Manhattan Rentals in Battery Park City and Financial District Apartments

Seldom has the view from a landfill turned out as beautiful as that from Manhattan rentals in Battery Park City and Financial District apartments. Developed in the seventies from the dredging of the former World Trade Centers, this southwestern most area of Manhattan overlooks the Statue of Liberty and is a prime example of modern urban planning.

Find a Battery Park Apartment Now

According to the Encyclopedia of New York City, plans for Battery Park allocated 42% of the land for housing, 30% for open space, 19% for streets and avenues and 9% for commercial and office space. Essentially, a Battery Park apartment is in the center of Yuppieville USA. The streets, crowned with funky arches and public art are quiet and lined with well-polished cars. On weekends middle aged couples jog behind aerodynamic super strollers and play with toddlers on lawns along side the Hudson. Residents and tourists alike wander the esplanade enjoying the view, and trying to grab glimpses of the super rich on their yachts in the marina. At the same time, the terrain flat and undaunting attracts rollerbladers while adjacent Winter Garden draws art enthusiasts and super shoppers alike for public performances and retail distractions.

Seldom has the view from a landfill turned out as beautiful as that from Battery Park City. Developed in the seventies from the dredging of the World Trade Center, this southwestern most area of Manhattan overlooks the Statue of Liberty and is a prime example of modern urban planning. According to the Encyclopedia of New York City, plans for Battery Park allocated 42% of the land for housing, 30% for open space, 19% for streets and avenues and 9% for commercial and office space. Essentially, it’s Yuppieville USA. The streets, crowned with funky arches and public art are quiet and lined with well-polished cars. On weekends middle aged couples jog behind aerodynamic super strollers and play with toddlers on lawns along side the Hudson. Residents and tourists alike wander the esplanade enjoying the view, and trying to grab glimpses of the super rich on their yachts in the marina. At the same time, the terrain flat and undaunting attracts rollerbladers while adjacent Winter Garden draws art enthusiasts and super shoppers alike for public performances and retail distractions.

Due to the relatively recent construction of the area and its proximity to Wall Street, most buildings are modern luxury high rises, with all the bells and whistles. Doormen greet visitors, health clubs abound and elevators whisk tenants off to amazing views above.

Battery Park isn’t the only residential area downtown. Sandwiched between the above mentioned neighborhood and the South Street Seaport is the Financial District. Interestingly enough, as old office buildings are being vacated by businesses for more modern spaces elsewhere, owners of buildings in the area are redesigning some of these old corporate strongholds for residential use. Because this region of Manhattan was highly populated before New York’s nineteenth century city planning went into effect, buildings in this neighborhood are crammed into small spaces and tower over narrow streets where little sunlight trickles through below. As a result the challenges of converting spaces in these buildings will be immense but the creativity necessary to do so could result in really unique apartments.

Unfortunately (or fortunately, I suppose), there are certain parts of the financial district you could walk through at night and wonder if you are the only human being on the planet. The mass exodus of 9 to 5ers leaves streets empty and most restaurants and businesses sealed tight after hours. Developers are hoping that as the area becomes more residential, a greater variety of stores, supermarkets and movie theaters will pop up making the neighborhood more conductive to everyday living.

The South Street Seaport is located on the lowest east side of Manhattan’s southern tip. Once teeming with sailors carousing in saloons and brothels the closest you’ll get to the old days is finding some guy named Skip drinking old world beer at a neon trimmed bar. Actually, that’s not entirely true. In the late 1970s the same people who rebuilt Boston’s historic Quincy market came in and cleaned up the South Street Seaport restoring two blocks of old buildings and making way for one of the world’s biggest collections of historic ships – located at the South Street Seaport museum. Residentially speaking, the neighborhood is also an interesting mix of old and new. Here you’ll find a scattering of prewar walk ups amongst huge modern apartment complexes with addresses so cryptic that visitors wish they had tracking devices to find their way around. Seafood lovers will especially appreciate the proximity of the Fulton Fish Market famous for its early morning seafood selections and supplier to some of the best restaurants in New York.

Venturing out into the other parts of the city and its surroundings from any of these downtown neighborhoods is relatively easy via public transportation. Almost every major subway line in the city runs through downtown, ferries go to Staten Island and New Jersey as well as the Upper East Side and buses cover most areas in between, making the average resident’s weekday commute easy to navigate.

Midtown Manhattan Apartments

When most people think of Midtown Manhattan they think of the Chrysler Building, Grand Central Station, the United Nations, corporate headquarters, Fifth Avenue shopping and Smith and Wollensky’s. Few think “neighborhood.”

Your New Midtown Manhattan Luxury Apartment is a Click Away

It’s true that Midtown at night and on the weekends can look like a ghost town. There are great Midtown Manhattan apartments here, however, especially in the area from the East River to Third Avenue and from 59th to 34th Street. Unknown to many New Yorkers, this neighborhood might possibly host the largest population of small dogs on the island of Manhattan. Just about everywhere you look you’ll see doggie salons, biscuit bakeries, and older ladies walking well groomed poodles. Not the most happening part of town, but it makes it easier to find a cheap Midtown Manhattan apartment. On that note, besides hanging out at a few established after work bars or catching dinner and a movie most residents either go inside to relax or elsewhere to revive.

Want a Midtown Manhattan Luxury Apartment or a Cheap Midtown Manhattan Apartment? The Choice is Yours!

Although many of Manhattan’s landlords have pulled out the OP (Owner Paid) commissions for brokers, many still remain. The market offers a mixed bag and at times, brokers and their clients are all mixed up. OP’s are on one day, then off the next. Some landlords offer a half month OP so brokers have to advertise it as “low fee”. One of our landlords (the name will remain unmentioned) will offer an OP on some apartrments in the building but not on others.

The entire situation does not help broker/client relations. Everyone wants a NO FEE apartment and in recent years apartment seekers have felt like chumps for paying a fee. Even in a classic choice between No Fee and For Fee apartments, ie. the fee apartment actually is a better deal than the no fee apartment, the client would rather take the No Fee apartment. Some people just don’t like the idea of paying a fee to a broker, even if that broker has found them a great deal.

Most apartment hunters understandably approach the process of using a broker with wary suspicion. Even an honest broker can be suspected of the old switcheroo when trying to navigate through the ever changing mix of fee and no fee apartments. Landlords aren’t doing anything to help the situation. They are feeling their mojo again (justifiably or not) and they don’t want to pay the broker either. The fact is that in spite of all the online resources of information, the services of a broker are needed now more than ever. Information overload (most of it bad or out of date) leave the waters more murky than ever. But who will pay for this service? It’s hard out there for a ….

HOW WE WORK

Outstanding Manhattan No Fee Apartments
At METROPOLIS, many of our landlords pay us an O.P. (Owner Paid) broker commission. In this case we offer No Fee apartments in Manhattan. Initially, we will make every effort to find you NO FEE apartments in Manhattan and NYC meeting all of your desired criteria. We also dig around to find the next best alternative that makes sense to you. The broker fee can range from less than a month’s rent to 15% of the yearly rent. We’ll review the details for your choices of No Fee apartments in Manhattan.

NYC and Manhattan Apartment Rental Fees
Some apartments that require a fee are the best deals in town. That’s because for the apartments with no broker fee listed, the actual broker fee is loaded into the rental price by the landlord. When it comes time to renew the lease, the base rent of the first year will be reflected in the renewal price. However, a broker fee is paid only once. If you plan to stay in a Manhattan apartment rental for more than one year it sometimes makes sense to rent a cheaper apartment and pay the one time broker fee.

Options for No Fee Rentals in Manhattan and NYC
Many of our landlords also offer rent concessions instead of no fee rentals in Manhattan and NYC. It might cost you a one month broker fee but you could be getting up to three months free rent the first year. Browse our listings for NYC or Manhattan no fee apartments.

Excellent Service, Quality Apartments, No Broker Fee
We do everything we can to find and negotiate the best deal for you, all things considered. Our closing department has years of experience in negotiating deals. More than enough Manhattan no fee apartments are provided with excellent service. We have long established relationships with many of our landlords which are essential in landing no fee rentals in Manhattan for you.

Whether you rent no fee apartments in Manhattan or another Manhattan apartment rental, you’ll enjoy your new home and its surroundings.

That’s why at METROPOLIS we say, “It’s about more than the listings.”

Vulture investors are back and making a bundle
By Les Christie, staff writer, CNNMoney.com
Aug 5, 2010
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NEW YORK (CNNMoney.com) — These are the glory days of the residential real estate investor. Low prices, rock-bottom interest rates and stable rental markets have created huge buying opportunities.
“It’s awesome right now. I don’t think we’ll ever see another time like this,” said Tanya Marchiol of Team Investments, which has operations in about 10 states but focuses mostly on the Phoenix market.

vultures

These investors are known to many as vultures because they swoop in and buy “distressed properties” — foreclosures and short sales — cheap. Places like Las Vegas, Phoenix and Miami are popular because home prices there have dropped as much as 70%.

But how they’re investing has changed. In the boom years, they would buy a property and flip it for a quick cash out. Today, they are holding and renting for hefty, steady incomes.
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Once they analyzed their decisions based on home-price appreciation, which is very speculative. Now they consider potential rental profits, which is far more stable.

Back then, they flipped often and helped to bid up home prices into a froth. Now, the investors say, they can be a part of stabilizing neighborhoods.

“People are not in it to flip like back in the old economy,” said Matt Martinez, an investor and author whose new book, “How to Make Money in Real Estate in the New Economy” comes out next February. “The new economy dictates that you have to have a long time horizon.”

Marchiol, for example, does not even factor in home price appreciation for at least a year. After that, she calculates only a 3% annual increase — a return that won’t turn heads of investors who only want to buy low and sell high.

Marchiol just purchased four separate four-plexes in North Phoenix. Three years ago, each four-unit building sold for $310,000; she paid just $70,000 per building. She intends to spend about $64,000 rehabbing the properties, making her total investment $344,000.

In total, she currently owns about 17 rental units. Usually she buys the properties to keep herself, but she also works with a group of investors who are intent on holding them and renting them out. She can spot the deals and then sell to them.

For example, with her North Phoenix buildings, the investors will buy the buildings for $95,000 each. They’ll put 20% down and finance the rest, about $76,000 per building.

At today’s low interest rates, they’ll get a near 5% loan. That yields a payment of about $400 a month. Figure another 10% of the price for property management, 10% for maintenance, an 8% vacancy rate, taxes, insurance and other home ownership expenses, and you’re talking about a monthly nut of roughly $1,300.

Marchiol projects the apartments will rent for $600 a month each, for a total rent roll of $2,400. That gives the owners a profit of $1,100 per month and $13,200 per year — a nearly 70% annual return on investment.

Although conditions are very favorable, investors have to be adaptable because the market is evolving rapidly. In Phoenix it’s changed in just the past six months. Foreclosure auctions are no longer a fertile hunting ground for

Foreclosed, homeless, but fortunate

“Amateurs have come in and run up the prices,” she said. “In 2009 I bought 76 properties at foreclosure auctions, at an average of about 60 cents on the market dollar. This year, I’ve bought four.”

Glenn Plantone faces a similar situation in Las Vegas. A veteran real estate broker and investor, he has switched from buying mostly foreclosures and repossessions to short sales almost exclusively. That’s because the inventory of distressed properties available in Vegas is way down, to about a two-week supply.

“The banks make better profits with short sales, so they’re not foreclosing,” Plantone said. “They’ve switched staff to processing short sales and they’ve gotten faster at processing them.”

He tries to purchase properties for at least 10% less than what he considers to be true market value, then he does some light rehabilitation and sells them to some of the 3,000 buyers he works with.

Since prices have fallen about 70% in some Vegas communities and rents have only declined by about 20%, it’s possible for his investors, who are cash buyers, to make money from the first month the homes are rented.

“We’re getting cash flow (net return on investment) of 12% to 14%,” he said.

He doesn’t completely ignore potential profits from home price appreciation because he believes the town is bouncing around the bottom. (Homes already sell for below what it would cost to build new homes.) He does not, however, emphasize that aspect of the investment.

It’s the income from rentals that’s paramount right now.

The beauty of cash flow, of course, is that even if the prices decline another 10% or 20%, the investors should be able to live with that.

“I tell them to plan on holding for five years,” he said. “With cash flow, there’s no need to worry about price drops.” To top of page
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Find the Perfect Manhattan Apartment Rental in Grammercy Park

Located in the area running from 34th to 14th Streets and from Park to First Avenues, a Manhattan apartment rental in Gramercy Park is easily accessible to both midtown and downtown. Grammercy apartments are surrounded by Murray Hill on the North, Stuyvesant to the East, the East Village to the South and the Flatiron District to the West.

Grammercy No Fee Apartments are a Click Away

Swamp no more, the area which was once a soggy bog was drained; the park which gives this Manhattan neighborhood its name was designed and parcels of land were sold for residential development. Accessible only to those who have a key, (a select few who live in the immediate vicinity) Gramercy Park itself is a small square of highly manicured green where visitors walk on gravel paths or sit on benches amongst sculptures and lush plants. A number of the buildings that house our Grammercy no fee apartments were constructed around the square were designed by some of the city’s best architects at the time, some of which have since been replaced by high-rise Grammercy apartments.

Located in the area running from 34th to 14th Streets and from Park to First Avenues, Gramercy Park is easily accessible to both midtown and downtown. The area is surrounded by Murray Hill on the North, Stuyvesant to the East, the East Village to the South and the Flatiron District to the West.

Swamp no more, the area which was once a soggy bog was drained; the park which gives the neighborhood its name was designed and parcels of land were sold for residential development. Accessible only to those who have a key, (a select few who live in the immediate vicinity) Gramercy Park itself is a small square of highly manicured green where visitors walk on gravel paths or sit on benches amongst sculptures and lush plants. A number of the buildings constructed around the square were designed by some of the city’s best architects at the time, some of which have since been replaced by high-rise apartment buildings. Rather ornate in nature, many of the original buildings with their cast iron fences, large paned windows and front porches are reminiscent of homes you might see in New Orleans. By no means does this describe the architecture of the neighborhood as a whole however. While the immediate area around the park can be described as above, the majority of the housing stock is the same as in any other part of the city: a mixture of pre- and post-war buildings and brownstones.

Host to a number of good restaurants and cozy local bars, Gramercy Park is not generally the destination for those wanting to spend a wild and crazy night out on the town. It is, however, a great place for a tranquil brunch the morning after. Those wanting to cook for themselves will find Lexington Avenue from 26th to 30th Streets a wonderful source of exotic spices and hard to find ingredients, especially those used in Indian food. Stuck in the middle of Manhattan, the neighborhood is not exactly an outdoorsman’s dream. On the contrary, there are very few atches of green and Central Park or the running paths along the banks of the island are not close by. As a result, most exercise oriented residents belong to gyms, become apt street runners or learn how to take public transport to more open spaces.

http://www.metropolisapts.com/Manhattan-Grammercy-Park-Apartments.aspx

The Upper West Side Rental Scene

Considered the place du jour amongst many of New York’s young professionals, the Upper West Side rental options are some of the hottest rental neighborhoods in the city. Competition for apartments is fierce and rents are on the rise. Upper West Side apartments for rent are bounded by Morningside Heights/110th Street to the north and Hells Kitchen/60th Street to the south: Central Park is on its east side and the Hudson River on the west.

Apartment Rental on the Upper West Side Has Charm, Culture

Walking down certain streets of this Manhattan neighborhood you could easily think you’ve been transported to Paris. Many Upper West Side apartments for rent were developed around the turn of the century, when the West Side was filled with beautiful brownstones, grand apartment buildings and charming tree-lined streets. Wanting to create a certain majesty and refinement, many of the area’s architects borrowed elements of design from respected European structures. Although they were built hoping to attract the upper class, many of these buildings and homes were actually occupied by middle and working class families when developers became desperate during the Depression.

Because of its demographics, the neighborhood gained a reputation for being a hotbed of political activism and a stronghold for social tolerance. Today, however, you’re more likely to see the crowd the original developers were hoping to attract to a typical apartment rental on the Upper West Side.

Metropolis Apartments has many no fee apartment listings on the Upper West Side. Find Upper West Side apartments online or contact an apartment rental agent today.

http://www.metropolisapts.com/upper-westside-apartments.aspx

Upper East Side of Manhattan

The Upper East Side of Manhattan, which consists of the area from Fifth Avenue to the East River and from 59th to 96th Streets, is known for its long standing social institutions and traditions. This is New York’s “Silk Stocking District”; the residents along Fifth and Park Avenues and various interspersed streets make the Manhattan area one of the wealthiest neighborhoods in the United States.

Some of the city’s best museums, most exclusive clubs and finest boutique shopping are found conveniently nearby. But don’t be fooled. The Upper East Side of New York is just as susceptible to trendy bars and college crowds as any other park of the city, especially in the East 70’s and 80’s on the numbered avenues.

Upper East Side Apartments: Pros and Cons

Actually, as far as gentrified areas go, the Upper East Side of New York currently has many of the “cheapest” listings available for apartment rentals in Manhattan. This is partially because of its lack of public transportation. The 4, 5 and 6 trains (which run under Lexington Avenue) are the only subways which traverse the area. Not only are stations a long walk for residents living in Upper East Side apartments on streets like First Avenue or York Avenue, but once you get there you’re likely to get smashed in to overcrowded trains during rush hour.

Metropolis Apartments offers several no fee apartment listings on the Upper East Side of Manhattan. Search Upper East Side apartments online or contact one of our apartment rental agents today.

Upper East Side

http://www.metropolisapts.com/upper-eastside-apartments.aspx

Buying a home is one of the most important financial decisions you’ll ever make. The process of buying a cooperative apartment (“co-op”) or condominium (“condo”) in New York City can be confusing and nerve-wracking. This guide is designed to help you understand the process in a clear, organized fashion. While reading, keep in mind that this guide is designed to give the buyer an overview of the steps involved in purchasing a new home. It is not intended to take the place of professional advice by an attorney, real estate broker or financial consultant.

Ch. 1 – Co-op or Condo – Which is better?

What are the differences between owning a co-op or condo? In a co-op, you are a shareholder, along with all your neighbors, in a corporation which owns the building and (almost always) the land it sits on. The number of shares you have in the corporation depends on the size of your apartment and which floor it’s on. You lease your apartment from the corporation under the terms of the Proprietary Lease and your maintenance, or monthly rental cost is determined by the number of shares you own. Each owner’s maintenance costs represent their proportionate share of three corporation expenses: 1. real estate taxes on the property, 2. monthly mortgage costs for the building; and 3. staff salaries, general upkeep and management fees.

At the end of each calendar year the corporation will determine how much of the yearly maintenance qualifies for a tax deduction and each owner will receive a statement or letter informing him or her how to calculate their deduction for income tax purposes.

When you purchase a condo, you are considered to have purchased real estate. You will own your apartment plus a percentage of the common areas of the building. A deed will be recorded in the county register’s office and you will have block and lot numbers assigned to your unit for real estate taxes. Because this is real estate, you can rent out your apartment to a tenant without being limited by strict co-op rules

Asking prices for condos tend to be higher than prices for co-ops because of their flexibility in terms of sales and subleasing as well as lower monthly costs. However initial closing costs for condos can be quite high since buyers must get title insurance and pay a mortgage recording tax. When you purchase a condo directly from the sponsor, you are also asked to pay the sponsor’s transfer taxes and legal fees which add to the cost.

Ch. 2 – They’re accepted my offer. Now what?

Once there’s an accepted offer, the whole closing process is set in motion. The real estate broker will prepare a deal sheet which lists the buyer, the seller, the attorneys and all the important factors of the transaction. The attorney for the seller prepares the contract of sale and the buyer’s attorney will begin his or her due diligence which involves reviewing the building’s financial condition as well as reading the recorded minutes the recent co-op board meetings.

There may be some fine tuning of the contract by both attorneys until everyone is satisfied that each party has terms that are accurate and fair. A target closing date is chosen and the buyer will sign the contracts first (usually there will be 4 identical originals) and return their signed copies with the contract deposit check for 10% of the purchase price. The seller will then countersign, the seller’s attorney will sign as the escrow agent for the deposit money and two fully signed contracts will be delivered to the attorney for the buyer. Once the fully signed contracts have been delivered to the buyer’s attorney, the deal is binding and the contract deposit will be put in a special escrow account to be held by seller’s attorney until the closing.

Ch. 3. What if I change my mind? How do I cancel?

It’s important to note that once there is a fully signed contract, there are certain conditions under which you may call off the deal and get your deposit back but simply changing your mind is not one of them. How do you get your money back if the deal doesn’t close? If you are rejected by the co-op board (and have acted in good faith) the contract is cancelled. Also, if your contract is contingent upon your ability to get a mortgage at a set amount and you are rejected for a mortgage, the deal is cancelled. You would have to show proof that you made a good faith effort and were rejected for reasons beyond your control. However, if you are offered a mortgage for the set amount at a prevailing rate of interest, even if you don’t like the terms, you can not get out of the deal.

There are certain situations where having good legal counsel is very important and wanting to cancel a signed contract is definitely one of these situations. No one wants to face the prospect of having to choose between buying an apartment they’ve lost interest in or walking away from tens of thousands of dollars. A good attorney may well be able to work something out that ends up as a fair solution for all sides.

Ch. 4. Do I have to fill out a lot of paperwork to buy an apartment?

Short answer: Yes. Co-ops require a pretty extensive application package and first time buyers are often surprised at how much personal information is requested. You also have to sit down and calculate your net worth and submit tax returns and bank statements as well as personal references. Each co-op has their own specific application, which, like a college application, covers similar general areas from co-op to co-op but in slightly different formats. Your broker will help you pull it all together and will submit the completed package (and all the copies) to the board. Your application package will be reviewed and then an interview will be scheduled with members of the board. You will learn shortly after the interview whether or not the co-op board has approved your application to purchase the apartment.

A condo application package is, in general, shorter and easier to complete. There is no interview or board approval involved in the purchase however you do need to receive something called “The Waiver of Right Refusal” which means that the condominium has agreed to allow the sale to go through. It should take no longer than thirty days to receive this once you’ve applied and often the waiver is issued much sooner.

Ch. 5 – What is the process for getting a mortgage?

Chris Tortorello of American Success Mortgage, has the following advice for buyers who are in the market for a mortgage: “I strongly suggest that you get a thoughtful recommendation for a mortgage broker whom you can trust. Your mortgage broker will be privy to some of your most private information pertaining to credit history, income, and net worth. Under certain circumstances they may also need information regarding alimony, child support and other critical underwriting criteria.

Why use a mortgage broker as opposed to a banker or your personal banker or Credit Union? Our experience shows that an experienced and honorable mortgage broker typically has access to the best rates and products as well as the most lending flexibility. In certain cases, to assure a competitive interest rate and a smooth closing, the broker will have you apply to several lenders at once, all with only one mortgage application and one application fee. When factoring in interest rate and transaction costs in your decision, using a mortgage broker should either be more cost effective or fee neutral.

Your broker will help you complete the mortgage application. You should gather together: tax returns, W2s, paystubs, bank, brokerage and retirement account statements in order to complete a through application. Today’s lending decisions are initially evaluated by an automated computer model. Based upon that feedback, the lender may require more or sometimes less documentation. You should anticipate a 3to 4 week turnaround period.

After you’ve identified a home and usually after you’re in contract the broker or lender has an appraisal report done in order to determine the established market value of the property you’re buying. This is a sober evaluation predominantly based upon the sale prices of very similar homes in the same or competing neighborhoods. If your contract of sale has a generously written mortgage contingency clause the appraisal can help protect you, not to mention the bank, from over paying.

Underwriting is a technical term for making a risk evaluation. The Underwriter will review the application you’ve completed, your supporting documentation and the appraisal report and, most likely, will commit to lending you the mortgage money you’ve requested. This is also referred to as loan approval and/or loan commitment.

Upon receipt of the Commitment Letter your mortgage broker will help you to meet any outstanding lender’s requirements called conditions and plan for your closing. The broker’s responsibilities include predetermining your closing costs, monitoring interest rates and helping to determine when to lock-in your rate.

The difference between a smooth successful closing and the real possibility of problems and stress can be the open and professional communication between your attorney and mortgage broker. The right team will keep you well informed in advance of important transactional milestones, avoid common pitfalls and successfully handle any obstacles which may arise.

Ch. 6 – What is title insurance and why do I need it?

Title insurance is a contract to protect a homeowner and a lender against losses arising through defects in the title to real estate. Some examples of the defects covered are fraud, deeds by minors or incompetents, liens for unpaid real estate taxes, judgments, or mechanic’s liens. By law, all title companies must charge the same premiums for property located in New York State. Banks will not close on any mortgage unless their attorneys have received and reviewed a copy of the title report and the borrower has agreed to purchase title insurance.

Usually the purchaser of a condominium from a sponsor is entitled to a 30% discount known as the bulk rate. To qualify there must be at least ten units in the condominium. Any title company insuring a unit in such a building can, and must give this discounted rate. It is a myth that it is only available from the title company used by the sponsor.

Additional costs on the title bill include searches for building and fire violations. An investigation as to the legal occupancy of the building is also done at a cost to the purchaser. These charges are not regulated, and can vary greatly from one title company to another. By far the highest dollar items on a title bill are city and state transfer taxes and mortgage tax.

A mortgage recording tax is a fee imposed by the state on the borrower for the privilege of recording a mortgage. In addition to the state, cities, towns, and counties may add on fees to the basic state tax.

Ch. 7 – What can I expect my lawyer to do for me?

Your real estate attorney should be responsive to your phone calls or emails. For example, the rule in my office is that all messages are returned as quickly as possible; either the same day or within 24 hours at the latest. After the contract is signed, your attorney will work with your mortgage broker or lender to make sure you get a written loan commitment and will assist you in clearing up any conditions or requirements of the loan.

If you’re purchasing a house or condo, your attorney will order and review the title report. If you’re purchasing a co-op, your attorney will order and review the lien search to make sure that you are purchasing the unit free and clear of any liens or judgments.

Once you’ve been cleared to close by your mortgage bank, your attorney will schedule the closing with you, the seller, the managing agent, the lender’s attorneys and the title company. You will be informed of your closing costs, what checks you will need to bring and where the closing will be held. At this point, you should arrange to see the apartment one last time to make sure that the apartment is in the same condition that it was at the time the contract was signed. Your broker can help you confirm that the appliances work, the plumbing and electrical systems are adequate and that everything that should be in the apartment is there (e.g. light fixtures, air conditioners, window treatments, etc.) If there is an issue, contact your attorney so that it can be addressed prior to the closing. At the closing your attorney will review and explain the closing and loan documents that you will be signing. You will also receive a closing statement that details your expenses to the penny.

Ch. 8 – In conclusion

The purchase of a co-op, condo or private home can be a confusing, time consuming process. Using local professionals who can guide and help you through the various steps will go a long way toward reducing stress and disappointment.

By: Cathy S. Chester, Esq.

Are we really in a “buyer’s market” in NYC Real Estate? If you believe some of the opinions expressed these days by certain brokers and media types, we’ve missed the boat! Inventory is flying off the shelf and prices are soaring! Much of this opinion is based on anecdotal rather than empirical evidence. Even the opinion backed up by statistics has to be viewed with a healthy dose of skepticism. (“There are lies, damned lies and statistics.”–Mark Twain; or as Andrew Lang suggests, we should “use statistics as a drunken man uses a lampost-for support rather than for illumination”).

In a conversation with a broker from one of the behemoth brokerages in Manhattan, I was informed that “there are no more investment opportunities in Condos in Manhattan”. Prices had returned to their previous highs, I was instructed. I guess we are all vulnerable to believe what we want to believe depending on where we are coming from. It is difficult to maintain an unbiased perspective on our own particular perspective (is that a Yogi Berra quote?). The broker mentioned above specializes as a listing broker, as does her firm, and has the “things couldn’t be better” mantra coded into her corporate DNA.

I am the first to plead guilty to having a biased perspective. Being an investor myself I wake up every morning wanting to believe there are great deals ripe for the picking for not only myself, but for my clients as well. Although certain sectors of the market continue to exhibit symptoms of irrational exuberance, other corners of the market offer great entry level prices. But like any good deal, they are not easy to find. I make this statement not based on a hope or a dream, but on actual recent transactions executed by yours truly.

No one has a crystal ball and we have no certain response to the oft heard query “whither the market”? Some experts believe the market will “either go up, go down, or stay the same”. Such enlightened commentary offers little comfort to the faint of heart. Any investment requires a leap of faith and an appropriate dose of risk tolerance. The global economy is rather precarious at the moment and any blindside to it of a political or economic nature could spell another leg down for the New York Real Estate market. But if where prices have been are any indication of where they will go, at some time in the future, it is easier to take the leap when buying at a substantial discount. New York Real Estate has always made new highs, retraced to lower levels, then eventually, returned to previous highs and punched through to new levels on the upside. Will history repeat itself? Maybe. Real Estate investments are not dot.com stocks.

We have witnessed (and participated in) a marked uptick in short sale activity in Manhattan recently. Yes, Manhattan! Who ever would have believed it? All of our short sale activities in past years have been limited to the outer boroughs or to far flung frontier outposts such as Buffalo. But opportunities are emerging in various condominiums around Manhattan. The story we hear time and time again is the classic tale of bubble bursting woe. An “investor” buys a unit (or multiple units, sometimes sight unseen) and gets a “great deal” on the pre-construction price during the heady days of the NYC Real Estate boom. Of course, the property is bought with little or no money down on an ARM, because after all, they will “flip” the property within 12 to 18 months at a hefty six figure profit. Not to worry about covering the monthly nut because they are assured by the seller’s broker (who has little or no rental experience) that the robust rental market will allow the owner to command top prices from tenants lining up to occupy his brand new unit.

Alas, things have not worked out as planned. The economy tanked, resale prices receded (ain’t no flippin), the ARM kicked in, and the expected rent role never quite panned out (where is that broker, anyway?). Faced with a monthly bleed that would make a rap star sweat some poorly timed investors are happy just to get out from under their under-water mortgages. It is the same story around the country and yes, it is happening right here in Manhattan as well. We have done deals recently in buildings that at one time fetched as much as $1400/square foot (seemed like a good deal at the time) in the $700 to $800 range. In those same buildings, “retail” buyers are buying on the open market for around $1000 per square foot, even without doing a short sale. They believe that they are getting a deal at $1000 per square foot and they are, if you believe in the theory that the market always returns to its previous highs, eventually. If that is the case and they can wait, there is at least a 40% potential to the upside. Maybe. But if you are buying in the $700 to $800 range your upside is….

The second most often quoted Real Estate axiom after ‘location, location, location…” is “you make your money in Real Estate when you buy”. Of course, there is no such thing as a sure thing. And maybe buying a property in NYC at $700 to $800 per square foot today which was selling for $1400 per square foot 2 years ago will appear as so much fools gold 2 years from now if the market tanks again due to some force majeure. Who know? It’s anyone’s guess. But if I were a betting man, and I am…

Because at the end of the day, when you sign on the dotted line you are placing a bet. Even if you are buying to occupy. No one buys a property thinking that one day they will lose money. Considering where prices are in some cases versus where they have been,  it might be a good bet to be a buyer right now. Maybe. And the certain brokers and media types who say we’ve missed the boat? One of these days they are going to be right.

Tom Ripellino