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Why Us
Buying in New York City requires more than finding the right apartment. From co-op board requirements and building policies to pricing strategy and negotiations, every purchase comes with important decisions.
Led by Yale graduate and former attorney Isil Yildiz, our team brings strategic guidance, deep market knowledge, and meticulous attention to detail to every transaction. We help buyers navigate co-ops, condos, townhouses, and luxury homes across Manhattan and Brownstone Brooklyn with confidence.
Whether you're purchasing your first NYC home, a pied-à-terre, or your next investment, our goal is simple: to help you make a smart, informed decision.
Your Advocate
As your buyer's agent, Isil is dedicated solely to representing your best interest through undivided loyalty and the duty to disclose all facts that would impact your decision. The seller's agent, on the other hand, is working to get the seller the best deal.
NYC Buying Process
Step-by-step instruciton on buying a co-op or condo in NYC. From finding the right apartment to the closing table and beyond.
Co-op Versus Condo
In NYC, there are two types of apartments - coops and condos. Understanding the differences early in your search is important, as they can affect everything from your budget and financing to your ability to rent, or sell in the future.
NYC Co-op Guide
Co-ops make up most of NYC's housing stock and are often the most affordable way to purchase in many of the city's best neighborhoods. But they come with their own rules, financial requirements, and purchase process. Whether you're buying your first home or relocating to New York City, understanding how co-ops work is essential.
Specialized Buying Situations
Whether you're an international buyer, purchasing a pied-à-terre, buying for or with a child, or looking for an investment property, each situation comes with unique financial, legal, and building considerations.
Buying a Brooklyn Brownstone
Buying a townhouse is one of the most rewarding—and nuanced—real estate purchases in NYC. Whether you're looking for a single-unit home, an owner's residence with rental income, or a multi-unit property, we'll help you evaluate the options, avoid costly surprises, and navigate every step of the process with confidence.
Luxury Condo
Buying Guide
How
Let's Work Together!
Not sure which path fits your purchase? We help buyers evaluate the tradeoffs between co-ops, condos, townhouses, brownstones, and pied-à-terres so they can choose the right property type, building, and neighborhood for their goals.
Frequently Asked Questions
While co-op apartments are not unique to NYC, no other city has them make up such a large portion of the housing market. In a co-op, you do not technically own real estate — instead, you own shares in the corporation that owns the building along with a lease for your apartment.
So what does this mean? While you still “own” an apartment, there are additional rules and restrictions. Because buyers are purchasing shares in a corporation rather than real property, co-op boards can approve or reject prospective buyers. This is why co-op purchases require detailed board packages, financial disclosures, and often interviews.
Co-op boards can also limit certain ownership rights. Many restrict subletting, require primary residency, or create rules around renovations and use of the apartment.
Other differences exist as well. Co-op owners pay one monthly maintenance fee, which includes building expenses and property taxes. Financing is also structured differently, allowing co-op buyers to avoid the mortgage recording tax that applies to condos.
Co-ops are generally more abundant and more affordable than condos in NYC, while condos tend to offer greater flexibility and fewer restrictions. In Manhattan especially, condos often trade at a significant premium to comparable co-ops.
With co-ops generally more affordable, why pay more for a condo? Some buyers may not qualify for co-op financial requirements, while others may prefer the flexibility, easier approval process, and rental freedom condos provide. The right fit ultimately depends on a buyer’s finances, lifestyle, and long-term goals.
A multifamily home can be a strong financial opportunity for several reasons:
More House for Less Money Each Month
Rental income from additional units can help offset monthly carrying costs, allowing buyers to afford more space for a lower out-of-pocket monthly expense.
Higher Value = More Appreciation
Higher-value properties generally have greater appreciation potential in absolute dollar terms, especially over the long term.
Long-Term Investment Potential
Unlike many condos, multifamily homes can generate stronger long-term rental income and cash flow while also offering future appreciation potential.
“Out of Pocket” and the 5 Major Carrying Costs
Buyers should determine their ideal monthly out-of-pocket cost and account for the five major expenses: property taxes, mortgage payments, homeowners insurance, water/sewer, and heating costs.
“Rentability”
It’s important to consider the size and layout of the rental units, as demand for certain apartment types can vary significantly by neighborhood.
Certificate of Occupancy
In NYC, a property’s Certificate of Occupancy (CO) determines how it can legally be used, financed, insured, and taxed. Violations or non-compliance can create financing and legal issues.
Inspection
Unlike a condo or co-op, homeowners are responsible for maintaining all systems and structures. A thorough inspection is essential to identify repairs, maintenance needs, and the overall condition of the property.
As a first time buyer in NYC, it is important to know the real price tag on your purchase and create a realistic budget that will help narrow your search to properties you can afford and ensure you are able to make a competitive offer when you find "the one."
1. Downpayment
Most coops will require that buyers put down at least 20% of the purchase price as a downpayment (some may have higher requirements of 25%, 40%, or 50%). Condos have a lower threshold -- usually 10% -- but financing more than 80% will involve a surplus on the monthly mortgage payments so will amount to a costlier purchase.
2. Closing Costs
Closing costs vary based on whether you are buying a coop or a condo, and whether the purchase exceeds $1 million. Your attorney or real estate agent can provide you with detailed information on closing costs for your specific purchase, however, the most basic takeaway is that closing costs for coops up to $1 million is around $8000-$8500 regardless of their cost or amount financed. Condo closing costs are significantly higher, especially if you are financing (about 2% of the financed amount is due as a mortgage tax). Purchases over $1 million in both coops and condos are subject to a 1% mansion tax.
3. Reserves
Most coop boards will require buyers have some liquid funds remaining after closing, with the amount varying from 6 months to 2 years. This means that coop buyers must show that after deducting downpayment and closing costs, they have 6- to 24-months’ worth of their mortgage and maintenance remaining in their bank accounts.
4. Monthly Carrying Costs
In addition to your monthly mortgage, you will be paying maintenance for a coop (includes your share of real estate taxes and common charges) or separately common charges and real estate taxes for a condo. In Manhattan, $2/square foot is considered a reasonable monthly total for these fees, in Brooklyn, monthlies tend to be lower. While these costs can fluctuate based on amenities, some smaller buildings have surprisingly high monthly charges since basic costs are shared by a smaller number of residents.
Budget
Budget is not just another wishlist item — it impacts the feasibility of every other priority. Purchase price is only part of the equation and should be weighed alongside monthly costs, renovation expenses, liquidity, and overall comfort level with the investment.
Location versus Size
With a defined budget, buyers often face tradeoffs between location and size. In some neighborhoods, a smaller apartment may cost the same as a significantly larger home elsewhere.
Commute
Commute can have a major impact on day-to-day quality of life and is often a deciding factor when narrowing down neighborhoods.
Amenities
Amenities are important, but certain building styles come with tradeoffs. For example, buyers drawn to Brooklyn brownstones may need to forgo features like elevators or doormen.
Renovations
Some buyers are excited by renovation opportunities while others prefer move-in ready homes. It’s important to understand both your appetite for renovations and the realistic costs involved.
While these may seem like obvious considerations, many buyers do not fully evaluate them until they are deep into the search process. Priorities often evolve over time, making open communication and flexibility essential throughout the search.
No man is an island, and no real estate agent can single-handedly get you to the closing table. What we can do, however, is assemble and coordinate the "dream team" of professionals you will need.
1. Real Estate Attorney: A great real estate attorney is crucial, especially in this market. As I've discussed before, in New York, an accepted offer is nothing more than a starting pistol to begin due diligence and contract negotiations.
2. Mortgage Banker: Not all mortgage bankers are created equal. Even within the same bank, different bankers have vastly different abilities. Some are better at moving along the process and getting exceptions granted.
3. Inspector: Depending on what type of property you are buying, it may make sense to bring in an inspector prior to signing the contract. The inspector can make sure there are no major defects with the apartment or building, and can also help you understand smaller repairs that you may consider bringing up during negotiations or that you would want to fix yourself upon closing.
4. Property & Casualty Insurer: Your lender and the building will likely require you to have insurance prior to closing. A capable insurance broker will guide you toward obtaining the protection you need.
5. Title Insurer: You will probably never meet your title insurer, but your attorney or the lender will retain them anytime you are buying real property (so condos and houses, but not coops).
6. Architects and General Contractors: Unless you are buying a turnkey, perfect home, you may be considering doing some work, whether it's painting or refinishing floors or a total gut. In some cases, you may want to get an estimate prior to signing the contract to allocate your resources appropriately. This may require bringing in an architect, general contractor, or both.
Once you've closed, the list of services/professionals you need may increase: Movers, floor refinishers, cleaning services, interior designers, painters, you name it. It really does take a village, and you can think of your real estate agent as the mayor or chamber of commerce who can refer you to the best fit.
Searching for Your Home
How much should I put down?
One of the questions we are asked about most often is about the size of the downpayment. In most of the country, this answer is determined by credit and income factors. Lenders offer pre-loans that require anywhere from 5-20% downpayment - so in theory many first time home buyers would be financially qualified to buy a home with as little as 5% down.
However, the New York housing market it unique, and a number of factors drive us to advise almost all buyers to consider 20% downpayment a minimum for purchasing a home in NYC.
A majority of the apartment inventory in New York City (roughly 70%), are co-ops. Co-ops are unique to New York, and most require a minimum downpayment of at least 20% down, with some requiring higher percentages, with 25% most common, and even higher amounts more rare. Condos typically allow buyer to put as little as 10%, but in reality, where demand for a particular unit is high, we find that 10% is simply not competitive, even if those prospective buyers are offering a higher purchase price.
Do I need to be all-cash to be competitive?
Even at the peak of the all-cash-buyer phase, most purchases still involved financing. So what if you are one of the majority that needs financing... well the first step is contacting a mortgage professional and getting a preapproval letter.
In order to make an offer where some part of the purchase price will be financed, a buyer will have to submit a preapproval letter. It could take a few days to gather the documents necessary to present to a bank, and the bank will have to review and verify the buyer's financial profile before issuing such a letter. Thus it is important to have started the process of obtaining a preapproval letter with a mortgage professional very early in the process.
Should I make a lowball offer?
As an agent, I’m often asked, how low can I go? Especially where buyers smell negotiability, it may be tempting to make a lowball offer and just see what happens. The truth is lowball offers have a tendency to alienate sellers and can preclude negotiations, rather than encourage a dialogue. A low (but not lowball) offer may be appropriate in some cases, depending on current market conditions, the type of property, and your relative strength as a buyer, and other factors. However, a perceived lowball will almost always be counterproductive.
In a normal market, I advise clients to stick within 7% of the asking price if we believe there is negotiability. Any lower than that and the sellers would have lowered the price themselves.
Unlike resale properties, luxury new developments may offer greater opportunity for price negotiation. Depending on the sheer number of similar new development units that hit the market at once, what percent of units are currently in contract, and and how aspirational the sponsor was in pricing those units, there may be significant (20-30%) room to negotiate below the asking price.
As always, if you’re looking to buy a property and want to know more about how much you should offer and any other steps in the process, feel free to reach out.
Buying an apartment also means buying into a building, and oftentimes the building itself will affect your quality of life much more than the appearance and comfort of your home. What are some things to consider? Monthly Costs When shopping for an apartment, keep in mind that maintenance or common charges may affect your pocket book much more directly than price. Buyers tend to be very sensitive to price, but consider that a $100,000 difference in price equates to roughly $500 each month in additional mortgage payments. By contrast, maintenance or common charges among comparable units can vary widely. When looking at monthly charges, be sure to consider the trend in the building: if the monthly charges are already on the high-side of the acceptable range, but there have been regular steep increases, it may not bode well for your monthly budget and for resale. Similarly, keep in mind what amenities you truly want or need; most buyers inquire about amenities, but few actually use the roof deck or gym. Owner Occupancy One of the best reasons to buy rather than rent is having neighbors who are likewise vested in the well-being of the building. When buying a condo, especially if you intend to live there, it is important to consider the mix of owner-occupied vs. rented apartments. Beyond losing a sense of community, a low rate of owner-occupancy may limit financing options. This is less of a concern with coops, which usually discourage -- or even outright prohibit -- sublets or pied-a-terres. Building Rules No matter your personal feelings about sublets or dogs, overly prohibitive building rules can inhibit you as your circumstances change and will limit the market for resale. I recommend making sure building policies are in-line with norms in the area -- some subletting should be permitted, alterations should be governed by a process (but a reasonable one), co-purchasing and guarantors should be permitted in certain cases ... Appearance Curb appeal is one of the most important factors in buying or selling a house, but less important for an apartment building (luckily for me and my 1960s postwar brick coop). For an apartment building, it is the interior spaces that matter -- for example, the lobby, hallways, and elevators. Again, balance is key. Over-the-top renovations, which unduly increase monthly costs for owners, are unnecessary and counterproductive, but common areas should definitely be neat, clean, bright, and maintained.
Health of the building Many buildings have issues -- some may have ongoing litigation, facade issues, low reserves, a boiler past its prime -- but I don't recommend looking at any single factor as determinative. Keep in mind the big picture and your goals and circumstances. A building that has issues that are being actively resolved by a responsible Board may provide a value proposition with upside down the line.
Many buyers are intimidated at the prospect of competing against an all-cash buyer for a hot property -- but does cash always win?
First off, the seller gets the same proceeds whether they are paid by the buyer or his lender. More importantly, all-cash buyers tend to grossly overestimate the value of their cash and their draw as an all-cash buyer, leading them to make noncompetitive offers.
But an all-cash offer does have some value. Certainly it will tip the scales with all else being equal. And in some situations it might justify a modest discount on the sale price. The value to a seller of an all-cash offer is based on the following two advantages:
1. Faster Closing: In a typical deal, eliminating the mortgage application and underwriting process can cut anywhere from 10-25 days off the duration of the transaction. Buyers who are financing typically have between 30-45 days from contract signing to apply for their loan and obtain a commitment letter from the bank.
2. Eliminating Risk: To understand why and how cash reduces risk, it’s important to consider the three things on which financing hinges -- the buyer, the building, and the unit. By the time a seller accepts a buyer’s offer, they will feel pretty comfortable with the first two of these factors, so the only question mark is whether the unit will appraise at the contract price. While low appraisals are not common, even a $1 shortfall could jeopardize a financing-contingent deal where the buyer is putting down the standard 20% of the purchase price.
It is important for all-cash buyers to be realistic about the value their all-cash status holds. Most often, the discount that it can entice is not worth tying up their capital or foregoing other benefits of cheap financing options.
Most coop boards will only schedule an interview if they have already vetted your application and determined you've meet their basic requirements. Keep in mind a few of these helpful tips to get a swift board approval:
1) Being invited to the interview is a good sign. The interview is the board’s opportunity to meet you and ask specific questions about your application. The style of the interview can range from an informal gathering of board members in an apartment to a formal interview with board members lined up at a table with you in the hot seat.
2) Dress up and be prompt.
3) Prepare for a lack of privacy. The board has great latitude in the kinds of questions it can ask, be prepared for this and do not avoid answers to personal questions, or be angered by this intrusion.
4) Don't get defensive. As a further point to number 3, do not get defensive to any intrusive questions or remarks that may seem off-putting. The board is made up of people with quirks, and some may not correctly remember details of your application and their questions may seem off.
5) Know your application. You should be able to quickly and concisely answer any questions asked regarding your application, preferably without having to look at your application.
6) Couples should decide in advance who will answer what types of questions.
7) Unlike a job interview, do not try to sell yourself. Only answer questions asked and let the board run the show. Boards rarely turn down applications for being too boring.
8) Never volunteer information or engage in unsolicited conversations except for basic cordial remarks and greetings.
9) Do not ask questions. Questions can often unintentionally convey negative information to the board.
10) A short interview is better than a long one. While there are no hard and fast rules, a short cordial interview with a few board questions and remarks is often the best co-op board interview.
11) Do not expect an answer at the end of the meeting. Most boards do not give their decision until a day or two after the meeting.
12) Do not discuss renovations. Don't volunteer information about renovation plans. If they ask if you intend to renovate, say something short and non-committal like the unit may need some updating, but you have no concrete plans at this point.
You've seen the perfect apartment, made an offer, and, eek, it's accepted! Break out the balloons and start plotting where to put your couch... or rather, not yet. Almost everywhere outside of NYC, an offer to purchase is accompanied by a "binder" -- good faith money which practically speaking binds the parties to each other if the seller accepts the offer. But NYC has no binder system, which means an accepted offer is not binding on either party. In fact, the period from accepted offer to fully-executed contract may be the most stressful part of the whole process.
So what happens when an offer is accepted in NYC? The short answer is the attorneys take over: They negotiate a contract, and the buyer's side completes due diligence. The mechanics of this may vary, but essentially, once the seller accepts an offer, the brokers put together a deal sheet which is sent to the attorneys for both sides specifying the negotiated terms and the process is triggered.
This process of due diligence and contract negotiations usually takes 3-14 days. When the contract is finalized, it is first signed by the buyer who provides a 10% deposit to be kept in escrow, then it is signed by the seller and returned to the buyer's attorney. The contract is not fully executed until it is received by the buyer's attorney.
What will banks consider in reviewing my file?
Banks will review your Credit, Income, and Assets. No one factor is determinative, rather the entire financial profile, as well as the condition of the building, is taken into account in determining whether a buyer qualifies for a mortgage and/or what type of loan program is available to him or her.
Credit: It goes without saying that bankruptcy or foreclosures will make it very difficult to obtain financing. Other credit snafus will also negatively impact financing such as carrying a high percentage of debt or having a history of delinquencies.
Income: Income is the denominator that can limit the amount of financing. Banks consider an applicant's debt-to-income ratio in determining how much debt they can take on through financing. Debt-to-income ratio is the measure of total debt obligations (the monthly carrying costs of the purchase including mortgage and monthly maintenance/common charges and taxes on the property along with any other mortgages, student loans, outstanding credit card debt) divided by verifiable income.
Assets: Most banks will want to see some post-closing reserves (mortgage + monthly carrying costs) -- this could be a year's worth, or or 2 months', or 6 months' worth.
Pros of New Development
1. Floor Plans Designed for Modern Living
New developments are designed with today’s buyer in mind, often featuring open layouts, large kitchens, walk-in closets, en suite bathrooms, and efficient use of space.
2. Quality of Finishes
Developers invest in high-end finishes and appliances to attract buyers, including premium countertops, custom cabinetry, hardwood flooring, and luxury fixtures.
3. Amenities
Many new developments offer amenities such as central air, in-unit laundry, fitness centers, roof decks, lounges, doormen, storage, parking, and pet-friendly spaces.
4. No Renovation Costs or Headaches
New developments offer a true move-in ready experience, minimizing the need for immediate repairs or renovations.
5. That Feeling of Being the First
For many buyers, part of the appeal is being the first person to live in the home and enjoy everything brand new.
Cons of New Development
1. Higher Closing Costs
Developers often shift certain closing costs to buyers, including transfer taxes, attorney fees, and administrative charges.
2. Higher Monthly Carrying Charges
New development condos often have higher common charges and taxes due to extensive amenities and newly assessed property taxes.
3. Unpredictable Timeline
Closing dates and amenity completion timelines can shift, especially in buildings still under construction.
4. New Construction Concerns
Even with warranties, new buildings often experience minor issues as the property settles over time.
5. Price
New developments typically come at a significant premium compared to resale properties, often trading at substantially higher prices for comparable space.
Buying Process
HEAR IT FROM OUR BUYERS
“Isil was a fantastic broker. She was an advisor and friend throughout the entire process, which I very much needed as a first time home buyer. Isil first impressed me because of her genuine interest in and ability to discuss the real estate market and trends in different neighborhoods, and she kept impressing me with her attention to detail, consistent follow-up and availability to move the process diligently along.”
Katherine, buyer of a Hamilton Heights Co-op
