Debt-to-Income Ratio Requirements in NYC Real Estate You need far more than a down payment to buy a co-op in New York City. Just because a bank is willing to approve you for a loan, doesn’t mean a co-op board will also approve you. When buying a co-op in NYC, you will also need to meet the building’s requirements, including their post-closing liquidity and debt-to-income ratio requirements. Many NYC...
Post-Closing Liquidity in NYC Real Estate You need far more than a down payment to buy a co-op in New York City. When buying a co-op in NYC, you will need to meet the building's post-closing liquidity and debt-to-income ratio requirements. Many co-ops have specific requirements, while others take a holistic approach to evaluating a buyer’s financials. This information, along with just about everything...
Steering and Discrimination - What Prompted the Recent Chatter? In an article published by Newsday on November 17, 2019, Newsday reported that almost half of all black homebuyers and renters on Long Island are likely to face discrimination from real estate agents and brokers. Newsday conducted a three-year undercover investigation of real estate practices in Nassau and Suffolk counties to reach this...
Is The Real Estate Broker Commission Rebate Legal in New York? Dan's first blog post was on the topic of whether broker commission rebates are legal in New York. 5+ years later, I thought it would be good to remind you the answer to the question are real estate rebates legal? The answer is, in New York, the real estate broker rebate is most definitely legal. Section 442 of New York's Real Property Law...
Affordable Housing Lottery at 55-75 West End Avenue 55-75 West End Avenue is a luxury rental complex just off 66th Street and West End, built in 1994. A housing lottery just opened for spots on the waiting list. The housing lottery will accept 200 people onto a waiting list; however, there is no specific timeline of when apartments might become available. There are 1,000 units in the building. The...
What is a Land-Lease Co-op? In November 2014, Digs wrote a blog post about the perils of land-lease co-ops. In a ground lease, the owner of land leases it to a developer with the intent that the developer will build something valuable on it. The term of a ground lease is typically very long (for example, 99 years). The developer pays the ground lessor a fixed rental payment (like any other lease). This...