Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Home Buying in 10016 : Real Estate Advice

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

Activity 10
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
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:
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
0 votes 3 answers Share Flag
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
0 votes 2 answers Share Flag
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
Thu Jul 1, 2010
Jenet Levy answered:
All contracts state the closing date as "on or about" and there is an implicit 30 days leeway in either direction. Therefore the 2-week difference is not only fine, but the norm. Outside of that (beyond 30 days) there are steps an attorney would take, but that seems to not be the case. The closing date is always a guess, particularly on a co-op because you have several things that have to take place:
1. Your attorney has to do their due diligence.
2. The other party has to sign
3. You have to apply for your mortgage; time involved in getting the commitment varies
4. You and your agent have to prepare your board package (hopefully getting started while waiting for the bank commitment).
5. The managing agent, then the co-op board have to review the package, then meet you.
6. The attorneys have to arrange the closing.
There are variations in timing in all of these steps, therefore it would be next to impossible for a predicted date to be the actual closing date; hence the "on or about" date with 30-days leeway.

Hope this helps.

Jenet Levy
Halstead Property, LLC
212 381-4268
... more
3 votes 4 answers Share Flag
Wed Jan 6, 2010
David Vipler answered:
I am a "Resident Broker" in the Corinthian Condominiums at 330 East 38th St. and specilaize in Murray Hill and Turtle Bay Condominums. The Horizon is directly across the street from the Corinthian where I live and work. I sell and rent apartments in the Horizon building as well. Both buildings were completed in 1988. I bought in the Corinthian in 1988 after looking at both buildings, The Horizon is not built on a Land Lease. Detailed information on the Horizon Condominium is available from the Managing Agent, Cooper Square Realty, Inc.6 East 43rd St New York, Ny 10017 Tel: 212-634-8900. Please feel free to contact me for sales comps and listing information on available properties in the Horizon Condomiums.
David Vipler, Vipler Realty LLC, The Corinthian Condominums
... more
0 votes 4 answers Share Flag
Search Advice