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 …   … Rent … Bricktionary … major capital improvements … Renovation … Rent … rentals … renting … What is a major …

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

… board to buy at the lower price and resell it at a fair market value creating funds for the condo and maintaining … for the neighbors If a condo is sold well below fair market price it can lower the sales price of other … refusal years ago because a condo contract was well below market and the sale was thought to be underhand We stepped …

By Brick Underground |May 16, 2024 - 2:30PM
What’s the average flip tax for a condo or co-op in New York City?

… already familiar with the myriad fees that come with buying in New York City But theres one more cost you should watch out for …

By Celia Young |April 1, 2024 - 2:30PM
What are land-lease buildings? Are they common in NYC?

… couldnt afford to do that  If the rent resets to market value or if theres a balloon payment buildings run … Hayes says the units at Quay Tower are on par with the market for similar fullservice buildings in Brooklynand at …

By Evelyn Battaglia |December 4, 2023 - 12:30PM
What is a working capital fund contribution for condos? Are these common in NYC?

… But it is possible to negotiate the fee especially in a market thats more favorable to buyers says Bettina Miraglia … youre buying from a new development it all depends on the market Miraglia says All those closing costs theyre all …

By Celia Young |October 9, 2023 - 1:30PM