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What Are Some Red Flags When Buying a Condo?

In New York City, condos offer great opportunities for homeownership as well as a valuable investment. However, when you buy a condo in NYC, the process can feel daunting, and you should consider potential pitfalls before starting your search. Condos are managed by a board of directors composed of unit owners who oversee the general...

Step by Step Guide For Foreigners Buying Real Estate in New York City

New York City is a desirable destination for foreign buyers for a variety of reasons, including the city’s position as one of the most important centers of culture, art, commerce, and entertainment around the globe. However, international buyers may be uncertain about many things, including how New York real estate works and the many options...

What Questions Are Asked in Co-Op Board Interviews?

Unlike purchasing other types of property in New York City, a co-op is not the purchase of a piece of real property but buying a share of a corporation that owns and manages the building. In exchange, you get the use of an apartment as part of that transaction, typically through a proprietary lease. Consequently,...

How Do I Avoid Mortgage Recording Tax in NY?

If you are purchasing property in New York City, you are probably already aware of what a costly venture it is. Not only are you looking at the cost of the property itself, but you are also responsible for closing costs, especially if you will be financing the property. Closing costs include everything from application...

What Are the Disadvantages of Owning a Condo in NYC?

Buying real estate in New York City can be overwhelming and confusing. Depending on where you want to live in the city, you will most likely be looking at apartment housing in the form of co-ops or condos. While condos are more common in other areas of the country, here in New York City, 75...

How Long Do You Have to Hold a 1031 Exchange Property Before Selling?

A 1031 exchange refers to Section 1031 of the U.S. Internal Revenue Code allowing an owner of an investment property the ability to reinvest in a different property of “like-kind” without triggering capital gains until the final exchange of a piece of property is sold. This deferment can be used for multiple investment properties, one...