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10016 : Real Estate Advice

  • All34
  • Local Info0
  • Home Buying10
  • Home Selling6
  • Market Conditions1

Activity 26
Fri Feb 24, 2017
Graham Maitland asked:
Tue Jul 12, 2016
Kathy Burgreen answered:
Be very careful with this. Yes, you can buy a 2nd co-op apartment in the same building where you live. Beware you will face several issues:

1. Ask the members of the co-op Board if this is permitted. I don't know the House Rules for your co-op and you need to verify if this is permitted under the By-Laws. Also verify this with the co-op building attorney. Property Management does not need to get involved. Only the attorney.

2. Will the 2nd apartment (the one you plan to live in) be paid for in cash or will you need financing? If paying in cash - no problem. However, if you need a mortgage loan, beware that lenders will not have you own 2 apartments as primary residences. They may consider the 2nd apartment as an investment and charge you a higher interest rate + a higher down payment because it's not a primary residence.

Good Luck
... more
0 votes 1 answer Share Flag
Fri Jun 10, 2016
Jennifer asked:
The sponsor selling the co-op apartment already owns 49% of the apartments in that building so I am having trouble finding a bank that will finance it. Can anyone give me advice on what…
0 votes 0 Answers Share Flag
Mon Dec 21, 2015
Scott Godzyk answered:
Trulia does not allow for sale by owner ads, only licensed agents can post homes for sale on Trulia
0 votes 12 answers Share Flag
Tue May 19, 2015
Leonard Cukaj answered:
Hello Hashem,
If you are looking to move in June, you need to start looking at apartments right now because it will take a few days for the application to go through and by the time you are done with looking at apartments and applying it will be June already!! ... more
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Thu Feb 26, 2015
Steve Riddle answered:
Hi Olga,.
the short answer is yes. But to You may contact me by clicking on my picture, Ill try to answer your questions in a more private fashion. There are many programs available
0 votes 5 answers Share Flag
Thu Feb 5, 2015
Vishal Singh answered:
Wed Jan 28, 2015
Vishal Singh answered:
You can call me 516-721-7249 based on your feed back I can tailor an apartment for you.
0 votes 12 answers Share Flag
Fri Oct 11, 2013
Karyn Hudgens-Gorman answered:
Hi Michellercr3- I see that you have been trying to sell your apartment for over a year. Did you know you would get more buyers interested if you had it with a realtor. Realtors are trained in just that....getting your property SOLD! They have a network they work with to find the right buyer for your apartment. I understand that you are trying to save money by NOT paying a commission, but, you obviously are having trouble selling and in the end have now paid mortgage payments, taxes and utilities for a whole year.
NAR has done a study showing how using a realtor can actually save you money in the long run by getting your property sold rather than sitting on the market for a year.
Do yourself a favor and list with a realtor. If you would like the name of someone in NYC that will get it done, give me a call 845-591-4724
... more
0 votes 16 answers Share Flag
Thu Oct 10, 2013
Ivan Cardona answered:
I don't understand what your actually asking? I deal with rental customers 90% of the time. Feel free to call me or email me at I would love to know more about your rental needs. So ask away by contacting me. ... more
0 votes 12 answers Share Flag
Sun Feb 17, 2013
Andres Soto answered:
That depends on your market. Trulia is awful for Manhattan listings (StreetEasy & NYTimes are the best and highly used by buyers) but Trulia is helpful for those looking in Queens and certain parts of Brooklyn. ... more
0 votes 10 answers Share Flag
Sun Feb 17, 2013
Andres Soto answered:
I have a studio in Murray Hill which needs some work and is listed at $295,000. We currently have two offers on it. That will give you a rough bottom number. Feel free to contact me at 718-685-9617 or if you'd like to know what's been selling in your building. ... more
0 votes 4 answers Share Flag
Sat Dec 1, 2012
Jerry Feeney, Esq. answered:
Unlikely. By the "grace period," I assume you mean the period beyond the "on or about" closing date typically used in NYC real estate contracts. But unless your lawyer has effectively issued a "demand to close" setting "time of the essence," then the clock is likely not running. Moreover, the loss of lease will not prevent the transfer agent from issuing a new one. Typically transfer agents simply require the bank to sign an affidavit that they made a good faith effort to find it, but it was lost. There is a fee, but the transfer agent will then "replace" the lost lease, so it can be surrendered and a new one issued. ... more
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Tue Jan 31, 2012
Peter Brown answered:
There is one bank in the TriState area which will finance an investment cooperative that I am aware of. The rates are not market rates. You would be looking at paying at least a point higher for a 30 Year Fixed Rate. The first thing I would check on is whether the Cooperative will allow you to refinance a non-owner occupied tenant under the by-laws of the corporation which owns the cooperative. I have to assume right now you do not have a mortgage or do you? Call me anytime to discuss in private. Peter Brown 914-202-4861 ... more
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Thu Jul 28, 2011
Sdtrendy answered:
Thu Jul 28, 2011
none answered:
Thanks for your helpful advice, Joyce. I had not even thought about possible difficulty with reselling an income restricted apt. Luckily they seem to have raised the income caps. As I am now offering on another apt. with similar restrictions, your advice is even more timely. ... more
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Fri Jun 17, 2011
Mukul Lalchandani answered:
Although listing agents and owners would prefer not to get another buyer's agent involved, in the end it is about the commissions payable. However Agency Law in New York allows for you to have a buyers broker represent you at anytime of the process. I recommend two things: 1, Speak to a buyer's broker that has experience and isn't intimidated to get acknowledgement of representation and/or 2, Speak to the attorney that will be assisting you with the closing to explain to you your rights regarding agency law and representation.

Good Luck!
Mukul Lalchandani
Platinum Properties
... more
0 votes 25 answers Share Flag
Fri Jun 3, 2011
Brian Moore answered:
There are many great deals all over NYC in today's market. If you have ever thought of any other area but because it was so expensive you may want to revisit those areas now, if interested. The price per square foot varies quite a bit based on certain criteria of the property. To give an actual amount now would not be accurate honestly. It all depends on what you are looking for in an apartment, i.e. amenities, fixtures, finishes, location, how long the property has been on the market, etc...

I would be more than happy to help you find ANY property you are interested in. My hours are open and I can accommodate any time you are available. This past two weeks I have personally visited over 22 Open Houses and 6 were in that specific area, none the less one seen was one of the best bargains I've seen in that area & once the 2nd Avenue Line gets up and operable the prices will more likely go up (depending on state of economy & other factors).

Thank you,
Brian Moore
... more
0 votes 5 answers Share Flag
Fri Oct 29, 2010
Daniel Gershburg answered:
Many of these answers are incorrect, and thats perhaps due to the question. You DO NOT need both parties to consent to postponing the date in some circumstances. Typically a Contract of Sale will provide for certain situations, listed below, such as an on or about date. However, where the co-op doesn't yet specifically approve the proposed purchasers, the closing may have to be postponed, and there are many times when there is little the sellers can do with regards to that. So like any lawyer in New York City would depends. Im a Real Estate lawyer ... more
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