Bricktionary

brightly colored apartment buildings surrounded by trees in Upper East Side, Manhattan

What is the ‘asset limit’ for NYC’s Housing Lottery applicants?

By Celia Young |December 3, 2024 - 10:00AM

What exactly is the 'AMI' that's used to determine affordable housing rents?

… If youve ever entered New York Citys affordable housing lottery youve probably read one key term … or AMI defines the median incomes for households of different sizes within a certain geography The Department of … units For example 60 percent of the incomerestricted apartments built under the citys 421a program between 2017 …

By Celia Young |October 22, 2024 - 9:30AM

construction workers standing on a street in New York

Affordable Housing

What is a 'major capital improvement' and how does it affect the rent?

By Celia Young |September 11, 2024 - 10:30AM

Getting Ready

What does 'right of first refusal' mean when you are selling a NYC condo?

By Brick Underground |May 16, 2024 - 2:30PM

New York, NY, USA - December 21, 2015 - Home alone above the former L’ Greta Spa in New York City.

Negotiating + Financing

What's a reverse mortgage—and how common are they in NYC?

… is what it sounds like a home loan where the bank pays you based on your homes value rather than the other way around These loans can help keep a senior in their home by giving them … does a reverse mortgage work … In a reverse mortgage a bank gets more equity in your apartment in exchange for paying …

By Celia Young |April 2, 2024 - 3:30PM

a row of new york city apartments with trees in front.

Sell

What’s the average flip tax for a condo or co-op in New York City?

By Celia Young |April 1, 2024 - 2:30PM

Close-up view of New York City style apartment buildings with emergency stairs along Mott Street in Chinatown neighborhood of Manhattan, New York, United States.

Troubleshooting

Understanding ‘succession rights,’ a complex issue for rent-regulated tenants

… New York City apartments the rentregulated unit When they vacate the apartmentwhether they pass away move into assisted living or migrate to milder climatesyou may want … the primary tenant leaves or passes away not when they send notice … Proving your succession rights … Its crucial to …

By Celia Young |January 9, 2024 - 11:00AM