Reading Co-Op Financials

Reading Co-op Financials

OK I know.  Let the lawyer handle the financials.  But in today’s ever-increasing competitive environment, super brokers are conversant in all issues affecting their clients’ purchases.  Understanding all aspects of the deal, makes clients loyal and your advice to buyers and sellers all the more valuable.  This is part 1 of a continuing series to …


Wallet Empty

Opening Your Mail To A Bill For A Million Dollars

I hate opening my mail, as it rarely brings anything that I look forward to dealing with. Bills, invitations to destination weddings in Buffalo, laminated flyers that make me feel guilty when I put them in the trash (what exactly is the recycling protocol on laminated postcards?). But a recent article about a shareholder at …


Buying Apartments Smaller Buildings Residential Real Estate Lawyer

The Fine Art of Buying Apartments in Smaller Buildings: a Lawyer’s Guide

I was recently representing a buyer in a 6 unit coop in Park Slope. The building was self-managed, so I contacted a resident in the building who had been provided to us as a ‘due diligence’ contact. “Are there board minutes for us to review,” my paralegal naively asked. “Board minutes?” replied our contact curiously. …


Condominium Residential Real Estate Lawyer

More Pretending to Be a Coop: Confessions of a Condominium

As we turn the corner toward Halloween, a time of year when people dress up and pretend to be someone else, let’s revisit the subject of condominium boards that like to pretend they are coop boards. Let’s take a minute to review. A coop typically has a right of approval of a purchase transaction. That …


Manhattan Skyline

The Coop / Condo Abatement: New Rules That Any Real Estate Expert Needs to Know

NYC real estate taxes are an important component of value, and recent developments in this area require close attention. This abatement gives eligible coop and condominium owners a reduction in their real estate taxes. Here are the changes that were recently enacted. Primary residence: The apartment must be the owner’s primary residence to be eligible …


Residential Real Estate Guide NYC Myth

Three NYC Real Estate Myths

Ask two economists the same question, and you’ll get three different answers. Real estate can be the same way. It’s easy for clients to get sidetracked in a fast moving market like ours. Buyers and sellers are inundated with experts offering their advice loudly from any forum that will take them. It’s important that real …


Residential Real Estate Attorney Evaluation Guide Buying Coop

Evaluating the Coop Before You Buy – Part 2/2

Before you sign, be sure you’ve properly evaluated the building. Here is the second in a two part series of things to look for when conducting due diligence on your dream apartment. Policy changes: It’s easy to assume that things in a building will remain status quo when you buy. But be careful, boards change …


Residential Real Estate Attorney Evaluation Guide Buying Coop

Evaluating the Coop Before You Buy – Part 1/2

Updated kitchen, lots of light, close to subway. Perfect! Let’s buy it. And the maintenance is so low, what could be better? Turns out, a lot. How about a multi-million dollar litigation against the coop for which there is no insurance that could bankrupt the corporation if the plaintiff prevails? Let’s run through the basics …


Pet Policie Apartment Real Estate Market Value

Do No-Pet Policies Affect Market Value?

We get a lot of questions on the Saturday morning radio show I co-host (Eye On Real Estate, WOR710), but a recent caller posed one that got me thinking. She is considering a coop purchase in a building that does not permit pets. She is not a pet owner, so it won’t affect her directly, …


Residential Real Estate Attorney Guide Real Estate Deal

Why Deals Die and How to Avoid These Problems

It’s an unfortunate reality of the New York City marketplace that not all deals end up closing. But given the amount of work it takes to successfully market a property and find a willing buyer, just as much effort should go into ensuring that deal gets from the handshake to the closing table. Let’s start …