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

… not feel so happy when the see the phrase major capital improvements Thats the term used for upgrades that justify a … even in the middle of a lease The city defines an MCI as an improvement benefiting all the tenants in the building … only be counted at MCIs if the landlord replaces them after 25 years the estimated lifespan of this equipment not if the …

By Celia Young |September 11, 2024 - 10:30AM
What does 'right of first refusal' mean when you are selling a NYC condo?

… of first refusal This is an option to buy a condo from a seller at the same price as the sales contract Condo boards … by allowing the condo board to buy at the lower price and resell it at a fair market value creating funds for the condo … … viewbublogpanes=ymalinline   … Sell … Getting Ready … Bricktionary … buying … condos … What does right of first …

By Brick Underground |May 16, 2024 - 2:30PM
What are land-lease buildings? Are they common in NYC?

… The vast majority of residential buildings in New York City own the land they sit … landlease or groundlease buildings yet another quirk of NYC real estate that buyers need to be aware of  In a lot of ways a …

By Evelyn Battaglia |December 4, 2023 - 12:30PM