3 Things You Might Not Know About NYC Real Estate
The Real Talk NYC Real Estate Podcast
In this episode, John and Jonathan are covering three things you might now know about NYC real estate – what a pied-a-terre is, what ‘Right of First Refusal’ means, and what a managing agent is.
What is a Pied-A-Terre?
Literally, pied-a-terre means foot to the ground, but New Yorkers use it to refer to a secondary residence in the city. While some buildings allow this type of purchasing in NYC, many buildings prefer to not allow pied-a-terre for a variety of reasons – because they want to increase safety, security, or not allow the building to become a revolving door of short-term guests.
That being said – while the building has a lot of say about whether or not you can purchase a property as a pied-a-terre, once the property is purchased, you can generally do with it as you please. Of course, there are ways that buildings can police this.
What is the Right of First Refusal?
The right of first refusal refers to condominiums only, not co-operatives, and is the only way that condos can prevent someone from purchasing an apartment within their building. However, unlike a co-op that can block someone from purchasing a property, condos that exercise their right of first refusal have to buy or rent the property under the same terms.
For example, if someone wants to sell their $3M apartment to their brother for $500K, the condo can exercise their right of first refusal to purchase the condo for $500K and then turn around and sell it for $3M if they decide the transaction would be detrimental to the building as a whole.
All of that being said – exercising the right of first refusal is not common. John and Jonathan have never seen it done in over 20 years of real estate.
What is a managing agent?
Managing agents are the business arm of building corporations that handle all the financials, transfers, etc., and act as an advisor to the board. They are an incredibly important part of real estate transactions because they have a huge impact on the building as a whole, and their participation is needed in the purchasing process.
Managing agents, unfortunately, are often overworked and underpaid. Our team does our best to treat managing agents well, and it has paid off tenfold.
Why We Host This Podcast:
We have been in this business long enough to know that knowledge is power. That’s why we conduct an in-depth analysis of the Manhattan real estate market every month, quarter, and year and provide an easy-to-understand synopsis of the full report in several different formats – all so you can stay informed.
Our team of experienced real estate professionals closely monitors market trends and provides our clients with the latest and most relevant information available. With this information, our clients are able to make informed decisions about buying and selling properties in Manhattan, which helps them stay ahead of the curve and make the most of their real estate investments.
Understanding the trends and changes in the market can help you make informed decisions. You gain insights into supply and demand, pricing, and market conditions that can influence the value of your property. Just by being aware of market trends and conditions, you’re better off than most other buyers and sellers, and you can make strategic moves that can lead to a successful real estate transaction.
If you’re considering buying or selling a Manhattan property, now is the time to take action. Our team of expert real estate agents and brokers can help guide you through this market, leveraging our extensive knowledge and experience to help you make informed decisions.
So, why wait? Reach out to us today and let us help you achieve your real estate goals!
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Have a question you’d like us to discuss? Just reach out.
