Bricktionary

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

Affordable Housing

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

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

Affordable Housing

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

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?

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

… unit When they vacate the apartmentwhether they pass away move into assisted living or migrate to milder climatesyou may want to swoop in and take over the lease But like most everything else in New York … Those rules recently got a little simpler thanks to a law passed at the end of 2023 that helps clarify how to …

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

Negotiating + Financing

What are land-lease buildings? Are they common in NYC?

… because of the different ownership structures In a coop you only own a percentage of the shares and not the property … you are actually getting a deed So technically a condo cannot sell units if it doesnt own the land though … knowing when the lease expires is important The unknown of what could happen can be scarier for say a landlease coop on …