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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