NYC Condos

Condos NYC (Condominiums) are quite popular and common throughout the rest of the U.S.; however they are a rather new concept in the Big Apple.  A condo apartment is real property – buyers get a deed just as though they were buying a house.  Since this is real property, there is a separate tax lot for each apartment.

This means that condo owners pay their own real estate taxes for their property.  An NYC condo owner will also pay common charges on a monthly basis.  Common charges are similar to maintenance in a co-op; however, common charges include neither real estate taxes nor the building’s mortgage and interest because, by law, apartments in Manhattan that are condos, cannot have an underlying mortgage.

Financing a purchase of a condominium apartment is much more flexible that a cooperative apartment.  In the past, buyers could finance up to 90% of the purchase price. Since the credit crisis, banks’ lending practices have become more stringent.  A 20% down payment and stellar credit are needed to be able to get financing.  Buyers should always consult a mortgage professional for current financing options.

While there is an application process, this is not as formal and intrusive as in a cooperative.  The likelihood of rejection is minimal.

There is also greater flexibility in sub-leasing your apartment. This makes a Tribeca condo, or any other NYC condo ownership a better investment choice than a Tribeca co-op.

A NYC condo makes an ideal choice for non-U.S. citizens or for those with assets held outside the United States because co-ops are unlikely to approve those types of buyers.

A Condo in New York is generally more expensive (approx. 30%)  than NYC co-ops for a number of reasons.  There are fewer number of condominiums than cooperatives in New York City (approx. 75/25 ratio); the buying process is easier, the combined monthly charges and real estate taxes in a condo are typically lower than a co-op’s monthly maintenance charges; but mainly– because of its fee simple ownership rights to real property being the best type of ownership.

Call a luxury Manhattan real estate broker today who specializes in NYC condos and is a licensed Assistant Appraiser for NY State!

Further Reading: How to Buy and Apartment in Manhattan and Get the Best Interest Rate and The Importance of Finding the Best Representation When Buying Real Estate For Sale in Manhattan

 

Search for your next Manhattan apartmentcondo NYCbrownstone NYC; or lofts NYC with ease!

Work with a trusted, Luxury Manhattan real estate broker today for home buyer assistance, or to set up time to view all NYC condos today!

A full service broker with Rutenberg Realty 127 E. 56th St. New York, NY 10022.

Servicing buyers, sellers and renters of New York Townhouses for sale, co-ops, condos, and other residential investment properties in new york city .

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Call a true expert in Manhattan realestate with an appraisal license for an evaluation of your Manhattan apartment!

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Further Reading:  How to Buy an Apartment in Manhattan and Get the Best Interest Rate

The Importance of Finding the Best Representation When Buying Real Estate for Sale in Manhattan

What Home Buyers Should Consider When Deciding What Type of Manhattan Housing to Buy

Work with a trusted, Luxury Manhattan real estate broker specializing in Manhattan aptsNYC brownstones, and dog friendly apartments for rent & sale:

Soho LoftsTribeca Condos - WestVillage Apartments - Upper East Side NYC Apartments-Upper West Side Apartments Battery Park City Apartments -Chelsea ApartmentsGramercy Apts - Midtown East NYC - Midtown West NYC - Murray Hill in NYC - Lower East Side NYCEast Village Apartments

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