Gea Elika's Blog, page 177

NYC Real Estate Cheat Sheet: 21 Terms You Need to Know

If you’re thinking about playing the New York real estate game, you’ll need to learn the terminology. While perusing ads, you’ve probably come across some foreign words and phrases, so first things first. Learn what you’re reading and what you’re hearing before you can wheel and deal on the apartment of your dreams.

1. Alcove Studio

A studio apartment with a separate space adjacent to the living room. Often a wall can be added to create a bedroom.

2. Junior 1 bedroom (JR1)

A small one-bedroom apartment or a studio with a nook for sleeping. Similar to an alcove studio.

3. Junior 4 (JR4)

A one bedroom apartment with a separate space that can sometimes be converted to a second bedroom. Most often the additional space is a dining area outside the kitchen.

4. Convertible

Can be converted. A convertible two-bedroom could be turned into a three-bedroom.

5. Classic 6

A three-bedroom apartment with a separate living room, dining room, and a full kitchen. Often considered the ultimate NYC family residence.

6. Broker

Another term for a licensed real estate agent who lists properties for sale and rent, and represents buyers.

7. Brownstone

Typically a 19th century or early 20th century rowhouse consisting of 3-5 floors and a common wall. Technically, brownstones are clad in brown stone, but the term has become synonymous for NYC row homes, in general.

8. Co-op

A membership-based corporation in which a person buys shares to live in a building. The more square footage, the more shares owned in a co-op. Many of the apartment buildings in New York City are cooperatives or co-ops.

9. Maintenance

A monthly charge paid by co-op owners which includes operating expenses, taxes, and any debt on the building.

10. Condo

A unit or part of an apartment building or large property that is individually owned. Common areas are shared. Also called a condominium.

11. Mansion Tax

A one percent state tax paid by the buyers of any properties costing over $1 million.

12. Duplex

An apartment with two levels, joined by stairs.

13. Flip Tax

A transfer fee or tax charged when selling a co-op apartment in New York City, and most often paid by the seller. Most flip taxes range between one and three percent of the purchase price. Flip taxes are a way for a cooperative to generate surplus funds for building improvements.

14. Pied-á-terre

A part-time residence, usually an apartment in the city that is used periodically.

15. Prewar Apartment

Refers to an apartment built before World War II, and usually prior to 1929. These buildings are usually less than 20 stories.

16. Post-war Apartment

Refers to an apartment built after World War II, most of which were constructed in the 1950s and 1970s.

17. Rent Control

A form of rent regulation; a limit on the price a landlord can charge or increase rents.

18. Sublet

A temporary rental to a sub-tenant.

19. Sponsor Unit

An apartment owned by the original owner (sponsor) who converted the building to a co-op or condo.

20. Super

Super is short for superintendent. The super runs the show and is responsible for maintaining the building.

21. Walk-up Building

A walkup is an apartment without an elevator and can range from 4-7 stories. You’ll hear the terms “third-floor walkup,” fourth-floor walkup,” etc.  You walk up to that floor number to reach the unit. For example, a fifth-floor walkup would be on floor five of the building.

Refers to buildings built after the World War II, or after about 1945. The style of these buildings and the apartments in them Refers to buildings built after the World War II, or after about 1945. The style of these buildings and the apartments in them A property that has multiple ownership by all its tenants/owners. The owners actually own shares A type of property ownership in which all the owners/tenants own the property, the common areas and the building 

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Living in Downtown Manhattan: The Pros and Cons

If you’re planning a move to New York City, aside from securing a job and establishing a budget for living expenses, you’ll need to decide in which area of town you’d like to live.

If Manhattan is your preference and you can afford it, you might consider residing downtown. The buzzing neighborhoods south of 23rd Street offer the full monty –– city living at its best with a slate of things to do, yet quaint NYC streets reminiscent of small-town life.

What’s great about living downtown?

Charming neighborhoods

Narrow, tree-lined streets with lighter traffic make parts of downtown feel more like Mayberry than New York City. The Big Apple is often called a city of small towns, and nabes like the West Village and NoHo are perfect examples why it’s true.

Best restaurants

If you’re a foodie, downtown is your destination. With a plethora of top notch restaurants, budget eats, and Manhattan mainstays, you’ll be able to eat a delicious dinner and return to your abode on foot, taking in the city sights and sounds along the way.

Nightlife options

Cocktail lounges, bars, speakeasies, and comedy clubs saturate downtown. If you’re a barfly, or just like to make the rounds every Saturday night, look no further than the Village and Lower East Side.

Shopping

Fashionistas and shopaholics will feel right at home when bargain hunting or gift buying in sections like SoHo and NoLita. From clothing to housewares to books and one-of-a-kind items crafted by local artisans, downtown is a hub for browsing and buying.

Good transportation

Stations like Union Square, West 4th, not to mention the shiny new Fulton Street transit center with 2, 3, 4, 5, A, C, J, Z and R trains, make commuting from downtown to most anywhere in the city a snap.

What’s not so great about living downtown?

Smaller apartments

Downtown living quarters offer notably less square footage, with many apartments resembling enlarged shoeboxes rather than flats. Walk-up buildings and brownstones –– often carved into shotgun spaces, studios and tiny one-bedrooms –– comprise much of the inventory. Attractive for single dwellers but not for couples and families, downtown living might be less practical, depending on your personal status.

Fewer elevator/doorman buildings

With a large number of prewar tenements, downtown has fewer apartments with elevators and doormen. Even though you’ll get a workout climbing those four flights of stairs several times daily, an elevator makes life easier and you’ll appreciate it every time you return home with groceries.

If security and convenience are high on your list of priorities (a doorman not only monitors the door of a building, but accepts packages and deliveries and might even help walk your dog), uptown could be a better choice for living over the long haul.

More expensive

Referring back to the first point (smaller apartments), you’ll get less space yet pay a higher price when both buying and renting. What‘s more, with high-end condos becoming increasingly popular and downtown real estate in demand, you can bet that apartments below 23rd street will continue to escalate in price.



Less green space

Greenwich Village boasts Washington Square Park; the East Village has Tompkins Square, and Chelsea denizens frequent Madison Square and the High Line. But none of these outdoor oases promises quite the same retreat as Central Park or Riverside Park, which lie uptown.Downtowners travel by subway to reach Central Park while Upper East and West Siders merely walk a few minutes. Moreover, while community gardens and pocket parks populate many downtown neighborhoods, you’ll find less footage of parks in general if you live south of 23rd Street.

A type of property ownership in which all the owners/tenants own the property, the common areas and the building 

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The Boerum

Located in Brooklyn, The Boerum is a 128-apartment building. It was designed by Flank and developed by Flank and the Carlyle Group. While The Boerum is Flank’s first project in Brooklyn, they have developed high-end projects in other parts of New York like 224 Mulberry Street and The Abingdon. Spanning twenty stories, The Boerum offers apartments ranging in size from one to four bedrooms.

Architecture

With a primary facade of classic red brick, this building pays homage to the rich history of the streets that surround it. The exterior takes inspiration from the proportions of townhouses and modernizes them by using a basket-weave pattern. Aluminum panels are used on the upper levels of The Boerum. This gradual shift of the materials creates a sense of understated substance.

The building’s lobby is inspired by geometry. Black marble, limestone and cream ceramic are all used to create a space that has its own unique visual language of style.

Residences

One of the big selling points of The Boerum’s residential layouts is they include lots of customizable spaces. These spaces can easily serve as a home office, nursery or additional dining space. The spaces are also ideal for adapting to changing needs over time.

The interiors of The Boerum’s residences are very well crafted. Notable features include stained oak floors, quartz counters, marble surfaces and gunmetal fixtures. Almost all of the building’s residences include an entrance foyer, and large windows can be found in many of the master bathrooms.

Amenities

Residents can enjoy using the amenity suite, which offers the perfect indoor and outdoor space for hosting a special occasion. The Boerum features a library, which can be used for multiple purposes. In addition to reading or watching a movie screening, the library’s dedicated catering kitchen makes it ideal for hosting an intimate gathering.

The Boerum has a 24-hour concierge, as well as a live-in manager. Indoor parking and bike storage make transportation very convenient, while a service entry, package room and additional storage make daily life a breeze. The building also has a fitness center with first-rate exercise facilities.

Availability

There are currently twelve different apartments available. Ranging in size from one to four bedrooms, here’s a sampling of the square footage and prices:

• 1 bedroom and 1 bath with 768 square feet for $875,000

• 2 bedroom and 2 bath with 1,283 square feet for $1,585,000

• 3 bedroom and 2 bath with 1,496 square feet for $2,025,000

• 4 bedroom and 3.5 bath with 2,489 square feet for $3,700,000*

*also includes 241 square feet of exterior space

Neighborhood

With its location in Brooklyn, The Boerum offers the perfect balance between downtown convenience and a quaint atmosphere. An abundance of trees and parks creates a very pleasant outdoor atmosphere, while access to everything from favored eateries to designer boutiques is just a short walk away.

[ The Boerum ]

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Woolworth Building

When it was originally built in 1913, the Woolworth Building was the tallest building in the world. A full century later, this building remains an iconic part of Downtown New York’s skyline. Thanks to a carefully planned out renovation, the building now features a total of 34 gorgeous residences.

History

When plans for this building were first made, it was expected to be 420 feet tall. But by the time the original construction was complete, the Woolworth Building stood at 729 feet in height. Over the last century, everyone from photographers to painters to everyday New Yorkers have been inspired by this majestic building. Thanks to the savvy direction of The Office of Thierry W Despont, the Woolworth Building is now an incredible location to call home.

Architecture

Cass Gilbert was responsible for the building’s original Neo-Gothic architecture. Because the Woolworth Building is such an important part of New York City history, Thierry W Despont put a lot of time into ensuring that his updates to the building properly honor its groundbreaking architecture.

Residences

Because the building’s 34 residences start on the 29th floor, every home in the Woolworth Building provides an incredible view. Elegant kitchens feature handcrafted maple cabinetry and marble countertops. Matching marble backsplashes tie this space together perfectly. Even more marble can be found in the master bathrooms. These luxurious spaces include steam showers and heated floors for maximum comfort. Two of the building’s residences include private terraces. Known as the Pavilion Residences, these peaceful outdoor areas provide wonderful views of the building and the rest of the city.

Amenities

Residents’ needs will be attended to by a full-time concierge and 24-hour doorman. The building’s concourse level includes a pool that’s reserved for residents. The pool area also features a hot tub and sauna. A wine cellar and tasting room can be found on this level of the building as well. Then on the 29th floor is the Gilbert Lounge, while the building’s fitness studio is on the 30th floor.

Availability

Although not all of the Woolworth Building’s residences are on the market yet, some pricing information has been released to the public. The starting price for a home in this exclusive building is $3.875 million. At the top end of the price range is a seven-level penthouse which has an asking price of $110 million.

Neighborhood

With its location in Tribeca, the Woolworth Building is right in the center of what’s commonly referred to as the New Downtown. Hudson River Parks, Brookfield Place and One World Trade Center are just a few highlights of the surrounding neighborhood. Residents of this building will be able to enjoy access to some of the the best commerce, culture, art and food options that New York City has to offer.

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10 Prewar Condos You Should Consider if Budget Allows

\The Manhattan condo scene is ever expanding.  A good number of the city’s newer buildings have been built as condos while a select number of others have been converted over the years. With luxe materials and amenities too numerous to count, it’s no surprise that most potential buyers have a desire to live in more modern structures complete with views, parking garages, gyms, and high-end finishes. But a certain type of condo buyer prefers the character, charm and history of yesteryear married with the modern conveniences of present day.

Although there are a limited number of condos that fall under the prewar category, New York still offers plenty of choices in this arena. Here are ten of the most popular prewar condominiums in NYC.

The Plaza

Both a hotel and a residence, this historic landmark was built in 1907 and boasts two addresses: 768 Fifth Avenue and 1 Central Park South. Apartments start around $1.5 million and go up from there in this classic New York landmark at the south end of the park.

737 Park Avenue

Constructed in 1940, 737 Park is new on the condo scene – Henry Macklowe converted the building in 2013. Expect to pay in the $3.5 million range and higher for a one-bedroom unit. This building boasts just 50 apartments on 20 floors.

The Essex Building

The JW Marriot Essex House is most recognized for its red neon roof sign. The Art Deco high-rise –– at 160 Central Park South –– contains both luxury hotel rooms and condominium residences, many of which have tree-top views of Central Park. Adored for its storied history, the building has been featured in films and on television. Expect to pay about $1.4 million for a one-bedroom apartment at The Essex.

1049 Fifth Avenue

Built in 1928, this condominium offers incredible views of Central Park. With only 54 apartments on 23 floors, the former Adams Hotel was gut renovated in 1991. Average square footage price is approximately $3,400.

15 Union Square West

As the headquarters for iconic Tiffany & Company, this zinc and glass Flatiron building with 12 stories and 36 apartments overlooks Union Square Park and is adjacent to Greenwich Village. Average sale price is about $7.5 million.

The Ansonia

Located at 2109 Broadway between 73rd and 74th, you’ll find stunning architectural details like patterned herringbone floors, mirrored interior doors with transoms, wainscoting and more in this Upper West Side treasure. Known to attract celebrities, expect to pay in the $1.6 million range for a two-bedroom condo and as much as $12 million for a sprawling apartment with seven bedrooms.

The Apthorp

The complex whose address is 2211 Broadway takes up an entire city block from 78th to 79th Streets, and Broadway to West End Avenue. With its beautifully landscaped center courtyard, it’s tough to ignore the Apthorp as you stroll down the street. A three-bedroom apartment sells for about $4.5 to 5 million.

The Chelsea Mercantile

At 252 Seventh Avenue, this building is one of the largest residential conversions in the neighborhood. Completed in 2000, the condos range from studios to four-bedroom lofts with an average of about $2,000 per square foot. Various amenities include a garage, roof deck, children’s playroom, and a fitness center.

Barbizon 63

Formerly the Barbizon Hotel for Women, the structure was converted into condos in 2005.  Situated at 140 East 63rd Street, the Upper East Side classic’s apartments range from one-bedrooms to duplex penthouses. Liza Minnelli and Joan Crawford lived here back in the day. Expect to pay about $3.2 million for a two-bedroom condo.

The Apple Bank Building

Built in 1928, this former bank at 2112 Broadway is comprised of 27 apartments on its top four floors. A well-known location in the Upper West Side neighborhood, units range in size from 1,200 to 3,800 square feet with exceptionally tall ceilings between 11 and 18 feet. Prices start at about $2,200 per square foot.

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How to Maximum Resale Value

It is never too early to consider the multitude of factors that influence how much your house will fetch when you decide to put it on the market. In fact, it is wise to take stock when you are searching for a home that suits your needs. Although it seems premature, one day you or your heirs will be selling the property. A “bargain” now may turn into a nightmare if it is difficult to unload your property due to a lack of interest.

We examine the major considerations that affect resale value. In particular, we focus on New York City real estate. After all, items such as lot size and curb appeal may be on the radar of buyers, it is not a major factor for city dwellers. Of course, if you are searching for a home in one of the outer boroughs, this may come into play, depending on the neighborhood. We are focusing more on Manhattan and urban areas in the outer boroughs.

Location, location, location

It may be a cliché, but it is the most important issue relating to resale. However, there are a multitude of things to contemplate under this broad category. Nor is it a matter of merely buying in the most expensive neighborhood. For instance, there have been many neighborhoods in Brooklyn and Manhattan that have seen a revival over the last several years. Nonetheless, a smaller house in a more affluent area will fetch more than a large home in a more modest neighborhood.

There are a number of qualities that make a location more desirable. Foremost is the quality of the schools, making it a key consideration even if you do not plan to have children. There have been several studies tying the quality of schools to the price of homes in the neighborhood. For instance, Redfin, a national real estate brokerage firm, recently conducted a study that showed buyers paid an additional $50 per square foot for homes in top-rated school districts compared to those that are located in average-rated ones. The study is based on over 400,000 sales in about 1,000 school districts across 57 metropolitan markets.

Frequently, test scores are used as the major basis for the ranking. There is a wealth of information online as well as websites that crunch the numbers. For instance, schooldigger.com provide ratings on New York City school districts.

There are several other important criteria that make a particular location desirable. These include being on a quiet street (these exist in New York City), a sense of community, the ability to walk to destinations such shopping and schools, proximity to parks, and access to public transportation (apartments on First Avenue and York Ave are relative bargains since the subway is on Lexington, but this may change once the Second Avenue line is completed). A view may also be considered important.

The neighborhood’s zoning should be checked. Although it may not be an issue currently, it could down the road if certain businesses are allowed. This could create undesirable noise and even pollution.

Taking a tour of the inside

Once you have determined the right neighborhood, it is time to examine the home. Of course, it will have to meet your current needs and those that may arise over the next few years. It is also wise to contemplate which features will appeal to future buyers down the road.

Square footage is a consideration, but an open layout also weighs in. Still, previously owners liked the privacy of closed off spaces, showing that tastes evolve over time. However, it is usually an easy fix to create the desired outcome. In terms of bedrooms, although “more is better” is an accepted wisdom, that is not necessarily true if apartment hunting in NYC. The difference in price by going to a three bedroom from a two bedroom apartment is not nearly as significant as increasing from a one bedroom to two bedrooms. Three bedroom apartments are competing with single family homes.

There are amenities that will be attractive to future buyers that will likely stand the test of time. Aside from a spacious, open concept, storage space is important. Counter space and closets will also be looked upon favorably by future buyers. An updated kitchen is also a nice attraction, but we will discuss that under the Upgrades heading.

Upgrades: Not all are created equal

After making the purchase, you may very well decide to make alterations. There are certain remodeling jobs that will add more value than other ones. Kitchens and bathrooms have long been noted to pay for themselves in terms of the ability to fetch a higher price when owners decide to resale. The updates do not need to be major overhauls. Simple things like replacing the caulk, updating the hardware on the cabinets, and replacing the faucets can make a difference.

There are other things you can do to increase the value of your home. A well-lit space (number 1 in a 2007 survey by HomeGain), including natural light, more efficient heating and air conditioning, and  flooring, are all items that can boost your home’s value, aside from creating open spaces,

This does not mean you should neglect routine maintenance. It is imperative to keep up with repairs. Little problems like a leak can turn into major ones. A well-maintained home will be an attractive sight for future buyers.

Other considerations

There are other things to consider, which may seem small but will matter to future buyers. You will need to look into the history of the apartment. For instance, if there has been mold, even if it has been remediated, it could turn off some buyers. If the apartment is a fifth floor walk-up, that presents an inconvenience, especially to the elderly or those with little children.

Amenities such as a a gym in the building and a doorman are nice features to advertise.

Summary

There are a host of factors to consider when purchasing an apartment. For instance, new construction may cost more, but will future the newness wear off when you decide to move? An agent can be of great assistance. After all, he or she does this for a living, while you will only buy a home a couple of times during your lifetime. A buyer’s agent may be in the best position to help since he/she is seeking to put you in the optimal home, while a seller’s agent is likely seeking to maximize price and his/her commission.

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498 West End Ave

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If a description of 498 West End Ave had to be limited to one word, it would be exceptionalism. With multiple three, four and five bedroom floor plans available, the residences in this building are grandly proportioned. The level of workmanship, artistry and imagination visible throughout this building are thanks to the hard work of CetraRuddy Architecture and the rest of the team behind this project of unrivaled inventiveness.

History

The history of 498 West End Ave can be traced all the way back to 1910. In 2012, the building was purchased by Samson Management for $52.5 million. Their renovation of the building included restoring its lovely facade, as well as getting the Landmarks Preservation Commission to approve a 4,000 square foot addition.

Architecture

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CetraRuddy Architecture focused on creating what they refer to as a New Design Vernacular. Specifically, they turned 498 West End Ave into a space where light mixes with elegant materials to infuse traditional forms with new life. As soon as you see the building and then enter it, you’re immediately met with elements like a landmarked ornamental marquee with glass canopy and period wrought iron doors that pay homage to the building’s history while also adding a modern dose of luxury.

Residences

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The team behind 498 West End Ave took the magnificent bones of this exquisite turn-of-the-20th-century building and combined them with the most desirable modern finishes.

White oak floors can be found throughout the kitchen, dining room and living room. Other features of the kitchen include custom chocolate-stained oak cabinetry, Calacatta marble slap backsplash and countertop, and undermount stainless steel sink. The master bathroom is an oasis of honed marble floors and polished marble walls, while secondary bathrooms are available with either a 60-inch tub or walk-in shower by Kohler.

Amenities

Residents can enjoy a great fitness room that features cardio workstations and an exercise space. There’s also a really fun kid’s activity center that has a wood-peg wall. Additional amenities include a bike room, live-in super and available storage.

Availability

There are currently nine available units at 498 West End Ave. The first three units all feature 3 bedrooms and 2 bathrooms. All of the units offer 1,682 square feet of space, and range in price from $3.13M to $3.4M. The next three units have 4 bedrooms and 4.5 bathrooms. Ranging in size from 3,347 to 3,545 square feet, the prices for these units go from $7.55M to $7.795M. Other available units include:

3 bedrooms and 3 bathrooms with 2,136 square feet for $4.25M
5 bedrooms and 4.5 bathrooms with 3,784 square feet for $8.325M
5 bedrooms and 4.5 bathrooms with 3,784 square feet for $9.075M

Neighborhood

498 West End Ave is located in Manhattan’s Upper West Side. This prime location in one of the city’s most coveted neighborhoods puts the building in close proximity to Riverside Park, as well as a long list of destinations that exemplify why New York City is a place where people from across the globe dream about living.

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Replacing Wood Floors in a Prewar Apartment: The Dos and Don’ts

If you’ve purchased a prewar apartment and your hardwood floors are in less than stellar condition, you should do everything possible to repair and refinish for resale purposes since prospective buyers will most likely prefer original floors. If your hardwoods aren’t salvageable, however, you may have no other choice but to replace them. In this case, keep the following points in mind if new wood floors are your only viable option.

Do select the right type of wood and finish

Avoid selecting woods that wouldn’t have been used at the time your apartment building was constructed. You’ll do best if you choose a material true to the period. Otherwise, your floors might be an eyesore and detract from the overall space.

Say no to rainforest woods such as teak, rosewood, and mahogany since these will most likely separate (as a result of radiator heat) more than North American woods like walnut, maple, or oak. These woods tend to be the most suitable for apartments because they expand and contract less.

Finish should resemble the original, which is probably a medium tone –- don’t go too light or too dark. Avoid high-gloss polyurethane and stay with a more matte finish to avoid a “new” appearance, as well as magnifying dirt and imperfections.

Don’t rush the project

Wood needs to acclimate to the space and should be delivered at least one week before the install date. During this time, interior temperatures in your apartment should be in the 65-70-degree range with humidity at about 30-40 percent. If not acclimated properly the wood could shrink after it’s installed.

Do stay true to the original floors’ character and specs

If your original floor design includes borders, you might consider replacing those borders if in the budget. If details such as this are more than you can afford, stay simple and use the same type of wood and pattern, minus the borders. For example, if you currently have quarter-sawn oak with walnut borders, eliminate the borders and replace the entire floor with quarter-sawn oak.

Think twice before you install prefinished wood floors.

Prewar and prefinished don’t usually work together. Know that prefab wood floors could affect the resale of your apartment, and your unit could take longer to sell. Buyers searching for prewar are buying the details and expect them.

Engineered floors are less expensive, more dimensionally stable, and even more durable because of the six or more coats or poly vs. the three coats when finished on site.

Some will be more authentic looking than others, so if you choose to install prefinished flooring, do your homework and investigate all of the options.

Do prep the subfloor

One of the biggest mistakes anyone can make when installing wood floors is to ignore the subfloor. Be sure the layer below the finished flooring is leveled before you install a new floor. If you skip this step, your newly installed hardwoods could slope or roll. Once the floors have been finished, an uneven floor is a problem that is not easily fixed.

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Look Out for These 6 Red Flags When Shopping for a Prewar Co-op

If you’re shopping for a New York City apartment, you’ll quickly discover that many co-op buildings are prewar, and most prewars on the market are co-ops. That being said, even though we all love the character of these old structures –– think hardwood floors, tall ceilings, and large spaces brimming with character and charm –– not all prewar homes are created equal.

You’ll need to be on your toes during the search, so look out for these six red flags when shopping for a prewar co-op.

Cracks in the walls

Beware of cracks, especially if they’re horizontal. Vertical cracks are usually bothersome but less serious. Large horizontal cracks could mean structural issues and might be worth looking into. Cracks typically worsen over time if not repaired, so know that the apartment will require some work from the get-go. What’s more, just because a crack is repaired doesn’t mean it won’t return.

A trashy or dirty basement

If you’re considering making an offer, be sure that you thoroughly inspect the basement. Filled garbage bags, stray items, dirt, and a generally grungy appearance probably mean that the building isn’t all that well maintained.

When my husband and I were shopping for a co-op about six years ago, I recall a great apartment that we passed on because the basement reminded me of a horror film. We ended up buying in a building that was spotless, instead.

Strange odors

I’m not sure what it is about odors in New York City apartments in general, but 18th and 19th century brownstones and tenements (walk-ups) have thinner walls than grandiose prewar high-rise buildings, so you’re more likely to catch every whiff of smoke or aroma of Chinese takeout. Be on the lookout for anything attempting to mask said smells, such as home fragrances or candles. And know that if you choose at an apartment above a restaurant, odors are pretty much guaranteed.

Sponsor controls more than 50 percent

If a sponsor rather than the shareholders owns more than half the shares in a building, the sponsor will have control over decisions on issues like maintenance increases, repairs, and general operation. You’ll also have a tough time securing financing in a building in which the sponsor has more than 50 percent control. So unless you’re an all-cash buyer, you probably want to run from this.

Sagging doorways and sloping floors

Structural issues aren’t uncommon in townhouses, especially. Looks at headers (the tops of doorways), and take notice if they’re sagging, or out of square.  In a similar vein, do you recognize any slope in the floors? At this point, you might want to hire an engineer to inspect the home, so you know what you’re getting into before even making an offer.

Assessments

Fairly common in prewar buildings, assessments are typically in place for capital improvements. Most often, these charges are added to your monthly maintenance bill. Ask questions about the project and improvements, and how long the extra charges will be assessed. Also ask if there are any forthcoming improvement projects you should know about, which would only increase your monthly expenses.

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7 Reasons Why Airbnb Is Bad News

Airbnb.com is gaining traction in many major cities; New York included. Whether you realize it or not, nearly 75 percent of all Airbnb listings in the Big Apple are illegal. In fact, renting out your NYC apartment for less than 30 days has been against the law since 2011.

But beyond breaking laws, if you own your unit, you could be decreasing the value of your co-op or condo every time you take a renter, or even endangering your life or the lives of those in your building.

Consider these seven reasons why you shouldn’t let strangers stay in your apartment, no matter how much dough you can collect per night.

1. Criminal Behavior

Have you done a background check on potential renters? Since candidates aren’t pre-screened, you could be renting your apartment to a criminal. Not only could your favorite piece of jewelry go missing but be prepared for much worse, like the Chelsea apartment that was destroyed by a sex party this past March.  Or perhaps someone will attempt to steal your identity, use your place as a brothel, or as a meth lab.

2. Wear and Tear

When you have people coming and going, you’ll certainly see it in the upkeep of your apartment. Damages to walls, floors, appliances, etc. will accumulate much faster than if your mother comes for a visit. Have you ever noticed the dents, dings, and scratches, when you stay in a hotel room? That’s what your apartment will be: a hotel room, and soon enough your home sweet home will resemble one.

3. Safety

What’s to stop someone who’s stayed in your apartment from copying your keys? Do you plan to change your locks every time a renter checks out? You’ll be compromising the safety of not only yourself, but your neighbors. If any of those criminals from point number one are convicted felons, well, I’ll let you use your imagination on this one.

4. Bed Bugs

Hotels are known to be breeding grounds for bed bugs, and with people checking in and out frequently, your apartment will be at risk. The more often you rent out your pad, the higher chance of these little critters showing up. You don’t want to call Roscoe, now do you?

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5. Noise

Loud noises might seem incidental, but for your neighbors who are trying to sleep, relax, study, read, or just live in their apartments, disruptive sounds from the strangers next door or above, will be a downright nuisance. Expect a call from your landlord or management company, and it won’t be to say, “hello.”

6. Tension between neighbors

With the high risks of those things mentioned above, you can only imagine that you won’t exactly be in good standing with your neighbors or anyone in your building, for that matter. Not only will floormates stop speaking with you (talk about uncomfortable moments in the elevator), but they could also make your life a living hell. You won’t be on the favorite shareholder or tenant list of your super, either.

7. You could be fined or evicted.

Yes, this is the truth. If someone reports you to the city (a neighbor, doorman or super), depending on the language of your lease, you could be fined thousands of dollars, even for a first offense. And as a repeat offender, you could be thrown in jail for contempt of court and even evicted. Not only will you be out thousands of dollars (probably more than you made on Airbnb in the first place), but you’ll have no place to live. And in this town, we know how it’s nearly impossible to secure an apartment even with great references and a substantial amount of cash in the bank.

Is it really worth it to rent your apartment through Airbnb?

 

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