Yearly Archives: 2011

Greenwich Village Apartments for Sale-Part 2 Prewar Condos

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Greenwich Village Apartments for Sale Part 2 Prewar Condos

In this Part 2 series of Greenwich Village Apartment for sale, we will discuss some prewar condos within Greenwich Village. Greenwich Village Real Estate is known for many of its prewar buildings with classic layouts and architectural elements. The supply of prewar buildings in Greenwich Village like much of the rest of the city is overwhelmingly co-op.  Take for example that currently I see that there are about 120 Greenwich Village prewar apartments for sale in Greenwich Village and 20 of those are in condominium buildings.  If you have wanted to purchase a condominium in Greenwich Village you have been limited to a certain number of buildings including:

Greenwich Village Apartments for sale 25 Fifth Ave

25 Fifth Ave – Greenwich Village Prewar Condo

Located on the “Gold Coast” of Fifth Avenue and 9th Street this Greenwich Village Condo building was converted to a condominium in 2000. Like most prewar buildings most apartments in the building have wood-burning fireplaces, high ceilings, ornate architectural details accompanied with a 24-hour concierge, gym, laundry and storage. 25 Fifth Ave is going to be one of the few prewar condominium buildings on Fifth Avenue that will come up on your search for “Greenwich Village Apartments for Sale.”

Greenwich Village Apartments for Sale

Devonshire House at 28 E 10th St – Greenwich Village PreWar Condo

The Devonshire House is the latest prewar condominium to be added to some of the most desired Greenwich Village prewar condominium real estate apartments for sale. This 1928 Emery Roth designed building, was recently converted from rental into condominium. The Devonshire House underwent a high end renovation including upgrading the plumbing, electrical and central air-conditioning and to the finishes in each apartment including radiant-heat bathroom floors, detailed moldings, and high end bathroom and kitchen finishes.  The apartments initially made available sold out very quickly, but more apartments are expected to be put on the market in the fall of 2010.

Greenwich Village Apartments for Sale

59 W 12th Street – Greenwich Village Prewar Condo

Built in 1931 by noted New York City architect Emery Roth and built by the equally notable firm Bing and Bing, 59 W 12th St is on of the most highly coveted Greenwich Village prewar condominiums. Located on 12th Street between 5th and the Avenue of the Americas, this location is considered to be one of the most attractive streets in Greenwich Village. Building amenities include 24 hour doorman bicycle and laundry room, and children’s playroom. Apartment features include fireplaces, spacious pre-war layouts, along with great southern facing views of downtown Manhattan from the upper floors of this respected building. When apartments come available in the building they are some of the most desired Greenwich Village Apartments for Sale.

Because there are fewer prewar condos for sale in Greenwich Village expect higher prices.  But your purchase will be well rewarded.  If you would like a complete list of Greenwich Village Apartments for Sale or Greenwich Village Apartments for sales (Prewar Condos), contact us today at (917) 837-8869 or email at https://manhattannycondosforsale.com/contact/

Greenwich Village Apartments for Sale – Part 1 What does $500,000 Buy Me?

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Greenwich Village Apartments for Sale –  Part 1 What does $500,000 Buy Me?

Are you looking at Greenwich Village Apartments for Sale with a budget of around $500,000? Well if you are, you have come to the right place. Greenwich Village Apartments under $500,000 is a very competitive market.  Let’s look at what is available.

According to Streeteasy.com, as of today there are 45 Greenwich Village Apartments for Sale.  All of these properties are Greenwich Village Co-ops, none of them are condominiums.  To buy a Greenwich Village Condominium the price point starts at approximately $550,000.00 for a studio.

The median price is $399,000. The median size is 400 sq ft and the median price per sq ft is $967.00

At the higher end of the $500,000 price range for Greenwich Village Apartments for Sale, you are going to find a certain number of characteristics in common.  The full service doorman buildings, higher floors with better exposures, larger layouts-alcove studios, some junior 1 bedrooms, and often renovated kitchens and baths.

There are 18 Greenwich Village Apartments In-Contract right now. The median size is 500 sq ft and the median price is $437,000.00.  As I look at the specific properties I see that a common characteristic that the larger more renovated apartments are the ones that are selling the quickest as there is more demand for these types of apartments.

If you are looking for a Greenwich Village Apartments for Sale under $500,000.00 and would like to contact me, call me at (917) 837-8869 or email us. (https://manhattannycondosforsale.com/contact/)

Greenwich Village NY Condos buyers MUST READ

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Greenwich Village NY Condos buyers MUST READ

Have you been looking for a condominium for sale in the Greenwich Village neighborhood in New York City? If you have been looking for a Greenwich Village NY Condo than you have probably been seeing a couple of market activities happening quite consistently:

1. Multiple Offers on 1 Bedroom Greenwich Village Condos for sale. I have been working with multiple customer’s looking in the 1 Bedroom Condo market. If a newly renovated full time doorman 1 bedroom condo has come on the market for less than $1,000,000, the first open house is packed and multiple offers come in shortly. Most of the offers are cash, or non-mortgage contingent at or near the asking price.  

2. Almost no inventory for Greenwich Village apartments less than $600,000. The studio or alcove studio condominium market in not only Greenwich Village, but in the East Village or the West Village is quite limited. After a couple of afternoons you can see everything that is available. The well priced apartments are selling quickly and the apartments with more aspirational pricing are even getting more interest. This time of year see’s an influx of demand and the low supply creates an atmosphere where the best Greenwich Village condos for sale are moving quickly.

3. Greenwich Village Pre-War condo inventory is scarce. Building’s like 59 West 12th Street, 2 Cornelia Street, 115 Fourth Ave, 45 Christopher St, 299 and 302 West 12th St, The American Felt Building have very little inventory. The Bing and Bing Emery Roth designed pre-war condos are always desired and when priced well sell quickly. The unique apartments, such as duplexes, apartments with open views, recently renovated, don’t sit on the market quickly.

4. Larger Apartments Inventory Limited. In my database I see 12 Two Bedroom Condos for Sale in Greenwich Village right now, 10 Three Bedroom Condos for Sale in Greenwich Village and 4 Four Bedroom Condos or Larger in Greenwich Village. If you are entering this segment of the market, you will probably expand your search to the West Village, parts of the East Village and parts of Chelsea, but you will still have a small number of apartments to view.

Overall, the spring and early summer real estate market for condos for sale in Greenwich Village has been quite robust with multiple offers for apartments priced effectively for their individual part of the market. One Bedroom Condos in Doorman buildings have seen a lot of interest.

For more reading about Greenwich Village Real Estate:

If you are interested in purchasing a Greenwich Village Condo or an apartment in the downtown area contact me today at (917) 837-8869 to discuss your specific needs.

Manhattan NY Condo FAQ: Can I renovate my Manhattan NY Condo?

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Manhattan NY Condo FAQ: Can I renovate my Manhattan NY Condo?

The quick answer is Yes.  You can certainly renovate your Manhattan New York Condo. The long answer is that it’s not going to be as easy as you may think and certainly going to cost more than what you could do in a more suburban environment.

Now that you are a condo owner, you have to live within the by-laws the building has adopted.  One of those by-laws concerning a renovation is that any person you hire to come in and do work must be licensed, bonded and insured. Because work you are performing to your Condo could possibly effect another condo, the contractor you use has to be authorized by the building to perform the work.

Another large factor involved is that any work to the condo apartment typically has be be authorized by the building management and condo board.  If you are renovating your bathroom or remodeling the kitchen where the plumber will be tapping into the building’s plumbing systems before you do any of the work, you will submit an alterations agreement to the building to make sure the work you are doing isn’t going to negatively effect other apartments.

This process of getting your renovation authorized by the building can take some time, especially if you need permits from the city of New York.

If you are remodeling your house the worker’s can start very early in the morning and stay late into the evening if you want them to.  Not in a Manhattan condo building. There will be building work hours, typically between 9-5pm, Monday through Friday. The limited hours will add to the amount of time it takes to finish a project.

Don’t be surprised if the cost to do what you may think is a simple renovation is more expensive than what you expected.  The labor costs here are much higher than anywhere else.The key aspect to renovate big or small your Manhattan apartment is to work with an experienced general contractor who has a lot of experience working in Manhattan apartment buildings.  Who understand how to process the paperwork, who knows how long and how much a renovation is going to cost.  We work with a number of different contractors who have such experience depending on the type of project you want to undertake.

Because renovations are not as easy as you’d think, that is why there is such a premium price for fully renovated turn key apartments in the city.  Completely unrenovated ore estate condition apartments typically sell at a discount because renovating them is not as easy as you’d think.  If you are looking for an apartment to renovate be prepared to undertake the project or hand it off to an experienced contractor.

Manhattan NY Condos FAQ: How can I buy NYC condo as First Time Investor?

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Learn How to Buy a Manhattan New York Condo as first time investor. We are Manhattan Condo Specialists, we help finding suitable condos for first time investors, first time home buyers, parent buying for children and foreigner buying in Manhattan New York.

Buying a Manhattan New York Condo as first time investor you should have a clear goal of what you plan to achieve in this investment. Is this a 5 year Real Estate plan or 10 year Real Estate plan? Why do you feel is the time to invest? Are you going to have a tenant in place the entire duration or only part of the time. Have you discuss this with your accountant to understand how to structure this transaction to recieve the most tax benefits or possible tax complications?

Buying a Manhattan New York Condo as first time investor, you should ‘play it safe’, do not over leverage yourself. If you are planning to buy the condo all cash, that is always desirable when presenting offers to condo sellers. Keep in mind that you should have enough equity in case there is an increase in monthly carrying charge for this condo or other misc mishappens. If you are planning on financing this investment, be sure to speak to alocal Manhattan lender that is familiarize with the market, the lending rules, and the mortgage products that may be suitable for you. We can recommend you a reliable and knowledgeable Manhattan mortgage consultant or You may have a bank that you are currently banking at, you can ask them to refer you a Manhattan branch mortgage banker as well. As an investor, the mortgage interest rate will be slightly higher than others, it is important to keep that in mind when figuring out your monthly expenses.

Buying a Manhattan New York Condo as first time investor, team up with us, the experienced Manhattan Condo specialists that can guide you through this process and navigate through the Manhattan Real Estate maze. Whether you are a first time Real Estate investor, or an investor that have bought and sold multiple properties in other parts of United States or country, we can help.  Understanding the local market with the market expert can maximize your investment and avoid any possible problems down the rule. Many of our past clients are first time investors, they have bought many Manhattan condos under our guidance and continue to do so because we have developed a Real Estate plan for them. If this is something you are interested in, contact us now at (917)837-8869.

Or contact us:

https://manhattannycondosforsale.com/contact/

Manhattan New York condo buyers frequent asked questions:

Dorchester Towers condo-155 West 68th Street New York NY 10023

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Dorchester Towers located at 155 West 68th Street New York NY 10023 is located in one of the most prime Upper West Side Condos locations. Just blocks to Lincoln Center, Dorchester Towers is one of the longest established Upper West Side Condo buildings.

This Upper West side condo was built in 1965 originally as a rental building when the Upper West Side was still an up and coming neighborhood. Dorchester Towers at 155 West 68th Street is now in one of the most desirable and convenient Upper West Side locations. Converted in the late 1980’s into a condominium building Dorchester Towers Condos is a full service doorman building. Dorchester Towers has a roof top deck, laundry on every floor, bike room, on-site management, and circular driveway.

Dorchester Towers has some of the most attractively priced Upper West Side Condos Sales.

At Dorchester Towers, Dorchester Towers condo has multiple layout of different apartments, such as one bedroom, two bedroom and combination of large condo apartments. For the latest availability or to be be put on the list, please contact us at (917)837-8869 or (646)644-6929 today.

How to Price your Manhattan NY Condo

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How to Price your Manhattan New York Condo.

How do you price property in today’s Manhattan Real Estate market? If you ask 10 different brokers what your apartment is worth, you will probably get 10 different answers.  Do you price your property for what your neighbor got for his 4 months ago, right before the financial crisis hit?  Do you price it a little bit lower than all the other listings available in your building?  Do you take the advice of the one broker who says that they can get you 100k more than everybody else said they could?

It depends…. pricing property is a combination of art and science in today’s Manhattan Real Estate market.  To evaluate how to price a property lets first take a look at the science of pricing.   You need the hard facts, numbers don’t lie, but they have to be taken in context.  Closed sales data is stale in today’s market.  Closed sales data is a lagging indicator of today’s value.  Property that closed recently probably went into contract 3-4 months ago and if it was a new construction condo, it could have been as long as 12-18 months ago.  Those prices were negotiated under a different climate.   In-contract sales data is key.  In-contract data will give you the most recent idea of what your New York City apartment could possibly sell for.  The next logical question is how do you get your hands on this information?

As a consumer, websites like propertyshark, streeteasy are terrific for closed sales information. For in-contract information you can either look it up on the Douglas Elliman website, or contact us and we will provide a detailed list of properties in-contract for your desired search.

You also need to understand a holistic approach the macro outlook of pricing trends throughout the entire market, not just your specific market segment.  Questions to consider: What price points is property moving the most?  How long is property taking to sell?  What’s the market’s absorption rate?  What’s the average price drop once a properties been on the market?  What neighborhoods have more sales?  What type of offers are people making?  This is the type of information you need to understand or your agent needs to understand in order to be fully informed of a pricing strategy for your property.  Contact us Today for this information!

Let’s take a look at the art of pricing property. We can look at numbers all day long, but there is a qualitative approach to pricing property that should be discussed. The best explanation of what your property is worth is this: A property is worth what a buyer is willing to pay and what a seller is willing to take.  You might be the lowest priced line in your building, the lowest price in a two block radius, but if buyers are not responding to your apartment and weeks and weeks go by, essentially they are rejecting the price.

What else is available in your building and how does it compare to your apartment?  Who is the competition? What is the condition of those apartments, what about the views, is it a rental property or owner occupied, who is the broker representing the property?  Obviously the condition and exposure will directly impact a properties value, but so will the type of marketing exposure a property has and how easy it is to show the property.  If an apartment has a renter, you will have to coordinate around the access the tenant gives to the property, and often a tenant will not maintain the property as well as would an owner.  Dirty dishes, dirty bathrooms, these factors don’t exactly create a wonderful first impression.  If you are selling an investment property with a tenant involved, understanding how that can influence your bottom line is something you should consider.

Ultimately, what’s your motivation?  Do you really need to sell or would it be nice to sell if you could get a certain price? In order to have a successful sale being market educated and to understand what it will take to actually sell will be the keys to your success.

Contact Morgan Evans and Eileen Hsu at 917-837-8869 to list your property for sale or to purchase a property in Manhattan, New York City.  We are accepting referrals.

Checklist for Manhattan New York Condo Buyers

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We are Manhattan New York Condo specialists, we work with many out of town first time investors and buyers that would like to acquire a Manhattan New York condo as part of their investment portfolio.

We often have a check list of basic steps to educate the buyers as to how to get started. Here is a good check list:

  • Consult with a reputable lender or mortgage consultant to see how much can you finance in today’s market. In today’s market, lending guidelines are changing by the day, it is in your best interest to see what will it take to qualify for a loan.
  • Do speak to your banker if you have money in bonds and money market. Find out how many days will it take to liquidate your funds so you know once we have a verbally accepted offer. Often in Manhattan New York market place, the seller seeks 10% of the sales price as downpayment at the time of signing contract. With that being said, if you are buying $1M Manhattan condo, you will need $100,000. at contract signing.
  • Do your homework on finding an Real Estate agent to work with. What is it that you are looking to buy? You want to find an agent that is familiar with the product that you are interest in buying. We are very well versed in Manhattan New York market, we have sold many Manhattan New York condos to first time home buyer, first time investors, foreign internationals, parents buying for children and many serious and motivated buyers. A Condo or Co-Op? Uptown or Downtown? Do you speak specific language that you preferred the agent speaks your mother tongue? Do you need an agent that work specifically with foreigners? Go on a search engine such as Google, try type in what you are looking for, and see if any agent shows up on the search result.
  • Do Have a realistic budget of what you are looking for. Manhattan New York condo is approximately $1,000 per square foot, so unless you are looking for a 500 SF one bedroom, you will need more than $500K to buy a one bedroom condo. (the price will also depend on the building amenities, such as fitness center, residents lounge, roof deck, basketball court, swimming pools and etc.)
  • Do speak to an accountant to see if you need to structure the purchase in a specific way to enjoy the tax deductible benefits of buying a Manhattan Real Estate. If you are a first time home buyer, is it beneficial to co-purchase the condo unit with your parents or alone; If you are an foreigner, is it better to buy it under your own name or start an LLC?; If you are an out of town investor, is this purchase going to be an investment property or?
  • Do have a Manhattan New York Real Estate attorney ready. Manhattan Real Estate transaction requires each buyer and seller to have an attorney representing them in drafting and finalizing the contract. A good attorney can save you headachs, money and risks, ask your agent to refer you (3) attorneys so you can call and interview. Explain to the attorney what you are planning to do, and see which attorney you feel most comfortable to work with.

If you would like to find out more information or learn about more Manhattan New York investment opportunities, please contact me today.  Email us today (https://manhattannycondosforsale.com/contact/) call (646)644-6929 or (917)837-8869.

Manhattan New York condo buyers frequent asked questions:

Parents Buying for Children Manhattan New York condo MUST READ

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We are Manhattan Condo Specialists, in our How to Buy a Manhattan New York Condo series, we talked about Know the Housing Product, Understand the Buying Power, Financial Report of the Manhattan Condo or Coop building, NYC Apartment Terminology, and this section we will talk about how parents can buy for children. We know the Manhattan Condo market and the specific needs of each type of buyers.

Buying a Manhattan New York Condo as parents buying for children, you should understand your budget and time frame to start. We work with many parents who are buying for their son/daughter that goes to New York University, Parsons school of design, School of Visual Arts, Columbia University, Jillards music school and other well known schools here in Manhattan New York.


Is this for your son or daughter that is currently working in Manhattan? Do they have a job stability or financial freedom? Are they currently renting and lease may be expiring soon or month to month arrangement? It is important for us to know the reason and timeframe so we can narrow down the search for you.

Buying a Manhattan New York Condo as parents buying for children, you should PLAN AHEAD, and speak with all the parties involved (not you and your child but rather the right mortgage consultant/banker, accountant, a knowledgeable Manhattan Real Estate attorney, but first, you should contact us (917)837-8869 to start the conversation early.)

  • If Buying all cash, and you are buying a condominium, the quickest we can close would be 45 days. If it is a cooperative, then it can be 90 or more days subject to condo board approval. If it is new construction condo, it can be two weeks up to unknown period of time depending on construction stage.
  • Mortgage consultant: If you are planning to buy the condo all cash, that is always desirable when presenting offers to condo sellers. Keep in mind that you should have enough equity in case there is an increase in monthly carrying charge for this condo or other misc mishappens. If you are planning on financing this investment, be sure to speak to a local Manhattan lender that is familiarize with the market, the lending rules, and the mortgage products that may be suitable for you and your son/daughter.
  • Accountant: If you are planning to co-purchase the condo with your child, be sure to discuss the possible tax complication you may have with your accountant. Speak to your accountant prior to your purchase can be very helpful.
  • Manhattan Real Estate Attorney: In addition, speak to a local Real Estate attorney will be helpful as well since the local Manhattan Real Estate can also advise you what is the best way to structure the purchase and think about who/how should take the title of the deed.

Buying a Manhattan New York Condo as parents buying for children, the experienced Manhattan Condo specialists that can guide you through this process and navigate through the Manhattan Real Estate maze. Whether you are a first time buyer, or an investor that have bought and sold multiple properties in other parts of United States or country, we can help.  Understanding the local market with the market expert can maximize your investment and avoid any possible problems down the rule. Many of our past clients are first time investors, they have bought many Manhattan condos under our guidance and continue to do so because we have developed a Real Estate plan for them. If this is something you are interested in, contact us now at (917)837-8869.

Here are some very useful information about buying Manhattan New York condos:

Other Manhattan New York Frequent Asked Questions:

If you do not see your question being answer in any of our blog articles, call us directly (917)837-8869 or email us (https://manhattannycondosforsale.com/contact/) and we will reply promptly.

The Charleston Condominium-225 E 34th Street New York NY 10016

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The Charleston Condominium – 225 East 34th Street

The Charleston Condominium is a relatively new construction condominium building located on 34th Street between 2nd and 3rd Avenues.  This 191 unit, 22 floor condominium building was designed by SLCE Architects and is one of the only new construction condominium buildings in the Murray Hill neighborhood.

The Charleston is a full time doorman building, with fitness room, resident’s lounge including a kitchen.  A beautifully landscaped roof top deck with great views of the Empire State building and Manhattan skyline. A pet friendly building with it’s own dog run for the pet lovers.

Located near the Midtown Tunnel, this transportation friendly location in Murray Hill is within walking distance of the retail and entertainment options that have made Murray Hill a popular location.  The Charleston at 225 E 34th Street has a variety of new construction apartments available.  Studio’s, One Bedrooms, Two Bedrooms, and Three Bedroom Penthouses are all found in the building.

Many apartments have corner exposures with accompanying balcony’s in the larger apartments. Studio apartments for sale at the Charleston typically start in the $600,000 range, One Bedrooms start in the $850,000 range, Two Bedrooms start in the $1,250,000 range.

The Charleston was named after the original owner of site, Charles Benenson, who was well known as a New York City developer and art collector.  The developers who purchased the site bought it with the intention of naming their new building The Charleston, honoring the Benenson family and previous owner himself.

If you are intersted in find a condo for sale in Charleston-225 East 34th Street – Manhattan NY Condos contact us today at (917)837 8869. Or Email us here: https://manhattannycondosforsale.com/contact/

West 67th Street – Manhattan NY Condos

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West 67th Street – Manhattan NY Condos

West 67th Street in the Upper West Side of Manhattan has some of the most popular Upper West Side Condos for sale available. This historic park block street is noteworthy for a number of reasons.  Bounded on the west by Central Park you will find the historically significant Hotel de Artistes residences, a co-op building, on Columbus Avenue you have ABC studios and 45 West 67th St.  The Millennium Tower at 101 West 67th Street and Park Millennium at 111 West 67th Street are found between Broadway and Columbus.  These two buildings have some of the most dramatic Central Park, Manhattan skyline, and Hudson River views available. These Lincoln Center Condominium Buildings make up three of the most desired buildings in the Upper West Side all conveniently located on West 67th Street.

101 West 67th Street commonly known as the Millennium Tower. Built in 1994 by the Millennium Partners Development Company. The residences at 101 West 67th Street have arguably some of the most commanding views of Central Park, the Hudson River and Manhattan Skyline from an Upper West Side Condo building. The Millennium Tower is a 56 story with a 80+ condominium residences, not too many apartments per floor.

111 West 67th Street known as the Park Millennium is the twin of the Millennium Building’s  at 101 and 111 West 67th Street.  These buildings have separate entrances with full time doorman and concierge services.  These are pet friendly buildings with on-site laundry facilities.  One of the defining features of these buildings is being so close to the Reebok Sports club.  The Reebok Sports Club is one of the finest exercise facilities in the entire of Manhattan. Features include a swimming pool, multiple floors of cardiovascular and weight training areas, multiple group exercise rooms with classes running throughout the day, basketball courts, rock climbing wall, an outdoor running track, outdoor deck along with personalized training capabilities.

45 West 67th Street was built in 1983 it is a 33 story, 175 apartment Lincoln Center Condo building.  One of the reasons why this building is so popular is because of the mix of apartments available within it, studios up to 5 bedroom combined apartments.  There are even some duplexes and penthouses with outdoor terraces available which is quite rare for a Lincoln Center Condominium residence.    There is a 24 hour doorman, concierge, valet services, laundry, private garden, and storage available in the building.

It’s no surprise that West 67th Street is home to some of the finest Lincoln Center condominiums for sale. This historic park block has access to everything the Upper West Side is known for.  Walking distance to the Lincoln Center, Central Park, shopping and restaurants are right at your fingertips.

If you are intersted in knowing what is for sale in any of these West 67th Street – Manhattan NY Condos contact us today at (917)837 8869

Manhattan New York condo frequent asked questions:

Manhattan NY Condos FAQ: How long does it take to close on a Manhattan NY Condo?

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We specialize in Manhattan New York condo market and well verse in all neighborhoods of Manhattan New York. As experienced Manhattan condo Real Estate agents, we compiled many other Manhattan NY Condos Frequent Asked Questions you can read here: (https://manhattannycondosforsale.com/tag/manhattan-ny-condos-faq/). These frequent asked questions will help educate buyers the buying process and the Manhattan New York Market.

One of the frequent questions we receive is “How long does it take to close on a Manhattan NY Condo?”

***To be specific, this question pertains to Condominium sales in Manhattan, NOT co-op sales.  The closing process for a co-op is very different than a condominium sales.***

How quickly you can close on your Manhattan NY Condominium purchase depends on a couple of different things.

  • Is it a New Construction condo or Resale Manhattan New York condo?
  • Are you buying it ALL CASH or FINANCING?

What kind of building you are purchasing in?

If you are buying a new construction condominium that has their certificate of occupancy and is completed enough that you can move in, then you could probably close within a couple of weeks once the contracts are signed, if you are paying cash for the property.  There is no condo application to submit or condo board waiver needed.  Your closing will depend on how quickly the attorneys can schedule the closing.

If you are buying a resale condominium all cash, then you will have to submit a condominium purchase application, a credit check will be completed, and the condominium board typically has a first right of refusal for the apartment and they must issue a waiver for you to be able to schedule a closing for the apartment.  So in this case the closing depends on how quickly you can submit the application (here is blog post we wrote about condo sales applications).  Often sales applications require some financial documentation, maybe reference letters, documents to be notarized, etc.  The longer it takes for the application to be submitted the longer it takes you to close on the Manhattan NY Condo.  Once the application is submitted the first thing the management company usually does are the credit and background checks.  Each management company works at a different pace, often they will say they have 5-7 business days, to complete the checks, which in reality can turn into 2 weeks.  Then they give the board the application.  Each building is different, but each building will have a certain amount of time they are allowed to review the application, often 3-4 weeks. The board might not take the full 3-4 weeks, sometimes they might issue the waiver in a week, but sometimes it could be the full amount of time.  Once the board issues the waiver for you to purchase then a closing can be scheduled. All in, you are probably looking at approximately 30 days-60 days once the contracts are signed until you can move into the apartment in a resale condominium.

How are you purchasing the Manhattan NY Condo? (All Cash vs. Financing)

An all cash purchase is always the fastest way to close on a Manhattan New York. This means you have all the funds for closing in the bank account, and/or the funds are in an account that can be wired/transfer to a New York bank account to issue the check.

If you are financing the purchase that is probably going to double the amount of time it can take compared to the cash option.  One of the big realities of getting financing for a Manhattan NY condominium in today’s lending environment is that the bank will not only be qualifying you as a borrower but they will also be looking at the building if they want to do a loan in the building.  The qualification of the building is going to be different for every bank.  One bank might be okay with doing a loan in the particular condo building and another may not, even though the banks are using the same information about the building to determine their desire to give you a loan for that building.

Qualifying the Manhattan Condo building is a process that will add time to the closing.  We have seen certain banks able to qualify the building and the buyer, do the appraisal, issue the commitment letter and have underwriting give a clear to close in 45 days from the time of contract signing, but we have also experienced when it takes more than 5 months for the bank to finally give the clear to close.

What also adds time to the closing when you are financing is that in a re-sale condominium building, the purchase application will often require the purchaser to submit the committment letter from the bank within the application.  As we have already discussed, once the application is in the hands of the board in can easily take 30 days to get the board’s approval.  Once the board issues the waiver that the buyer can purchase, then the bank will have the underwriters look at the buyer’s information again before they issue a clear to close.

As you can probably easily see, the process can become arduous and consuming very quickly because there are so many integral steps that have to be done one at a time when financing your purchase.

Conclusion:

Every buyer’s situation will be different and there is no one step by step map for every purchase.  Depending on what you are buying, how you are buying (all cash vs financing), and the building you are purchasing in will determine the approximate amount of time it will take to close.

If you want to know more about what to expect for your OWN situation, contact us today and we will talk to you about how long it will take for you to close on your Manhattan NY condominium. We can be reached at (917) 837-8869. Email us your specific questions or requirements here: https://manhattannycondosforsale.com/contact/

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