Tag Archives: Manhattan Condo

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

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

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.

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100 West 39th Street-Bryant Park Tower

100 West 39th Street: BRYANT PARK TOWER: DOUBLE PARK VIEWS from this CORNER 38th Floor Condo unit. It is Overlooking Bryant Park, with Views of The Chrysler Building, Dramatic Manhattan Skyline and Through Central Park and Beyond! Sparkling, Bright, with Huge OverSized windows, this Sunswept North East One-Bedroom Sanctuary features Bamboo Floors, Separate Dining/Office Area, Fabulous Closet Space, Sleek translucent Italian Iceglass doors, Limestone thresholds, and a Dream Kitchen with White Oak cabinetry, White Marble countertops, Lightolier lighting and Never-Used Appliances, all with a Soothing Spa-Like Pristine Bathroom outfitted with an Ivory Porcelain floor, Zuma tub, Heated Mirrors, Italgraniti Ceramic tile! This Top Condo with Doorman, “Quintessentially” concierge service, Free Laundry facilities, fitness room with flat screen TV’s, Parking. Located in the Heart of the City.

Foreigner buying in Manhattan NYC Part 1: basic knowledge of Condo vs. Coop vs. Condo-op

This is part 1 or 3 parts of Foreigner buying in Manhattan NYC: As active and successful Manhattan Real Estate professionals, we often receive inquiries from foreigners wanting to invest in Manhattan New York. It is essential for Foreigner buyers or out of town buyers understand the housing market here in New York city in order for them to decide what is a best investment for them.

Foreigner buying in Manhattan NYC, basic knowledge of Condo vs. Coop vs. Condo-op:

Generally coops do not allow foreign buyers to purchase into the building because it causes uncertainty and they know that they will not be able to pursue them legally if a situation arises. Also, generally the coops do not allow subletting (renting), unless under special circumstances.

Can Foreigner buying in Manhattan NYC buy Co-ops? the short answer is no. A phenomenon that’s limited almost entirely to Manhattan, cooperative apartments have been the traditional form of owning an upscale apartment for close to a hundred years. In fact, in New York City, 85% of all apartments available for purchase – and almost 100% of the grand pre-war apartments on Fifth, Park and Central Park West – are in co-operative buildings. Co-ops are owned by an apartment corporation. When you purchase within a co-op building, you’re purchasing shares of the corporation that entitle you, as a shareholder, to a “proprietary lease.” Generally, the larger your apartment, the more shares of the corporation you own. Co-op shareholders contribute a monthly maintenance fee to cover the building expenses. The fee covers such items as heat, hot water, insurance, staff salaries, real estate taxes and the mortgage indebtedness of the building. Portions of the monthly maintenance fees are tax deductible due to the building’s underlying mortgage interest. Also, shareholders can deduct their portion of the building’s real estate taxes.

A Co-op Board of Directors has the ability to determine how much of the purchase price may be financed and minimum cash requirements. Subleasing a co-op can be difficult. Each co-op has its own rules and they should be carefully reviewed prior to application to purchase. Most of the Co-Ops prefer owner occupied the apartment to create a sense of community instead of leasing out to others. For this particular reason alone, buying Co-Op as investment may not be suitable for foreigners or investors.

All prospective purchasers must interview with the Board of Directors. Prior to the interview, prospective purchasers prepare a detailed “Board Package” which usually contains personal and professional letters of recommendation as well as a great deal of personal information concerning income and assets.

Can Foreigner buying in Manhattan NYC buy Condominiums –

The answer is YES. As more and more new buildings are constructed in New York; condominiums are fast gaining in number and popularity. It’s not surprising. As opposed to a co-op, a condominium apartment is “real” property. A buyer receives a deed just as though he or she were buying a house. Each individual apartment in a condominium receives its own tax bill. There is still a monthly common charge similar to the maintenance charges in a co-operative. These charges don’t include your real estate taxes and are not tax-deductible. The monthly carrying charge also tend to be lower than in co-ops because there is no underlying mortgage for a condominium building. The straightforward nature of buying a condo coupled with the fact, that in some cases, you can finance up to 90% of the purchase price and sublet them at will, makes condominiums the number one choice for flexibility. (in today’s market, lenders do seek more than 10% down payment to purchase even though condo board will allow 90% financing.)

Can Foreigner buying in Manhattan NYC buy Condo-op? The answer depends on the building and the board of directors. Condo-op is a coop that  functions with condominium rules. Generally there is no board approval and no interview and subletting is allowed from day one.  This however has been changing and some of the Condo-ops will conduct the process just as coop board would.  Some Condo-ops will allow subletting only after a certain time, for example, you must live in the building at least one year before the building will allow you to sublet.  Please be aware that rules in coop and Condo-op can change at anytime and the only way to change these rules is by getting involved.

Part 2 we will discuss buying steps and process and part 3 about financing options for foreign buyers. Please visit us below to see other foreigner buying in Manhattan NYC related blog series:

If you are a foreigner or out of towner that would like to invest in Manhattan New York, please call us today at (646)644-6929 to discuss your specific needs. We have years of working experiences facilitating international/oversea foreign buyers and out of towners finding the right Manhattan New York Real Estate investment. TO DISCUSS HOW YOU CAN BENEFIT FROM WORKING WITH OUR TEAM. CONTACT US AT (646)644-6929 Today!

紐約保護大自然建築 – Green Condominiums in Manhattan New York

紐約保護大自然建築 – Green Condominiums in Manhattan New York

In the recent years, the developers of Manhattan New York Real Estate have been focusing on building more energy efficient buildings that can make the environment much more enjoyable and green earth.

Peter Levenson and Charles Kibel of the Kibel Companies new ecofriendly development is the perfect example. Their condo project is called 303. 303 is within a short walk of the East River Esplanade, the United Nations, and First Avenue’s prestigious medical research corridor.

In this Green Condominiums in Manhattan New York, All of 303 E. 33rd’s layouts, materials, and mechanical systems were designed to maximize efficiency and ensure well-being and sustainability. The green attributes include high-efficiency boilers, a water-source heat pump, high-performance window walls, superior insulation, and a 5,000-square-foot landscaped roof terrace, among others. Each unit has bamboo flooring and many have outdoor terraces and balconies.

Kitchens are equipped with water-reducing fixtures, Energy Star appliances, and glass and bamboo cabinetry. Residents will enjoy a wide variety of amenities, including on-site valet parking and a full-service concierge. The roof terrace will have a recessed reflecting pool, a bocce court, and outdoor grilling and dining area.

The building will also have a media lounge, a children’s playroom, and a fully-equipped fitness center.

A reduced parking rate for energy-efficient cars is offered in the building’s on-site garage, and there is ample bicycle storage. A host of amenities provides for recreation in warm and cold weather. If you love sun, water, plants, bocce, and outdoor cooking, our rooftop garden will inspire you. Inside, our fitness center, game room, lounge, and children’s playroom provide year-round entertainment for the whole family.


We are experienced and dedicated Real Estate agents. If you are looking for Green condo buildings in Manhattan New York, please call us today at (646)644-6929 We have a database with a list of Green and LEED certified buildings in Manhattan New  York.