Attempting to buy a co-op is akin to a job application on steroids. Not only do you have to prove you qualify—with a bundle of financial documents, rather than a resume—but you also have to convince a co-op board that you'll be an asset as a neighbor. This is where references come in, specifically letters from close friends and business colleagues who will attest to your personal character and financial responsibility.
To help demystify the application process, and provide some inspiration, we’ve collected sample letters from buyers who successfully landed their desired co-ops. We've cropped out contact information (these were all submitted on company letterhead or with the name, address and phone number of the letter writer at the top of the document) and any identifying details to protect everyone's privacy.
For $2,500, you and your roomies can enjoy this new kitchen with stainless steel appliances and a wine fridge.
This three-bedroom apartment in the far, far reaches of Bushwick is remote by anyone's standards (it's 35-40 minutes to Union Square on the subway and located off the Bushwick-Aberdeen stop on the L train), but at $2,500/month—that's just $833 per person—it's as good a price as you're likely to find for a slick, sunny, and newly-renovated space like this one.
"I am hoping you can help me. My family and I are looking at moving to NY in the coming year and I was looking into rental costs and I was a little confused. Is the rental amount on this property a yearly charge? I just want to make sure I know what I should be looking for so that we can budget accordingly."
Some NYC neighborhoods log fewer complaints against dogs than others.
Despite the fact that apartments are small, dogs are often left home alone for hours on end, and most toileting requires exercise on the owner’s part as well as the pooch’s, New York City is a veritable haven for dogs (just check out your local dog run before and/or after work for proof). That said, some neighborhoods are better at controlling canine nuisances (barking, howling, poop left on sidewalks) than others, according to the folks at Gothamist, who whipped up a nifty interactive map that breaks down incidents of noise and waste complaints made to 311 by zip code.
A resident at one of New York's most famous hotels came home from vacation to an unpleasant surprise.
We'd have thought this would be common sense, but in case there was any lingering confusion, a new lawsuit from a co-op shareholder at the Carlyle on the Upper East Side has made it crystal clear: just because you're sleeping with someone doesn't mean you should expect them to take care of your apartment.
Hell's Kitchen 2-bedroom with master bedroom, washer/dryer, granite countertops, and custom cabinets in luxury building with shared roof deck, $5,749/mo + 8.37% broker's fee
If you're trying to find a NYC rental and aren't dying to pay an exorbitant broker's fee, take a look at the listings over at Naked Apartments to see a variety of no-fee and low-fee apartments with broker’s fees that top out at 9 percent (versus the typical 12 to 15 percent). We've rounded up current options in all five boroughs and in a variety of price ranges, and you can also search Naked Apartments by “no-fee” or “low-fee” to see more.
Some new developments--like 50 West, above--offer an early sales window for selected buyers.
By the time apartments at 50 West officially hit the market in early July, almost a third of the 191 condos in the glassy Battery Park City tower were already unavailable—snatched up during a 30-day period when developer Time Equities offered them to a select waitlist of "friends and family."
As if buying a New York City apartment isn't hard (and expensive) enough, more and more new developments are hitting the market with a sizable chunk of units already reserved, making it even more difficult for the average buyer to sign a deal. Think of it like the VIP line of the apartment hunt—and a sign of a condo market on fire.
So how do you get to the head of the line? And do you want to? Read on.
Owning an apartment outright may seem like the dream, but keeping that mortgage is smart in some cases
It may be tempting to pay off a mortgage as soon as humanly possible—say, when those first few bonus checks roll in. (That line of thinking is especially true in New York City when a huge mortgage is often associated with a comparatively tiny apartment.) But, according to Zillow, there are cons to getting rid of that mortgage ASAP, and they go beyond prepayment penalties. Before you give your bank a huge chunk of change, remember these points.
The Real Estate Survival Guide for NYC Buyers, Sellers, Renters & Dwellers
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