digest.
Off its own private elevator landing is the massive entrance gallery with marble flooring and limestone walls. There is a lovely powder room and polished mahogany paneled wet bar. The expansive corner living room faces west and south with oversized picture windows, panoramic views of Central Park and a wood burning fireplace.
11. $24,438,000
1 Central Park S New York, NY 10019
The other penthouse that’s on this list twice. A casino mogul flipped this penthouse at The Plaza for a slight profit shortly after buying it. Not every resale at the Plaza winds up losing money. Some break even! It’s been reported that the casino mogul has flipped the apartment for $24.4 million to a buyer who lost to him during the summer’s bidding war. The mogul got about $1 million more than he paid for it, but once taxes and commissions are accounted for, he probably only broke even. He still did better-or at least walked away with less of a headache-than the apartment’s previous owner, a hedge funder who sued Plaza developer El-Ad Properties for breach of contract and the return of his deposit.
The Plaza is grand scale living, quiet and has a spirit of its own which draws one into a lifestyle that only “Eloise” could have penetrated.
12. $24,065,000
2 N Moore Street New York, NY 10013
Tribeca’s infamous “Our Suburb” house finally found a buyer, albeit for far less than the original $35 million asking price. It was reported last month that 2 N. Moore Street, all 11,000+ square feet of it, had found a buyer for just under $24 million, a nice bargain from its original asking price of $35 million back in 2008. The single-family house-part old, part new, all “our suburb,” as the family that built it once described the place-old for a bit more than that, $24,065,000, a massive deal for downtown no matter how you look at it. The purchaser is an LLC.
This unique mansion is a one of a kind masterpiece fit for the most discerning buyer. The 65′ wide townhouse has every imaginable amenity and more than 11,000 interior and 1,500 exterior square feet. Spacious and elegant, this home includes 6 bedrooms, 7 full baths, 4 powder rooms, 3 fireplaces, a staff apartment with separate entrance, an art room, a grand library, a screening and billiards room, an outdoor dining atrium, a finished lower level and a 2-3 car garage. The generous outdoor spaces on the 2nd & 3rd floors have both privacy and views and have been masterfully landscaped, including an irrigation system and mist outdoor cooling system.
13. $23,980,000
515 Park Ave New York, NY 10022
What do you get for the Swedish lingerie manufacturer who has everything? A $24M duplex in the tallest residential building on Park Avenue. Page Six reported that the Swedish lingerie manufacturer has bought this palatial 13-room duplex for $24 million even though he’s based in Hong Kong full time.
The tallest residential building on Park Avenue, this slim, 43-story tower opened in 2000 and was developed by the Zeckendorf General Partnership and the Whitehall Real Estate Fund has only 38 apartments.
14. $23,980,000
15 W 63rd St New York, NY 10023
A couple from a far-away land bought this oft-listed 15-room duplex high up in the Park Laurel near Central Park West and Lincoln Center. The apartment boasts 7,738 square feet and 1,244sf of landscaped terrace. There are Central Park views from nearly every room. A 35′ entry gallery and a grand staircase goes up to 5 bedrooms and more.
This very handsome, mid-block apartment tower, was built in 2000, and is a significant new component of the west skyline of Central Park.
Designed by Beyer Blinder Belle and Costas Kondylis, it has a nicely detailed red-brick façade with white detailing that enhances the vistas of the Upper West Side from Central Park as it partially blocks views of a very large, beige-brick apartment building just to the west of it on the same block.
The 40-story tower has 53 condominium apartments ranging in size from two- to four-bedrooms.
15. $23,689,586
1 York St New York, NY 10013
The all-glass 6,000 Square Foot penthouse atop Tribeca’s One York sold for a $10 million discount, but after a long spell on the market, we don’t think the developer is complaining. One year ago, the two glass-wrapped floors atop Tribeca’s One York got quite the price hike: from $25 million up to an asking price of $34 million.
The developers of the Enrique Norten-designed building have to be pretty excited to finally sell this home for north of $20 million. The buyer is an anonymous buyer cloaked in secrecy behind the an LLC.
One York Street, a brick warehouse dating back to before the Civil War was transformed into a modern 136,000-square-foot condominium complex. The building occupies a full city block, bound by Laight and York Streets, St. John’s Lane, and Avenue of the Americas.
The new structure features a 14-story glass tower and contains 40 loft units, 25 of them located within the original building. The development’s first level houses a lobby and 9,000 square feet of high-end retail space, and the second level holds 14,000 square feet of office space. The remaining 12 levels are dedicated to condominiums, with units on the uppermost floors featuring wrap-around terraces or large balconies offering residents 360-degree views of the Manhattan skyline.
16. $23,469,632
1 Central Park S New York, NY 10019
The other Plaza penthouse that’s on this list twice owned by a Casino Mogul was owned was owned for about four months before selling it for about a million dollars more!
17. $22,000,000
2 E 88th Street New York, NY 10128
A hedge funder paid $4.5 million over the asking price at 2 East 88th Street for a full floor designed for “preeminent collectors of contemporary art.”
This extraordinary Fifth Avenue home was designed by the noted architectural firm, Shelton, Mindel & Associates, as a “private residential gallery” for preeminent collectors of contemporary art. It comprises the entire eleventh floor of an intimate, fully serviced and highly desirable prewar cooperative and features large-paned windows with virtually 180 degrees of unparalleled and dramatic vistas of Manhattan. These unobstructed, majestic views overlook Central Park and the Reservoir to the dramatic skyline of Central Park West, as well as upper Fifth Avenue beyond the Guggenheim Museum. These wonderful urban landscapes, framed as they are, complement the over eleven-foot-high walls throughout the residence and showcase a renowned art collection.
18. $21,995,500
720 Park Ave New York, NY 10021
A NY Philanthropist/Socialite got approved by the board at 720 Park, which isn’t even easy for someone of that caliber. The full-floor apartment is said to be “a lovely layout but it’s tired.”
This 15-room, fourth-floor nest for $33 million in November 2008 was the eye of the post-Lehman storm.
One of the city’s most exclusive and prestigious buildings, 720 Park Avenue was designed by Rosario Candela and Cross & Cross, who also collaborated on the design of One Sutton Place South, another of the city’s grandest residences.
Candela is widely considered to have been the country’s greatest designer of luxury apartment buildings and he collaborated with many of the city’s most famous architectural firms.
19. $21,011,434
995 5th Ave New York, NY 10075
One of the last remaining units in the converted Stanhope Hotel, this 8,000-square-footer was once asking $33 million.
The finest on Fifth, elegant and pristine full floor condop residence with private elevator entry and sweeping views of Central Park, The Metropolitan Museum, George Washington Bridge and New York Skyline. Majestically restored, expansive residence with 42 ft. living room along with a spacious corner dining room and library on the Park.
20. $20,000,000
13 E 67th St New York, NY 10065
A New York Artist bought this 10,000-square-foot townhouse and filed plans to combine it with the one next door, which he bought last year for $12M. There are no interior pics or word on how the artist plans to renovate the space.
The six-story neo-classical limestone town house in 1921. Mrs. Rockefeller bought the house in 1955, after she split with Winthrop Rockefeller, brother of Nelson.
Sunday, October 10, 2010
First time home buyers: How to make an offer
You’re buying your first home and you want to make sure you make an offer that is right for you!
Of course the first step is to determine your budget. Will you be making an all cash purchase? How much cash will you be able to put down? How much of a mortgage will you need from the bank? Have you been pre-approved for a mortgage?
Most first-time home buyers have no idea what to expect. And that’s to be expected. Thus my recommendation for working with a professional and experienced real estate agent – whether you’re buying your first home or your tenth.
A good real estate agent will help you throughout the entire transaction and the offer is critical. You can make an informed decision on the seller’s asking price by reviewing recent, comparable sales in the area, the market, and other variables by working with your agent.
Based on many factors, no two home purchases are alike. This information will help you to be well positioned in making a “smart offer” on the home you want to purchase.
I use the term “smart offer” because too often people get carried away with “the bargain.”
I had a client who made a $900K offer on a $1.6M home which I advised him against and of course, he lost the home. When we found him the next apartment, he listened to my advice and made a “smart offer” which saved him over $300K with various negotiations.
Read More Of This Article By Clicking Here
Of course the first step is to determine your budget. Will you be making an all cash purchase? How much cash will you be able to put down? How much of a mortgage will you need from the bank? Have you been pre-approved for a mortgage?
Most first-time home buyers have no idea what to expect. And that’s to be expected. Thus my recommendation for working with a professional and experienced real estate agent – whether you’re buying your first home or your tenth.
A good real estate agent will help you throughout the entire transaction and the offer is critical. You can make an informed decision on the seller’s asking price by reviewing recent, comparable sales in the area, the market, and other variables by working with your agent.
Based on many factors, no two home purchases are alike. This information will help you to be well positioned in making a “smart offer” on the home you want to purchase.
I use the term “smart offer” because too often people get carried away with “the bargain.”
I had a client who made a $900K offer on a $1.6M home which I advised him against and of course, he lost the home. When we found him the next apartment, he listened to my advice and made a “smart offer” which saved him over $300K with various negotiations.
Read More Of This Article By Clicking Here
Sunday, September 5, 2010
As much as the nation is in an economic turndown, Manhattan is a completely different market.
And while some are making the decision to downgrade from their classic six or larger apartments to smaller homes in the city, there will always be those who want the ultimate in luxury.
From a 6-story townhouse in lower Manhattan priced at $25,500,000, to a 3 bedroom/3 bath condo on the Eastside priced at $7,000,000, to a 2 bedroom/3 bath Soho loft priced at $4,350,000 some still want their luxury.
And for those who want the ultimate – their very own private island, there’s an island in the thousand island region of New York that comes with a 6,500-square-foot mansion on 1.3 acres — ten bedrooms, four bathrooms, plus a boat house and dock for a mere $1,950,000. About an hour-and-a-half drive from either Syracuse or Montreal.
These are just a sample of New York luxury properties, and there are more on the market.
And for those who don’t want luxury and prefer smaller more affordable homes – no worries. They are available in Manhattan.
No matter what type of property you’re considering, if you’re in the market I would be delighted to assist you. Do feel free to E-mail me.
Visit my Website and blogs at newyorkcityrealestatenews and Active Rain
Ross Ellis is a proud member of the Real Estate Board of New York
And while some are making the decision to downgrade from their classic six or larger apartments to smaller homes in the city, there will always be those who want the ultimate in luxury.
From a 6-story townhouse in lower Manhattan priced at $25,500,000, to a 3 bedroom/3 bath condo on the Eastside priced at $7,000,000, to a 2 bedroom/3 bath Soho loft priced at $4,350,000 some still want their luxury.
And for those who want the ultimate – their very own private island, there’s an island in the thousand island region of New York that comes with a 6,500-square-foot mansion on 1.3 acres — ten bedrooms, four bathrooms, plus a boat house and dock for a mere $1,950,000. About an hour-and-a-half drive from either Syracuse or Montreal.
These are just a sample of New York luxury properties, and there are more on the market.
And for those who don’t want luxury and prefer smaller more affordable homes – no worries. They are available in Manhattan.
No matter what type of property you’re considering, if you’re in the market I would be delighted to assist you. Do feel free to E-mail me.
Visit my Website and blogs at newyorkcityrealestatenews and Active Rain
Ross Ellis is a proud member of the Real Estate Board of New York
Saturday, March 7, 2009
Buying A Home
It occurred to me after speaking to someone who recently bought an apartment on their own, that many people do not know what a Buyer’s Broker is.
Had she had a Buyer’s Broker representing her she would have saved approximately $60,000.00 and it would not have cost her a penny. Yet she had no idea that she could have her own broker represent her.
Working with a Buyer’s Broker offers buyers every advantage. The Buyer’s Broker works solely for the buyer, yet they work with ALL of the Seller’s Brokers -- especially in Manhattan. This means that buyers can preview apartments from any brokerage firm in Manhattan through their Buyer Broker.
It’s the best of both worlds. A Buyer’s Broker will determine a buyer’s real estate needs and financially pre-qualify them for apartments that they may be interested in.
The Buyer’s Broker will then schedule appointments for the buyer to preview apartments from any and all firms that represent apartments of interest to the buyer.
Once a buyer sees an apartment they want to purchase, the Buyer’s Broker makes the offer to the Sellers’ Broker on behalf of the buyer, negotiates price, closing dates and other matters. Once the offer is accepted, it is up to the Buyer’s Broker to guide their customer and work closely with their attorney on any and all issues that may arise.
For a foreign buyer this is particularly important as the Buyer’s Broker is based in elsewhere … in my case Manhattan, and can handle any issue with great ease. The Buyer’s Broker can easily recommend the appropriate real estate and tax attorneys (albeit condo or coop), accountants, decorators, and any services the buyer will need.
Buyers DO NOT PAY A FEE. There is absolutely no cost to them. The Seller pays the fee and the fee is split between the Buyer’s and the Seller’s Brokers.
Your broker will be present at the closing. This broker was responsible for saving her client a few thousand dollars at the closing because the closing documents contained the wrong information.
So when buying a new home – even if you are the best negotiator – it is to your advantage to work with a Buyer’s Broker.
Feel free to contact Ross Ellis at Halstead Property for a consultation or for any questions you may have at 212-317-7828 or by email
Had she had a Buyer’s Broker representing her she would have saved approximately $60,000.00 and it would not have cost her a penny. Yet she had no idea that she could have her own broker represent her.
Working with a Buyer’s Broker offers buyers every advantage. The Buyer’s Broker works solely for the buyer, yet they work with ALL of the Seller’s Brokers -- especially in Manhattan. This means that buyers can preview apartments from any brokerage firm in Manhattan through their Buyer Broker.
It’s the best of both worlds. A Buyer’s Broker will determine a buyer’s real estate needs and financially pre-qualify them for apartments that they may be interested in.
The Buyer’s Broker will then schedule appointments for the buyer to preview apartments from any and all firms that represent apartments of interest to the buyer.
Once a buyer sees an apartment they want to purchase, the Buyer’s Broker makes the offer to the Sellers’ Broker on behalf of the buyer, negotiates price, closing dates and other matters. Once the offer is accepted, it is up to the Buyer’s Broker to guide their customer and work closely with their attorney on any and all issues that may arise.
For a foreign buyer this is particularly important as the Buyer’s Broker is based in elsewhere … in my case Manhattan, and can handle any issue with great ease. The Buyer’s Broker can easily recommend the appropriate real estate and tax attorneys (albeit condo or coop), accountants, decorators, and any services the buyer will need.
Buyers DO NOT PAY A FEE. There is absolutely no cost to them. The Seller pays the fee and the fee is split between the Buyer’s and the Seller’s Brokers.
Your broker will be present at the closing. This broker was responsible for saving her client a few thousand dollars at the closing because the closing documents contained the wrong information.
So when buying a new home – even if you are the best negotiator – it is to your advantage to work with a Buyer’s Broker.
Feel free to contact Ross Ellis at Halstead Property for a consultation or for any questions you may have at 212-317-7828 or by email
Sunday, February 15, 2009
Manhattan Is A Buyer's Market
Manhattan is a buyer's market and with prices going down ... NOW is the time to buy!!!
If you need to move (downgrade or upgrade), if you're a first time buyer, now is a great time to buy. Mortgage rates are low and prices are negotiable.
While there are no fire sales, you can be assured that if you buy an apartment in Manhattan today, your property's value will greatly increase in years to come.
Before beginning, it is important to outline the different forms of ownership available to purchasers of Manhattan property. Those forms are Cooperative, Condominium, Cond-op, and Townhouse (both single and multi-family). Please see the notes at the end of this document for a full description of each form of ownership.
Preparation
Work with your agent to complete the following:
Speak with a Mortgage Lender/Broker and obtain written pre-approval for a loan. This helps you determine your purchasing power and enables you to act expeditiously and with confidence when you identify the property you would like to purchase. Additionally, a pre-approval assures the seller that you are qualified, providing you with an advantage when bidding on a home. This is especially helpful in a multiple interest situation.
Choose a Manhattan Attorney who specializes in residential Real Estate. As New York City has complex real estate laws, attorneys are utilized to close all real estate transactions. Time is often critical; be sure your attorney is available to move quickly. A relative or friend who is an attorney cannot handle the complicated New York City real estate intricacies unless they know New York City real estate law.
The customary deposit upon executing a contract of sale is 10% of the purchase price. Ideally, be prepared to have those funds liquid when you begin your search. The balance of the down payment will be due upon closing.
For Coop purchases, your total annual housing costs should not exceed 25-30% of your gross reported income, and your total debt should not exceed 35-40% (except in the case of substantial liquid assets). Housing costs include: mortgage interest, coop maintenance, secondary residences and any other mortgage in which your name appears.
In certain forms of ownership, offers are not only accepted based upon price, but upon the financial strength of the potential buyer. Therefore, be prepared to have your net worth statement with substantiating documentation (bank statements, brokerage statements & other financial documentation) available. In many cases sellers require you to provide this with your offer. Regardless of the outcome this information will be required for most purchases and financial institutions so having it prepared will also save you time in the future. Be assured your agent will safeguard this information in a confidential manner.
Review your credit report. Remove all disputed claims and clear up any debt if possible, especially outstanding credit card balances.
Guidelines to finding your home:
Define your search parameters. This typically includes price range, location, size, type of ownership and building amenities (if appropriate). Ultimately, flexibility will only work to your advantage.
Choose an agent to work with. Since agencies have almost all the same listings, working with one broker allows you to efficiently schedule appointments to see only those properties that meet your needs. In addition, working with more than one broker may actually prolong your search by having the same properties shown to you by multiple brokers or by having multiple brokers confuse other brokers by making appointments at different times for the same customer. Since property in Manhattan tends to sell rather quickly, prolonging the process may actually hinder you from seeing the property that best meets your needs. Lastly, by creating a good relationship with your broker, you assure that you are the first person they call when a new listing arrives on the market.
Talk to your broker. Be specific about your needs, price point, locations of interest and any other amenities you require in your new home or building. If you do not feel comfortable with your broker, do not hesitate to let them know so that they may have the opportunity to refer you to a colleague with whom you may be more compatible.
When scheduling appointments, try to be available during the week. In addition to evenings, early morning and late afternoon is a good time to schedule appointments, as more brokers are available during these times to provide access to their listings. In addition, by avoiding weekend and open house showings you allow yourself to view properties without fighting crowds of people (competition) and giving you more time to ask questions and get a "feel" for the property.
Once you identify the property - The purchase:
Submit a verbal offer through your Agent immediately who will then follow it up in writing. The offer will include such provisions as purchase price, down payment, amount of financing, included and/or excluded personal property (i.e. window treatments, lighting fixtures, etc) preferred closing date, current income (combined for couples), job description, net worth, and debt status (loans, credit, etc.). Once your offer is verbally "accepted" by the seller, your broker will notify the seller's attorney who in turn will draw up and send to your attorney the initial contract.
Keep in mind that sellers are allowed to hear ALL subsequent offers while your contract is negotiated (or finalized). In fact a seller may accept another purchaser's offer up to the point of a fully signed, executed and returned contract. This means that until your contract is signed by both you and the seller, your deal may not sustain as the primary deal. Therefore, instruct your attorney to proceed expeditiously.
Your attorney will review with you the contract, perform a "due diligence" reviewing with you the "financials" and/or "issues" of the building, and ask you to execute the contract and put forward a 10% deposit to be held in escrow until closing. Thereafter, the seller signs the contract and your attorney will deliver one original to you and one to your mortgage broker/bank.
Immediately apply for a mortgage (if applicable). Your agent will work with your mortgage broker/bank to coordinate the appraisal of the property and provide the bank with requested information on the building. The loan process typically involves several steps from application to appraisal and finally approval. This process may take up to 45 days to complete and hinges on your ability to provide all of the required financial data to your broker/banker in a timely manner.
While awaiting your mortgage commitment work with your broker to complete your board package (not applicable for townhouse purchases). Your broker will provide an application which varies from building to building which typically must be completed and returned to your broker (who will in turn deliver it to the appropriate party) within 10 days of receipt of the fully executed contract or 3 days for the date a bank commitment letter is received, whichever applies. A typical cooperative board package requires at the minimum, the following: Personal and Business Reference Letters (if necessary, we can provide you with sample reference letters to assist your friends and colleagues), Employment Verification Letters and/or Pay Stubs, Bank Verification and Brokerage Statements, Net Worth Statement (this mirrors the information requested by your bank), two-years tax returns and the mortgage loan application and commitment.
Board packages must not be taken for granted. All questions and requests for documentation must be complied with. Both the application form and the Net Worth Statement should be typed and the package should provide a clear and concise assessment of your qualifications to purchase.
Once completed, your broker will review the package in order to assure that all the required documentation has been supplied and presented in the manner requested by the board and then forward the package to the buildings managing agent or otherwise authorized personnel for processing.
Upon review of your board package, the board will typically schedule an interview to meet with you. Boards vary in the manner in which they meet with applicants so please check with your broker to find out how often the board meets or if they have a separate interview committee that meets on a case by case basis.
After the interview, typical notification of the board's decision is given to you or your Agent within 72 hours however some boards reserve the right to take longer.
Upon board approval, notify your attorney who in turn will coordinate the closing date. A typical closing can take up to 2 weeks to schedule so please keep this in mind when planning your move.
Prior to closing - The Inspection:
The day before or the morning of the closing (but usually after the seller has vacated), your Agent will accompany you on an appointment to inspect that the property is in the same condition or promised condition as stated in the contract. Be sure to check appliances and the removal of personal property, and that the premises are broom clean.
The Closing:
At any closing be sure to bring with you your driver's license or passport, your checkbook for any last minute adjustments, and all certified checks discussed with your attorney.
Cooperatives and Condops: The closing is ordinarily held at the office of the management company for the building. The closing is attended by you, your attorney, the seller, the seller's attorney, the lender's attorney, a representative from the managements transfer dept., and the Agent(s) involved in the transaction. At the closing you will first sign documents necessary to complete the loan transaction inclusive of a Security Agreement, Promissory Note, Stock Power, and an Assignment of Lease. Thereafter, you will sign all documents to convey the apartment and secure interest in the apartment such as Stock Certificate, Proprietary Lease and Consent and Checks representing the balance of the purchase price and adjustments are exchanged for the keys to the apartment.
Condominiums & Townhouses: The closing is ordinarily held at the office of the seller or lender's attorney. The closing is attended by you, your attorney, the seller, the seller's attorney, the lender's attorney, the title company closer and the Real Estate agent(s) involved in the transaction. At the closing you will first sign all documents necessary to complete the loan transaction inclusive of a mortgage and promissory note. Thereafter, you will sign all documents to convey the condo apartment to you including a Deed, Title Report, and Unit Power of Attorney. Checks representing the balance of the purchase price and adjustments are exchanged for the keys to the apartment or house.
Notes - Definitions of different forms of ownership
Cooperative
In this form of home ownership, one owns shares of stock in a corporation that owns the building. These shares are considered "personal property" similar any other shares of stock. For tax purposes, the IRS has recognized this form of ownership and under normal circumstances any mortgage interest incurred by an owner is considered tax deductible. The corporation (Coop) issues to each shareholder a "proprietary lease" which gives the shareholder the right to occupy their specific apartment. In addition, the corporation elects a board of directors who are responsible for overseeing the daily operations of the building, enforcing the by-laws, and acting of behalf of the shareholders to ensure that the building operates as an efficient entity. Owners pay to the Coop a maintenance fee, which pays for such items as; the buildings Real Estate Taxes, underlying mortgage, payroll, management fees, supplies and general maintenance. In addition, many coops accrue a contingency budget for future capital repairs. Typically, the portion of the maintenance that is attributed to the buildings Real Estate Taxes and mortgage interest are "tax deductible (td)" on your federal and state income tax returns. This "td" may change annually, as the mortgage on the building is amortized and Real Estate Tax charges change.
Lastly, but not least, as this form of ownership regards owning stock in a private corporation, approval to purchase such shares of stock must be granted by the board of directors. Thus, a purchase application must be submitted to the board requesting approval to purchase these shares. This application typically requires a minimum of the following: Net worth statement with full backup documentation (bank statements, brokerage and retirement account statements, etc.), 2 years tax returns & W-2's, verification of employment or accountants letter, 2 personal and 2 business letters of reference, landlord reference, a credit check authorization, and a completed application provided by the board. In addition, the board will require an interview in order to meet you and make any inquiries regarding the information you submitted or questions they may have. The board has the right to approve or deny any applicant without cause.
Condominium
In this form of home ownership one owns "Real Property" much like owning a house. The condominium residents elect a "board of managers" who are responsible for overseeing the operations of the building and enforcing the "house rules" of the building. The main difference between owning a "condo" and a "house" is, in addition to owning the apartment, you also own a small percentage of the "common elements" of the building such as the halls, stairwells, basement, etc. Each homeowner receives a separate property tax bill from the city for their unit. In addition, each owner pays a "common charge" to the Condominium association to pay for such items as: payroll, building maintenance and supplies, management fees, and building repairs. In addition, some condominiums maintain a "reserve fund" in order to pay for major repairs and improvements to the building. It is important to note that although the Real Estate Taxes you pay on a condominium apartment are tax deductible, the common charges are not as they are solely to pay for the building operation and are not attributed to any tax deductible expenses.
In recent years many condominiums have implemented a procedure whereby purchasers must submit an application to purchase. Unlike in a coop, the board of managers must either approve the applicant or exercise the condominiums "right of first refusal" to purchase the apartment from the owner. Although this is not a common occurrence, it is an option for the board should they choose to exercise it.
In most condominiums, the owner has the right to sublet or sell their apartment with either no board approval or with a minimum board review. In either case, the board must either approve the applicant or exercise their right of first refusal to match the purchase price. For this reason this form of ownership is very appealing to investors, foreign buyers and parents purchasing for their children
Cond-Op
By definition, a Cond-op is a residential Cooperative where the ground floor (typically commercial units) is converted into a separate "condominium" which is either owned by an outside investor or the original sponsor of the building. Thus, although the residential units are a coop, the commercial units are owned as a condominium by an entity other than the coop. Thus, the coop does not receive the benefit of the income from these units.
Many times, people will refer to Cooperatives that operate under Condominium rules as "Cond-ops". This is not accurate although you will hear this quite often. A Cooperative that operates under condominium rules is just that but may be inaccurately referred to as a "Cond-op".
Townhouse
This form of ownership provides the owner with a "fee simple" ownership of Real Property. The owner is responsible for payment of all Real Estate Taxes, maintenance and repairs of the property. The sale of the property may be conveyed to any party without prior approval by anyone other than the homeowner. There are two typical types of Townhouses; single family and multiple family. In a single family the property may only be occupied by one family although the entire house may be rented to another single (or family) user. In a multiple family residence, the owner may occupy (or lease out) one of the units while leasing out the other units as income producing entities.
For more information on purchasing an apartment in Manhattan, call Ross Ellis at 212-317-7828.
If you need to move (downgrade or upgrade), if you're a first time buyer, now is a great time to buy. Mortgage rates are low and prices are negotiable.
While there are no fire sales, you can be assured that if you buy an apartment in Manhattan today, your property's value will greatly increase in years to come.
Before beginning, it is important to outline the different forms of ownership available to purchasers of Manhattan property. Those forms are Cooperative, Condominium, Cond-op, and Townhouse (both single and multi-family). Please see the notes at the end of this document for a full description of each form of ownership.
Preparation
Work with your agent to complete the following:
Speak with a Mortgage Lender/Broker and obtain written pre-approval for a loan. This helps you determine your purchasing power and enables you to act expeditiously and with confidence when you identify the property you would like to purchase. Additionally, a pre-approval assures the seller that you are qualified, providing you with an advantage when bidding on a home. This is especially helpful in a multiple interest situation.
Choose a Manhattan Attorney who specializes in residential Real Estate. As New York City has complex real estate laws, attorneys are utilized to close all real estate transactions. Time is often critical; be sure your attorney is available to move quickly. A relative or friend who is an attorney cannot handle the complicated New York City real estate intricacies unless they know New York City real estate law.
The customary deposit upon executing a contract of sale is 10% of the purchase price. Ideally, be prepared to have those funds liquid when you begin your search. The balance of the down payment will be due upon closing.
For Coop purchases, your total annual housing costs should not exceed 25-30% of your gross reported income, and your total debt should not exceed 35-40% (except in the case of substantial liquid assets). Housing costs include: mortgage interest, coop maintenance, secondary residences and any other mortgage in which your name appears.
In certain forms of ownership, offers are not only accepted based upon price, but upon the financial strength of the potential buyer. Therefore, be prepared to have your net worth statement with substantiating documentation (bank statements, brokerage statements & other financial documentation) available. In many cases sellers require you to provide this with your offer. Regardless of the outcome this information will be required for most purchases and financial institutions so having it prepared will also save you time in the future. Be assured your agent will safeguard this information in a confidential manner.
Review your credit report. Remove all disputed claims and clear up any debt if possible, especially outstanding credit card balances.
Guidelines to finding your home:
Define your search parameters. This typically includes price range, location, size, type of ownership and building amenities (if appropriate). Ultimately, flexibility will only work to your advantage.
Choose an agent to work with. Since agencies have almost all the same listings, working with one broker allows you to efficiently schedule appointments to see only those properties that meet your needs. In addition, working with more than one broker may actually prolong your search by having the same properties shown to you by multiple brokers or by having multiple brokers confuse other brokers by making appointments at different times for the same customer. Since property in Manhattan tends to sell rather quickly, prolonging the process may actually hinder you from seeing the property that best meets your needs. Lastly, by creating a good relationship with your broker, you assure that you are the first person they call when a new listing arrives on the market.
Talk to your broker. Be specific about your needs, price point, locations of interest and any other amenities you require in your new home or building. If you do not feel comfortable with your broker, do not hesitate to let them know so that they may have the opportunity to refer you to a colleague with whom you may be more compatible.
When scheduling appointments, try to be available during the week. In addition to evenings, early morning and late afternoon is a good time to schedule appointments, as more brokers are available during these times to provide access to their listings. In addition, by avoiding weekend and open house showings you allow yourself to view properties without fighting crowds of people (competition) and giving you more time to ask questions and get a "feel" for the property.
Once you identify the property - The purchase:
Submit a verbal offer through your Agent immediately who will then follow it up in writing. The offer will include such provisions as purchase price, down payment, amount of financing, included and/or excluded personal property (i.e. window treatments, lighting fixtures, etc) preferred closing date, current income (combined for couples), job description, net worth, and debt status (loans, credit, etc.). Once your offer is verbally "accepted" by the seller, your broker will notify the seller's attorney who in turn will draw up and send to your attorney the initial contract.
Keep in mind that sellers are allowed to hear ALL subsequent offers while your contract is negotiated (or finalized). In fact a seller may accept another purchaser's offer up to the point of a fully signed, executed and returned contract. This means that until your contract is signed by both you and the seller, your deal may not sustain as the primary deal. Therefore, instruct your attorney to proceed expeditiously.
Your attorney will review with you the contract, perform a "due diligence" reviewing with you the "financials" and/or "issues" of the building, and ask you to execute the contract and put forward a 10% deposit to be held in escrow until closing. Thereafter, the seller signs the contract and your attorney will deliver one original to you and one to your mortgage broker/bank.
Immediately apply for a mortgage (if applicable). Your agent will work with your mortgage broker/bank to coordinate the appraisal of the property and provide the bank with requested information on the building. The loan process typically involves several steps from application to appraisal and finally approval. This process may take up to 45 days to complete and hinges on your ability to provide all of the required financial data to your broker/banker in a timely manner.
While awaiting your mortgage commitment work with your broker to complete your board package (not applicable for townhouse purchases). Your broker will provide an application which varies from building to building which typically must be completed and returned to your broker (who will in turn deliver it to the appropriate party) within 10 days of receipt of the fully executed contract or 3 days for the date a bank commitment letter is received, whichever applies. A typical cooperative board package requires at the minimum, the following: Personal and Business Reference Letters (if necessary, we can provide you with sample reference letters to assist your friends and colleagues), Employment Verification Letters and/or Pay Stubs, Bank Verification and Brokerage Statements, Net Worth Statement (this mirrors the information requested by your bank), two-years tax returns and the mortgage loan application and commitment.
Board packages must not be taken for granted. All questions and requests for documentation must be complied with. Both the application form and the Net Worth Statement should be typed and the package should provide a clear and concise assessment of your qualifications to purchase.
Once completed, your broker will review the package in order to assure that all the required documentation has been supplied and presented in the manner requested by the board and then forward the package to the buildings managing agent or otherwise authorized personnel for processing.
Upon review of your board package, the board will typically schedule an interview to meet with you. Boards vary in the manner in which they meet with applicants so please check with your broker to find out how often the board meets or if they have a separate interview committee that meets on a case by case basis.
After the interview, typical notification of the board's decision is given to you or your Agent within 72 hours however some boards reserve the right to take longer.
Upon board approval, notify your attorney who in turn will coordinate the closing date. A typical closing can take up to 2 weeks to schedule so please keep this in mind when planning your move.
Prior to closing - The Inspection:
The day before or the morning of the closing (but usually after the seller has vacated), your Agent will accompany you on an appointment to inspect that the property is in the same condition or promised condition as stated in the contract. Be sure to check appliances and the removal of personal property, and that the premises are broom clean.
The Closing:
At any closing be sure to bring with you your driver's license or passport, your checkbook for any last minute adjustments, and all certified checks discussed with your attorney.
Cooperatives and Condops: The closing is ordinarily held at the office of the management company for the building. The closing is attended by you, your attorney, the seller, the seller's attorney, the lender's attorney, a representative from the managements transfer dept., and the Agent(s) involved in the transaction. At the closing you will first sign documents necessary to complete the loan transaction inclusive of a Security Agreement, Promissory Note, Stock Power, and an Assignment of Lease. Thereafter, you will sign all documents to convey the apartment and secure interest in the apartment such as Stock Certificate, Proprietary Lease and Consent and Checks representing the balance of the purchase price and adjustments are exchanged for the keys to the apartment.
Condominiums & Townhouses: The closing is ordinarily held at the office of the seller or lender's attorney. The closing is attended by you, your attorney, the seller, the seller's attorney, the lender's attorney, the title company closer and the Real Estate agent(s) involved in the transaction. At the closing you will first sign all documents necessary to complete the loan transaction inclusive of a mortgage and promissory note. Thereafter, you will sign all documents to convey the condo apartment to you including a Deed, Title Report, and Unit Power of Attorney. Checks representing the balance of the purchase price and adjustments are exchanged for the keys to the apartment or house.
Notes - Definitions of different forms of ownership
Cooperative
In this form of home ownership, one owns shares of stock in a corporation that owns the building. These shares are considered "personal property" similar any other shares of stock. For tax purposes, the IRS has recognized this form of ownership and under normal circumstances any mortgage interest incurred by an owner is considered tax deductible. The corporation (Coop) issues to each shareholder a "proprietary lease" which gives the shareholder the right to occupy their specific apartment. In addition, the corporation elects a board of directors who are responsible for overseeing the daily operations of the building, enforcing the by-laws, and acting of behalf of the shareholders to ensure that the building operates as an efficient entity. Owners pay to the Coop a maintenance fee, which pays for such items as; the buildings Real Estate Taxes, underlying mortgage, payroll, management fees, supplies and general maintenance. In addition, many coops accrue a contingency budget for future capital repairs. Typically, the portion of the maintenance that is attributed to the buildings Real Estate Taxes and mortgage interest are "tax deductible (td)" on your federal and state income tax returns. This "td" may change annually, as the mortgage on the building is amortized and Real Estate Tax charges change.
Lastly, but not least, as this form of ownership regards owning stock in a private corporation, approval to purchase such shares of stock must be granted by the board of directors. Thus, a purchase application must be submitted to the board requesting approval to purchase these shares. This application typically requires a minimum of the following: Net worth statement with full backup documentation (bank statements, brokerage and retirement account statements, etc.), 2 years tax returns & W-2's, verification of employment or accountants letter, 2 personal and 2 business letters of reference, landlord reference, a credit check authorization, and a completed application provided by the board. In addition, the board will require an interview in order to meet you and make any inquiries regarding the information you submitted or questions they may have. The board has the right to approve or deny any applicant without cause.
Condominium
In this form of home ownership one owns "Real Property" much like owning a house. The condominium residents elect a "board of managers" who are responsible for overseeing the operations of the building and enforcing the "house rules" of the building. The main difference between owning a "condo" and a "house" is, in addition to owning the apartment, you also own a small percentage of the "common elements" of the building such as the halls, stairwells, basement, etc. Each homeowner receives a separate property tax bill from the city for their unit. In addition, each owner pays a "common charge" to the Condominium association to pay for such items as: payroll, building maintenance and supplies, management fees, and building repairs. In addition, some condominiums maintain a "reserve fund" in order to pay for major repairs and improvements to the building. It is important to note that although the Real Estate Taxes you pay on a condominium apartment are tax deductible, the common charges are not as they are solely to pay for the building operation and are not attributed to any tax deductible expenses.
In recent years many condominiums have implemented a procedure whereby purchasers must submit an application to purchase. Unlike in a coop, the board of managers must either approve the applicant or exercise the condominiums "right of first refusal" to purchase the apartment from the owner. Although this is not a common occurrence, it is an option for the board should they choose to exercise it.
In most condominiums, the owner has the right to sublet or sell their apartment with either no board approval or with a minimum board review. In either case, the board must either approve the applicant or exercise their right of first refusal to match the purchase price. For this reason this form of ownership is very appealing to investors, foreign buyers and parents purchasing for their children
Cond-Op
By definition, a Cond-op is a residential Cooperative where the ground floor (typically commercial units) is converted into a separate "condominium" which is either owned by an outside investor or the original sponsor of the building. Thus, although the residential units are a coop, the commercial units are owned as a condominium by an entity other than the coop. Thus, the coop does not receive the benefit of the income from these units.
Many times, people will refer to Cooperatives that operate under Condominium rules as "Cond-ops". This is not accurate although you will hear this quite often. A Cooperative that operates under condominium rules is just that but may be inaccurately referred to as a "Cond-op".
Townhouse
This form of ownership provides the owner with a "fee simple" ownership of Real Property. The owner is responsible for payment of all Real Estate Taxes, maintenance and repairs of the property. The sale of the property may be conveyed to any party without prior approval by anyone other than the homeowner. There are two typical types of Townhouses; single family and multiple family. In a single family the property may only be occupied by one family although the entire house may be rented to another single (or family) user. In a multiple family residence, the owner may occupy (or lease out) one of the units while leasing out the other units as income producing entities.
For more information on purchasing an apartment in Manhattan, call Ross Ellis at 212-317-7828.
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