A single city-wide Moving Day was once a tradition in New York City dating back to colonial times and lasting until after World War II. On February 1, sometimes known as "Rent Day", landlords would give notice to their tenants what the new rent would be after the end of the quarter and tenants would spend good-weather days in the early spring searching for new homes. On May 1, all leases in the city expired simultaneously, causing thousands of people to move their homes on the same day. Until World War II, the moving date of May 1, and later October 1 as well (as many people left the city during the summer and took back up residence upon their return in the fall) were the only set moving dates in New York City. Some remnants are still evident in commercial leases, which still typically run out on May 1 or October 1. While there is no longer two specific "moving days" in NYC, there is still a definite moving season. Roughly 70% of NYC residents are renters and about 65% of renters who will move this year will do so between June and August. If you are among the many scrambling to decide how, when, and where to begin your search this season, here are a few tips to help you stay competitive in a the summer rental market. 1. Act Early and Make A Plan What, when, where, why, how - make a plan that answers all of these questions while you still have time to explore your options. -Is this the year to move to a larger apartment, a new area, find your own place, find a roommate? Do you plan on getting a pet, a new job, or any other major life changes over the next year? What matters to you in your next apartment - do you want to find the ever elusive in unit washer/dryer this year? -Name your priorities - location, space, lighting, kitchen size, building amenities, doormen, elevator, new appliances, price, etc. -Do you have any flexibility with your current landlord on move-out dates? When do you need to inform your landlord of your decision to renew? Since the market moves quickly and most apartments are listed as they become available, it can hard to start your search more than 6-8 weeks before your ideal move date. However, making a plan based on your answers above, and finding a real estate agent that you trust to help advise you on your best options is always the best first step you can take, even if you are still 2-3 months out from your move. 2. Be Prepared to Apply BEFORE You Start Looking Owners and landlords vary on what they will require to apply. As a base-line set of documents, most will ask to see at least: -Proof of Employment or Verification of income: A reference letter from you employer letter, OR a CPA letter is required for almost all rentals. It may take your employer a few days or even weeks to prepare, so you should ask for this before you start looking to make sure there is no delay. Employers and CPAs are familiar with the contents, but the letter should contain position, salary, dates of employment, and contact information for a supervisor or the HR person. Other Paperwork to Have Ready: -Photo ID and Basic Application Form -Last 1-2 Years of Most RecentTax Returns -Last 1-2 Most Recent Bank Statements for all accounts, checking/saving/investment -Landlord reference letter from your current landlord stating you are a tenant in good standing (this is not always required but it is best to request one early just in case) 3. Know Your Budget Take the time to research or speak to your broker about pricing and market trends in the neighborhoods you are interested in. Unless you plan to use a guarantor, your budget will capped by your annual income which must be at least 40x the monthly rent rate of your new home. Also, don't forget about upfront fees and deposits. -As a general rule it is smart to plan that at lease signing you will need to have about 4x the monthly rent available to cover: 1 month deposit, first months rent, and application fee charged by the management of the building and a 15% broker fee. -If you are looking in to renting a condo/coop apartment there may also be additional fees from the Condo/Coop Board that you should ask your agent to confirm. 4. Be Decisive Don't second guess yourself when you find the one - the market moves at lightning speed during the summer months and in order to have all your hard work pay off, be prepared to put in an application as close to immediately after seeing an apartment as possible. With all your puzzle pieces in place, you will have a clear picture of what you are looking for, what you can afford, and will be much more likely to find and seal the deal on the best new home for you - preparation and planning will always pay off, especially when competition for apartments is high. #FAQ #BlogPosts #FAQRenting

To Airbnb, or not to Airbnb, that is the question. Before you put your home on Airbnb or buy a property with the intention of listing it for short-term rental, be sure to do your homework and consider speaking to an attorney. As a starting point, here’s a brief overview of some of the regulations and rules that come into play. Do you rent? If you are a renter, chances are your lease prohibits subletting or renting without permission from the landlord. Some landlords go even further and will explicitly prohibit tenants from doing short-term rentals and will monitor the Airbnb site to see if tenants are advertising on it. For those in rent-stabilized or rent-controlled apartments, the New York City Rent Stabilization Code prohibits tenants from making a profit by subletting their below-market-rate apartments, and illegal hosts can face hefty fines and eviction. Do you own a coop or condo? Even if the building does not explicitly prohibit Airbnb, it may be covered under the building’s bylaws, proprietary lease, or house rules (e.g. many buildings include a house rule against guests entering or staying in an apartment in the absence of the owner or tenant shareholder). Violating these rules could mean fines or even eviction. Are you subject to New York’s Multiple Dwelling Law? New York’s Multiple Dwelling Law applies to any building that houses 3 or more families, even if the host owns the entire building. This law makes it illegal to rent any private apartment for fewer than 30 days unless the host is present for the entire duration of the rental. Crackdowns on violations have increased, and merely advertising an illegal rental can lead to fines of $1,000 or more per listing. Is your house up to snuff? Would-be hosts must ensure that their homes comply with certain building codes, such as occupancy levels. Meeting these standards could be pricey. Are you subject to the hotel occupancy tax? In addition to standard income taxes, etc., you may be subject to New York’s Hotel Room Occupancy Tax. The computation and applicability of this is complex, and as with all tax-related matters, you should consult your accountant or tax professional. Airbnb can provide visitors with inexpensive short-term lodging and hosts with a healthy income stream; but on the flip side, a revolving door of strangers can be a nightmare for neighbors. With this push and pull, the future of Airbnb in New York is a bit up in the air as the city council is currently considering a bill, largely advanced by the hotel industry, that would further crack down on short-term rentals in the city. One of the real estate attorneys we work with frequently also wrote an article on this topic, and includes even more details. Check it out here. #BlogPosts

Most of us have watched enough HGTV to understand what “open kitchen” or “double vanity” means, but other terms or abbreviations used in listing descriptions may not be as familiar or obvious. If you’ve ever wondered what a “Classic 6” or “EIK” is, consider the mystery solved. Alcove An alcove is a section of a room that bumps out like the bottom of an “L.” In apartment listings, “alcove” is most frequently used to describe a dining area that is offset from the living room, or, in the case of an “alcove studio,” a sleeping area just off the side of the main area to provide some separation and privacy. Alcoves can often be walled off to create a separate room (see Junior 1 or Junior 4 below…). "Bring Your Architect" or Estate Condition Listings that say “bring your architect” or “estate condition” mean the apartment has not been renovated in a long time and is not in move-in condition. These apartments are not simply outdated; they typically require major renovations and the replacement of major systems (electrical, plumbing, etc). The asking price usually takes into account the condition of the apartment, but a proper renovation will likely cost more than the difference in price. These are best for people who want (and are willing to pay for) a customized look in a unit with good bones. Brownstone Brownstone (brown sandstone) is a building material used to clad the exterior of many buildings in the 1870s through the 1930s. Brownstone is very durable and has a distinctive look. It is also used colloquially to refer to single-family and small multi-family townhomes of a certain size and height, attached on both sides (think of the townhomes lining the blocks of Park Slope or Harlem). Casement Windows Casement windows are windows that have hinges at the side and open outward to the left or to the right, similar to the way that a door would open. Casement windows were once popular, but fell out of favor as double-hung windows became nearly ubiquitous. However, casement windows — especially steel casement windows — are a distinctive aesthetic that appeal to homebuyers seeking period accents and are even being installed in new developments. Classic 6 Six refers to the number of rooms: a living room and separate dining room, two bedrooms, a kitchen, and a spare room with adjoining small half- or full bath (historically referred to as a “maid’s room” but which can be used for many purposes such as a guest room, nursery, or study). Most Classic 6’s have two other full bathrooms and a foyer or gallery. Combination Apartment A combination apartment means that two adjacent units have been purchased and combined to create one single apartment. Apartments can either be combined vertically with the unit above or below, or horizontally with the unit to the left or right. In some cases, a portion of the hallway can also be purchased and made part of the new apartment. Combination apartments may have higher maintenance fees than a comparable apartment that was not a combination. They are usually designated by the combination of both original apartments (e.g. 7FG or 101/102). EIK or WEIK While I hate abbreviations, these refer to an eat-in (or windowed eat-in) kitchen characterized by a kitchen with enough space to have a table with chairs of any size. En Suite Bathroom “En suite” is french for “in continuation.” An en suite bathroom is a bathroom that is in continuation of the bedroom, meaning that it is attached to/inside the bedroom, and can only be accessed by going through the bedroom. An en suite bathroom can be an asset or a liability. In a home with multiple bathrooms, an en suite creates a master bedroom suite, which is a plus and expected in very high-end listings. If the en suite is the only bathroom, however, it means that guests must go through the host’s bedroom to access the bathroom. Floor-Thru A floor-thru apartment occupies the entire floor of a building. Floor-thru apartments are typically found in brownstones and townhouses. Full Service Full Service refers to the level of service provided by building staff — namely, a full-time doorman, porters, elevators, and possibly a concierge. Galley Kitchen A galley kitchen is a long and narrow kitchen with counters on either side of the central walkway. Many buyers today prefer an open kitchen layout. Some galley kitchens may be opened up into the main living space. JR-1 or Junior One A junior one is an alcove studio that has been converted to have a separate room, usually designated for sleeping or as a “bedroom.” The separate area may or may not meet the legal qualifications for a bedroom, but the apartment is often listed as having one bedroom. It is the functional equivalent of a small one-bedroom apartment. JR-4 or Junior Four A junior four is a one-bedroom apartment that has a separate alcove area that can be left as an alcove (dining area), or walled off to create a separate space (sleeping area or home office). Most agents list junior four apartments as having two bedrooms if the alcove is walled off, regardless of whether the area meets legal qualifications for a bedroom. Keyed Elevator A keyed elevator is a secure elevator that serves as the direct entrance to an apartment. As the name suggests, you need a key to use the elevator and access an apartment; guests are usually “pulled up” by the host calling the elevator to their floor when their guest has entered the elevator. Keyed elevators are often found in lofts and penthouses. Legal Bedroom Legal bedroom qualifications vary depending on city and state, but a legal bedroom in NYC must meet the following requirements (subject to some exceptions): be at least 80 SqFt with a minimum width of 8 feet and a minimum ceiling height of 8 feet (if the bedroom is in a basement, ceiling height minimum is 7 feet), have at least one window and at least two means of exit (either windows or doors), and the room cannot be used as a passage to another room. It is a common misconception that a legal bedroom must contain a closet. Prewar vs. Post War Pre-war in NYC refers to apartments built before World War II, and have a grandiose aesthetic. Think grand lobbies, hardwood floors, plaster walls, solid wood finishes, crown moulding, high ceilings, and sunken living rooms. Pre-war apartments generally have a minimum ceiling height of 9 feet. Post-war refers to apartments built after World War II which incorporate sleeker, less ornate designs and often use different materials than just plaster and solid wood. Post-war apartments often have more efficient layouts (fewer hallways and foyers), more usable square footage, and lower ceilings (usually 7.5 to 8 feet). Railroad A railroad apartment is an apartment where all the rooms lead directly into each other without a hallway, meaning you need to walk through one or more rooms to get to either end of the apartment. Similar to floor-thru apartments, railroad apartments typically run from the front of a building to the back. Virtual Doorman A video intercom system in buildings without a doorman or live-in superintendent. If the resident is not home, the system connects to an offsite operator who is able to give access to authorized delivery persons into the common hallway or a dedicated package room. It is a cost-efficient way for many buildings to ensure packages are delivered without hiring dedicated on-site staff. WBFP This stands for a wood-burning fireplace, whether currently working or not. Since 2014, there is a ban on wood-burning fireplaces in NYC, but the ban exempts existing fireplaces, so there are a finite number in the city. Non-working fireplaces can often be restored with the cost largely dependent on how many floors separate the fireplace from the chimney (roof). Are there any other terms that we’ve missed? Please let us know and we’ll update the post… And of course, feel free to reach out with any other questions related to NYC real estate. #BlogPosts

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. Especially in a tight market, buyers will be encouraged to put down at least 25% which decreases the risks of the deal falling through due to a lower-than-expected appraisal - it also difficult to be competitive in any kind of bidding war with an offer that includes less than a 20% downpayment. 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. Condo boards have no reserve requirements though bear in mind that most lenders will require some reserves although they differ on whether those reserves can be liquid or illiquid (i.e. retirement 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. If these costs price you out of your desired area, I often advise my buyers to think outside the box and look at adjacent neighborhoods or areas that have the same look and feel as their ideal neighborhood. It's almost always better to opt for a larger apartment in a transitioning area rather than a smaller one in an established neighborhood. For Brooklyn buyers, this might mean Windsor Terrace or Greenwood Heights in lieu of Park Slope, Clinton Hill or Crown Heights rather than Fort Greene, or Prospect Park South or Kensington instead of Ditmas Park. In Manhattan, the East Side has a lot of value: Midtown East, Murray Hill, and the far East reaches of the Upper East Side and Lower East Side provide great entry level apartments with room to grow. But for those with their heart set on the West Side, I suggest buyers look North: the West Side is beautiful all the way up the Hudson River, from Manhattan Valley through Hudson Heights. Check out my quotes and ideas from my colleagues in this article in Brooklyn Underground to advise new buyers on which neighborhoods offer them the most opportunity, both in terms of price per square foot and return on investment in resale value after less than 10 years of ownership. #FAQ #FAQBuyer

Have you ever noticed that almost every condo lists the square footage but coops rarely do? Many potential buyers will want to know the square footage of an apartment, so why is it only sometimes included and is it really all that meaningful? Square Footage in Condos vs. Co-ops: Condos are required to include a description in their offering plan of the methodology used to calculate the square footage of all units. Legally, when selling a condo unit, the developer or sponsor must state the specific square footage of the property being sold because the buyer is literally purchasing that exact space. Because of this, almost all condo listings, including resales, report the exact square footage of the apartment as outlined in the offering plan. In co-ops, as we have discussed before, a buyer is purchasing shares in the corporation that owns the building; they are simply being given a proprietary lease to reside in a particular unit. Therefore, there is typically no official historical or legal record that lists the exact square footage of each apartment and how it was derived. Because of this, many brokers will decide not specify the square footage when listing a co-op apartment, since any number they use will only be an approximation and may vary greatly depending on the methodologies used by the person commissioned to diagram or measure the space. All Square Feet Not Equal: Even if measured properly, square footage can vary widely depending on the methodology. Some measure from the outside of the outer walls in (meaning all walls of the apartment add to the square footage even though you can't live inside the concrete/brick), some measure the space within the inside of the exterior walls (so all interior wall space is counted, though not the exterior walls), others measure livable space by adding the dimensions of the floorspace, which seems the most useful but even then the figures can vary depending on whether the measurements go only to the window sill or include the sill all the way to the window. Because many different professionals vary on their standard of measurement, there is not one right number. We always recommend people look at the actual usable space, and place less emphasis on total square footage. Beyond that, even with identical layouts, two apartments can feel vastly different depending on ceiling height and size/number of windows. #FAQ #FAQFindingaHome

Most present and future apartment-owners in New York City are aware that the process of buying and selling a home is anything but simple. Co-ops in particular have gotten a less than winning reputation; many buyers are nervous of the ever ominous "Co-op Board Interview". The greatest fear, for co-op sellers and buyers alike, is that after negotiations, mortgage applications, lawyers fees, and countless hours of preparation, the buildings co-op board could simply choose to not approve a prospective buyer and both parties would be back to square one. What is less well understood, however, is that virtually all condo boards can ALSO exert some measure of control over who becomes an owner in the building. This ability is given to them within their ''right of first refusal'' -- a legal clause used widely, that when applied to real estate, gives the condo board the right to, should they not like or approve of a specific buyer, have a chance to buy the condo unit from the owner by matching the prospective buyers offer (same price, terms, timeline, etc.) Like most differences between condos and coops, the distinction between approval vs. right of first refusal lies in the differing forms of ownership. Since a co-op is a corporation, the co-op board (like the board in any company) has the final say on the rules and functions of the corporation and thus can control who is allowed to become a shareholder and thus a proprietary leaseholder. As long as the co-op does not violate federal, state or local laws against discrimination, the board is free to approve or deny prospective purchasers for any reason - and in fact does not need to offer any reason at all. With a condo, the apartment itself is considered to be real property. By U.S. property law it is not permissible to impose an ''absolute restraint on alienation'' when transferring ownership of real estate to someone else. In more simple terms, a condo owner is not limited in selling their property to whomever they want for whatever terms they want. But a condo board may require an application to find out more about prospective tenants, and has a right to buy the property from the seller by exercising its right of first refusal if they want to block the sale. So different from a coop, a condo board may only block a sale by buying the apartment itself. Condo boards vary widely in terms of what information they request from a prospective purchaser. Some coops simply require that they be informed the buyer's name, and they issue their waiver without a single thought. At the other end of the spectrum, a condo board may require the full panoply of bank statements, tax returns, reference letters, etc. While it is tedious to pull together, there is comfort in the fact that the board will almost invariably grant the waiver provided the application is complete. Get more insight from the The New York Times... #FAQ #BlogPosts

Many of NYC's most iconic structures, including the Chrysler Building, the Empire State Building, and Rockefeller Center, are prime examples of Art Deco architecture and imbue Manhattan with a sense of optimism about the future and mankind's ingenuity. Art Deco was the predominant style in the 1920's through the 1940's; it is simple yet opulent, striking yet tasteful. Art Deco is top of mind for me as I've been busy with my team's two newest listings, both of which are beautiful examples of Art Deco style, featuring sunken living rooms, arched doorways, and corner casement windows. Regardless of your home's architectural style, you can bring Art Deco style into your home by incorporating these four defining features: 1.) Geometry Geometric shapes -- both angular and arches -- are staples of Art Deco design. Geometry can be found in the shape of the items or in repeating patterns and textures (popular patterns include trellis, checkerboard, stripes, and fans). Symmetry is another geometric feature used in Art Deco design, for example in the arrangement of items on mantles and consoles. 2.) Shiny Surfaces Shiny surfaces scream Art Deco -- think lacquer, polished wood, metal, or mirrors. You can go all-out with high-gloss lacquered walls, or simply add a lacquered table or a beveled mirror. I also love Jonathan Adler pottery in high-gloss gold or chrome, which brings an unexpected pop to traditional ceramics. 3.) Animal Prints From subtle shagreen to over-the-top leopard, real and faux animal prints are common in Art Deco design. The right dose of animal prints can bring a hint of exotic glamour. Just don't overdo it. 4.) Black and White My personal favorite element is the use of black and white. This high contrast, graphic look is striking when paired with geometric shapes. Some examples include checkerboard tiles, striped rugs, a gallery wall using black frames with crisp white matting, or subway tiles in a bathroom with black trim pieces creating a chair rail or outline around the room. #BlogPosts

While coop apartments are not entirely unique to NYC, there is no other place where they make up a majority of the housing stock as they do here. The crux of the distinction is that a coop apartment itself is actually not real estate, rather the apartment's owner is a shareholder in the corporation which owns the building and has a lease to reside in the specific apartment. So what does this mean? It means you still "own" an apartment, but there are some strings attached. Since a potential buyer of a coop apartment is seeking membership in a private corporation rather than purchasing real property, the corporation can pick and choose to whom to extend membership. Thus the dreaded coop board packages and even more dreaded coop interviews. While the corporation can't base its decision to reject a potential shareholder based on membership in a protected class, boards do not articulate the underlying reasons for a rejection which has in the past resulted in the exclusion of minorities. Now it means that a coop board can require disclosure of all financial details and any personal information that will aid in their decision whether to approve a potential buyer. There are some scary boards out there, but most just want to make sure that the purchase is financially stable and will not default on their obligations. Your real estate agent can advise you as specific requirements and will help you prepare a board package. In addition to the power to approve or reject potential new shareholders, the board can set rules curtailing certain ownership rights. For example, many coop boards restrict the right of an owner to rent out (technically, sublease) their apartments. Others may require that the apartment is used as a primary residence and not as a pied-a-terre. Other differences exist, but are less significant. For example, individual owners of a coop apartment are not subject to property tax -- again since they don't own any actual real estate. Instead, the whole corporation incurs real estate taxes for the building, and each unit holder pays their share as part of the monthly maintenance charges. Thus there is a single "maintenance" for coop apartments (on listings the "% tax deductible" figure represents what portion goes to taxes), whereas condo or other real estate owners get separate bills for common charges and real estate taxes. In either case, the real estate taxes are tax deductible for individual unit holders and the total monthly charges are roughly equal all other things being the same. Another example, a "mortgage" on a coop apartment is not actually a mortgage -- the collateral is not the apartment as it would be in a coop or other real property, but rather a lien on the shares in the corporation. For most intents and purposes, the loan is treated the same as a traditional mortgage, at least when dealing with lenders familiar with the NYC market (out-of-area lenders may be unfamiliar with NYC coops and not able to complete the transaction). Beware, however, that a mortgage recording tax of 1.8% (or 1.925% for loans over $500,000) will apply to loans on condos but not coops. Some distinctions that work in favor of coop ownership? If the buyer is planning to finance part of the purchase price, coops have much lower closing costs as they are not subject to the mortgage recording tax (since it's not really a mortgage...). Now that we've covered the difference between Coops and Condos, time for the practical part: What does this distinction mean in terms of inventory and pricing in NYC, and why should a buyer choose one over the other? First some numbers: There are about 175,000 owner-occupied housing units in Manhattan in TOTAL! Manhattan is a very small island and mostly rentals—625,000. Of the 175,000 total owner-occupied units, 155,000 are coops and condos, and 70-75% of those are coops. Not only are condos fewer in number, they are generally about 30% more expensive on average than a comparable coop. Brooklyn is a bit less lopsided: though the resale market is still dominated by coops, the price difference is less pronounced, with coops about 10% less expensive than comparable resale condos. In terms of available inventory, the number of new listings for condos has been growing while the coop market has been shrinking. The uptick in the condo supply is due mostly to the proliferation of high-end luxury development, which is pushing the relative prices even further apart with condos now about 44% more expensive on average than coops. With coops generally more abundant and so much cheaper, why pay more for a comparable condo? First, some purchasers simply may not qualify for or afford a coop. While they are more expensive, condos often require a lower minimum down payment amount so a liquidity-challenged purchaser may not be able to cough up the 20%+ down payment required by most coops. Even if a purchaser can afford the down payment, they may not qualify to purchase under a coop board's financial requirements. Coop boards may set rules on minimum financial requirements or may more informally deny applicants who they do not view as financially viable. The two biggest financial considerations for the coop board are debt-to-income ratio (usually 25%) and post-closing reserves (usually at least a year's worth of mortgage and maintenance payments after closing costs). This means that if a purchaser has limited savings or a relatively low salary, they might not qualify for a coop, or their budget for a coop might be much be much smaller than their budget for a condo, which has no such financial requirements. Second, a purchaser might want to pay extra for certain freedoms. Like the freedom of not disclosing detailed financial and personal information to the coop board as part of the application process. Or the freedom to sell their apartment to whomever they choose rather than choosing a most qualified applicant and wondering if the board will approve or reject the purchase. Beyond curtailing certain freedoms during the purchase/sale process, the coop board can also set rules regarding the use of the apartment. Most coops limit owner's ability to rent out their apartments (for example, may rent 2 out of 5 years, may rent for one year with the possibility of extension, may never rent...) whereas condos have no such controls. Some coops may require that the apartment be used as a primary residence and not a pied-a-terre. There are many other factors that go into the determination of what sort of ownership is right for a particular purchaser, and many purchasers may fall into a gray area: Some coops might work while others won't, and comparable condos might be out of reach financially, so the trick is finding the right apartment based on individual circumstances and goals. Never fear, real estate agents are there to help sort through these considerations and find you the right home or investment property. For any questions regarding the NYC home-buying process or residential real estate market, please reach out. #FAQ #FAQFindingaHome

Just when you think you’ve got your place decorated, you are faced with the greatest design challenge of all: baby’s arrival. Making a home baby-friendly is not just about installing cabinet locks and wall anchors. It also means reassessing your existing furniture choices (prioritizing safety) while incorporating your new baby stuff in a way that doesn’t make your living room feel like the inside of a preschool. Of course, I’ve made a few unstylish choices for the sake of our comfort or convenience (hello: jumperoo in my living room). Ceding some territory to your baby is unavoidable, but here are some of my favorite baby-friendly options for the style conscious: Rethinking the Layout Many New Yorkers do not have the option of turning a spare bedroom into a nursery. In some larger one bedroom apartments, a dedicated baby space can be temporarily and inexpensively carved out, usually without the need for extensive building approvals. Temporary wall companies can install a pressurized wall and your choice of door in a matter of hours. These are just like ordinary walls -- drywall attached to wood studs/frame -- but the frame is held in place using pressure against the floor and ceiling rather than screws and nails. Most buildings will not consider this to be an alteration -- in those buildings, as long as you use a company that is reputable and insured, you simply inform management and then schedule the installation. If you’re in a rental, you should always check with your landlord beforehand to be safe. The Nursery I wanted a nursery that was suitable for a newborn as well as a toddler or older kid. For visual impact we installed a wallpaper mural -- ours looks like a scene right out of “Where the Wild Things Are.” Wallpaper murals can be cartoon-y but some vendors -- like Rebel Walls (which we used), Society 6, Anewal, and Anthropologie -- offer some great options that are more artistic. For only a few hundred dollars, we styled Teddy’s nursery with a beautiful wall mural, whereas a custom wall painting would have cost us thousands of dollars. For flooring, carpet is king. Wall-to-wall carpeting has come a long way from the 80s rec room, but it can be costly. For a more budget-friendly option, Flor floor tiles can be cut to fit the space and are easy to install and customize. A big benefit to these is that each tile can be washed, or in the case of more serious stains, cheaply replaced. We ended up going for an even more cost-effective option as our room is almost exactly the size of a standard 8x10 rug -- a thick (¾” rug pad) topped with a stain-resistant rug from Overstock. For a dresser/changing table, we went with the Keekaroo Peanut Changer, which can be wiped down rather than washed in the laundry. We keep the Changer atop a dresser we already owned instead of buying a dedicated changing table. was hesitant at first, but the final piece of our nursery which we couldn’t live without is the glider/recliner. There are sleeker options out there, but comfort should take precedence over style here. The Rest of the House Pre-baby, we had a sleek Platner coffee table, but a thick glass sheet on top of a crown of spikes is not exactly baby-friendly. After searching for a safer table that was affordable, stylish enough to work for a few years, I decided to go in a different direction and just get an activity table. We chose this unobtrusive black and birch table with a chalkboard surface. Its rounded edges are great for Teddy, and it doesn’t scream “kid’s table.” In our dining room, we opted for the Stokke Tripp Trapp high chair in a neutral gray-wash, which looks modern and tucks under the table like a regular chair. While much of baby-proofing (like outlet covers and corner protectors) is not terribly fun or exciting, overall I’ve enjoyed adapting my home. If you have any other ideas or suggestions that you’ve found worked for you, please share them! I’m always looking for innovative design ideas that evolve with our changing lives. #BlogPosts

While New York City is recognized around the world for its 20th century skyscraper-filled skyline, it is predominantly a 19th century city, architecturally speaking. Much of New York’s architectural distinction derives from its rowhouses. Often referred to as "brownstones," NYC's rowhouses are, in fact, widely varied and include countless different styles. These standard, narrow, three-to-five story residences which were constructed to house an expanding middle class population more than a century ago. These distinctive residences are the dominant building type in the majority of the City’s historic districts, and their care and maintenance have a substantial impact on each neighborhood's unique character. There currently are more than 100 historic districts throughout New York City, all of which are as diverse as the owners and residents who live in them. They encompass a variety of styles, from the simple brick buildings of Ridgewood North Historic District, Queens to the elegant Beaux-Arts limestone maisonettes of the Upper East Side and the ornate Queen Anne and Romanesque Revival style 19th-century mansions and rowhouses of Crown Heights North in Brooklyn. In NYC, The Landmarks Preservation Commission (LPC) is the Mayoral agency charged with designating and regulating these districts, as well as stand-alone landmarks. In order to protect these special properties, the Landmarks Law requires their owners to apply to LPC to obtain permits for certain types of exterior work before the work begins. The decision to issue a permit rests on whether the proposed work is “appropriate” to the character of a building and/or the surrounding district. Specifically, the LPC must give advance approval to any alteration, reconstruction or demolition affecting a landmarked property. Approval by the LPC is required for any exterior work, except for routine maintenance or repairs, such as replacing a broken window pane or removing small amounts of graffiti. Interior work to a landmarked property generally does not require LPC approval except when: (i) the work will affect the exterior of the property; (ii) the interior of the property has been landmarked; or (iii) the work affecting the interior of the landmarked property requires a building permit. Examples include changing exterior paint color, porch style, door and window frames and treatments, and much more - specific info can be found on the LPC's website, where manuals based on property types and locations are available. #FAQ #FAQNYLiving

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. #FAQ #FAQFindingaHome

HDFC Co-ops (Housing Development Fund Corporation) are something most New Yorkers are aware of but few fully understand. The idea of Co-op ownership alone can be complicated and the added restrictions most people know HDFCs have for potential buyers and owners can make many unsure exactly what and how they function, and who they are for. First, let's take a look at the official NYC HPD (Housing & Preservation Department) definition and description... Part of the confusion surrounding HDFCs stems from the fact that not all use the same income restrictions. As stated by the HPD above, co-ops can have an income restriction of anywhere between 80% AMI and 120% AMI. HDFCs have a cap on the taxable value of the units that, in most cases, significantly lowers real estate takes on the property. This exemption is effective only as long as the project is owned and operated by an HDFC that is in conformity with the laws that govern them. The HPD Is authorized to revoke this tax exemption if it determines that the HDFC is not in compliance. Almost all HDFC cooperatives require owner occupancy and limit subletting. Although short-term subletting with board permission is acceptable where the shareholder intends to return to the apartment, long-term sublets are not permissible in any circumstance. Generally, subletting is limited to no more than 18 months in any 5-year period. In addition, it is not acceptable for shareholders to charge subtenants more than 10% above the monthly maintenance. Any subtenant must also meet the applicable income standard of the cooperative. It is important when looking at HDFC apartments to make sure you are not falsely lured by the low price tag. The system is structured for you to not make a profit on a resale, and most HDFC Co-ops have higher than normal flip taxes that sellers must pay back to the co-op on any profits made in a resale. It is also important to have a good and savvy real estate attorney on your side who will ensure all of your due dilligence materials during contract are accurate and complete. Since a co-ops financials are managed by the Board and there is always room for mismanagement, error, and even fraud where discounted taxes are involved, especially in a system built on real estate in a market like NYC where prices are only rising. That said, HDFCs do provide an amazing option for hardworking New Yorkers to own a piece of the city they help build every day. They can be an amazing option for those that meet the requirements - if you fit within the criteria below, please feel free to reach out with questions or for more information! Household Size 120% AMI Income Limits (2015/2016) 1 $72,600 2 $82,920 3 $93,240 4 $103,560 5 $111,960 6 $120,240 #FAQ #FAQNYLiving