Buying a home is the biggest financial transaction most people will make in their lives. This is especially true in New York, where residential property values are among the highest in the country. Whether the home in question is an apartment, a condo or a suburban...
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Co-op & Condo
Landlord & Tenant
Residential Real Estate
A short sale can be a good deal, but frustrating for a buyer
Anyone who has ventured into New York's residential property market recently knows that apartment and condo prices in the city are at an all-time high. People who are in the market for a new home may wonder whether they can get a good deal on a short sale. They may be...
How is residential rental income taxed?
For landlords of residential property in New York, there are a few points to keep in mind as we enter the tax season. Rent payments from residential property are of course considered taxable income. But rental income also includes advance rent, which must be reported...
Helping New York owners with residential real estate matters
Owning real estate in New York can be both exciting and lucrative; however, this experience can have its fair share of obstacles. Whether people own individual property, a small business, a co-op, condominium buildings or large commercial properties, real estate...
New York condo developer fends off foreclosure
For New York residential real estate developers, obtaining financing on favorable terms is essential. Once financing is obtained, staying current on the loan payments is also critical -- a default can put the project in jeopardy of foreclosure. Recently the developer...
A New York City condo can be a sound investment
Residential real estate can be a profitable investment in New York City. The presence of numerous major companies in the city, combined with a large population of high-income professionals, helps ensure a stable real estate market. Foreign investors have also done a...
What are some key terms in a residential real estate contract?
Whether it's an apartment, condo or townhouse, buying a home in New York City is a significant investment. Once you have found a potential home and made an offer, the seller will typically send you their proposed contract. Before signing, it's critical to make sure it...
Lawsuit takes aim at New York condo conversions
A New York man has filed a lawsuit claiming that landlords in the city routinely violate a law protecting elderly and disabled tenants when a building is converted to luxury condos. According to the lawsuit, that law requires landlords to provide disabled renters and...
What are some commonreal estate title issues in New York?
In last week's post we talked about the importance of ensuring the seller has clear title before closing any commercial or residential real estate transaction in New York. This week we'll discuss some of the common title issues that can appear in a title search, and...
Clearing up New York title issues takes skill and experience
In any New York residential real estate transaction, it is critical for the buyer to ensure the seller has clear title to the property. As we have discussed in a previous post, purchasing a title insurance policy is an important step and is usually required by lenders...