What is a CEMA loan, and how can it reduce my mortgage recording tax?

… modification agreement or CEMA is a loan only available to New Yorkers The most common CEMA is offered to those who are … pay tax on the new mortgage minus the remaining balance transferred from the seller Because the recording tax is …

By Evelyn Battaglia |March 25, 2025 - 9:30AM
What is a pied-à-terre? What makes it different from a typical NYC apartment?

… for March 2025 If youre in the market for a second home in NYC or are looking to sell your apartment and want to know … whose owner is not entitled to a resident tax credit  These apartments are also referred to as second homes Not every … Fifth Avenue in Midtown has long been desired location But Downtown neighborhoods are becoming more popular among …

By Evelyn Battaglia |March 7, 2025 - 12:30PM
What is a community land trust? How does it help low-income buyers?

… Land Trust A CLT holds the land in trust for the community acting as a steward of the property This protects the … before you complete your purchase … Rallying for more tenantowned properties … There are 19 CLTs operating in NYC … this month the nonprofit held a rally with nearly 70 tenant and community groups to urge Albany lawmakers to pass …

By Jennifer White Karp |February 25, 2025 - 2:00PM
What is a rent-impairing violation for a NYC apartment?

… occupants A structural defect in your building broken fire escape fire hazard or lack of heat are all examples of … If your landlord fails to fix a rentimpairing violation for more than six months they are barred from collecting … spot other issues such as structural defects or busted fire escapes if you dont know what to look for You can check out …

By Celia Young |January 3, 2025 - 1:30PM