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Putting Less Than 20% Down In NYC – The Hard Truth

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Achieving the dream of owning a piece of NYC can be difficult without a substantial down payment on hand. If you talk with a mortgage banker, buyer’s agent, or even friends who have made the leap from renting to owning, you’ll hear one thing over and over: how typical, and in most cases required, it is to put at least a 20% down payment on your apartment purchase.

But is that REALLY necessary? Or can you get away with putting down less than 20% in NYC?

Unfortunately, it’s just not realistic to purchase an apartment in Manhattan when putting less than 20% down on the property. Having that little equity in your potential property makes you look like a risky candidate for lenders, sellers, and the building’s board, so the likelihood of rejection is high.

But isn’t this common practice outside of the city? Why is New York City different? In the rest of this article we’ll dig deeper into the practical reasons behind this threshold, the down payment minimums in average condo and co-op buildings, and why sellers are wary of accepting offers with less than 20% down.

Why A 20% Down Payment Is Standard In NYC (The Higher The Better)

moving into a new apartment with less than 20% down

Private Mortgage Insurance (PMI)

If you put less than 20% down, you are going to have to pay Private Mortgage Insurance, or PMI. This type of insurance exists to protect your lender if you come up short on your monthly mortgage payment at any time. And this isn’t just a Manhattan thing – it’s typically required on any conventional mortgage where the lender has less than 20% of the purchase price to put towards a down payment, no matter where you live.

The problem with PMI is that it is EXPENSIVE. Private mortgage insurance is usually 0.5%-1% of the total loan amount, according to NestApple. So if you’re borrowing $500,000 and put down less than 20%, your PMI payments would be an extra $5,000 a year. These payments are made monthly in addition to your mortgage payments. 

You can remove this insurance and its payments eventually… when the loan balance reaches 78% of the principal of the mortgage with no late or missed payments. While PMI can help you to keep more liquid assets in the bank instead of putting all of them into a down payment, it increases your monthly costs significantly.

Co-op boards are also much less likely to approve any financing that requires PMI because it’s an additional risk to the building. They are there to protect the value of the building, and they don’t want to take the risk of someone not being able to pay.

Strict Building Requirements

Whether you’re trying to buy into a condominium or cooperative building, there will be a minimum down payment required by the board. While this can seem unfair at first, the building has every tenant to consider. 

Cooperative Down Payments

In most co-ops, the building will not accept less than 20% down payment. It’s not uncommon for some co-ops to require 25-30% down, and in higher-end buildings, financing may not be allowed at all. 

Additionally, after the down payment, co-op boards also want to see proof of financial stability long-term. They usually want proof that members will have liquid assets to cover a specific range of time (usually a minimum of 12 months) of expenses after closing, but can also be as high as a multiple of the purchase price. 

Again, we know this can add stress to what is already a large purchase, but it’s all about what’s best for everyone in the building. Being able to weather a job loss, unexpected medical expenses, or other financial emergencies while still covering the mortgage and monthly fees for the building ensures that everyone involved is protected.

Condominium Down Payments

While condominiums are known for their flexibility and relative hands-off management, they often still have down payment expectations by developers (if new construction) or the seller themselves (if resale). A 20% down payment is still the minimum expectation for most buildings. 

Some condo buildings may not explicitly state a minimum, opting to use language like “no more than a maximum of 80% financing”, which amounts to the same exact stipulation. 

It’s true that these are not as inflexible as cooperative down payment requirements, but it’s still extremely difficult for a buyer with less than 20% down to negotiate. Regrettably, the common perception is that buyers who cannot afford to put a 20% down payment on an apartment are a high risk for sellers and developers alike. 

saving up for a 20% down payment

Federal Housing Authority (FHA) Housing and Loans

The Federal Housing Authority does have some ability to help households with less than 20% down to purchase homes. They also offer a rent-to-own type program where FHA repossessed homes and apartments are rehabbed by organizations like Habitat for Humanity or Restored Homes and then sold to the tenants through the New York City Housing Authority (NYCHA).  

The reality is that there is an incredibly small number of these loans and homes available in New York City, and even less in Manhattan. The FHA loans are extremely competitive and have maximum credit scores and yearly income in order to qualify. NYCHA’s rent-to-own program was established 35 years ago, according to their site, and they report they’ve “helped more than 300 NYCHA residents become homeowners of FHA homes.”

That’s 300 people out of the just over 8 million people who live in New York City.

So, while there are options that could help if you don’t have a 20% down payment, there are far more applicants to those programs than successful recipients.

Competition From Other Buyers

If you’ve rented in the city you know exactly how tough it can be to find and get approved for an apartment. Buying an apartment in New York City can be even more difficult, especially if you have less than 20% down for the purchase.

No matter the state that the market is in, it’s unusual for your offer to be the only offer on any given apartment. When putting a minimum of 20% down payment on a home is the norm, offering less than that makes you a much less attractive buyer – even if you have a stellar rental history and your credit is impeccable.

Sellers are going to gravitate towards the offers that seem the least likely to fall through because that is their right. When you have a down payment of less than 20% of the purchase price, you are fighting a steep uphill battle against multiple offers that include a 20% down payment or higher, and a potentially higher sale price. 

Looking for more resources? Check out our dedicated Buyer and Seller info pages!

The Ultimate Guide to Buying an NYC Apartment
The Ultimate Guide to Selling an NYC Apartment

In Conclusion

Although there may be programs or loopholes that can technically allow you to purchase an apartment in NYC without putting around 20% down payment, the reality of the situation is that it is almost impossible to do. While we of the Gasdaska Conlon Team normally prefer to be optimistic and encourage our readers to explore their options, we don’t feel comfortable putting any kind of spin on this situation. 

If you’re not in a position to put a 20% down payment on an apartment AND have at least 6 months of expenses in liquid assets after the closing of the home, you aren’t in a position to safely buy a home in Manhattan. We strongly recommend continuing to work hard and save until you can put 20% down without jeopardizing your household’s financial stability.

8 Insightful Co-op Board Interview Do’s and Don’ts

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So, you’ve got a signed contract and have meticulously presented your personal and financial history to the co-op board in the form of your application. The next step can be incredibly nerve-wracking (though it doesn’t have to be) – the co-op board interview.

As expert NYC real estate agents, we’ve had countless clients go through the board interview process and have put together a few tips that can make the experience a bit easier. With these co-op board interview tips, you’ll be fully prepared to ace the co-op board interview and move into your new home in no time.

Co-op Board Interview DO’SCo-op Board Interview DON’TS
Sanitize your social media presenceCome unprepared
Dress for successBe surprised if they ask for a pet interview
Do your researchAsk questions
Plan out who will answer what questionsVolunteer information without being prompted
Be on timeBoast or sell yourself
Stay presentTalk too much
Be yourselfMention renovations
Thank the boardExpect an answer at the end of the interview

How to Pass Your Co-Op Board Interview

What is a co-op board interview?

The co-op board interview is the final step in obtaining approval from the co-op board to purchase an apartment in that building. 

Co-op board interviews are key to a successful closing on a cooperative apartment because the board wants to make sure you’re a good fit for the building. Their primary goal is to protect their building by assessing if you’re neighbor material or a bundle of red flags.

No two co-op board interviews are exactly alike. Some are formal conference room affairs and others are informal gatherings in one of the board member’s living rooms. Some provide the opportunity for the board to decide on your financial standing and personality, while others are scheduled to vet your personality following conditional approval of your financials.

For some sample co-op board interview questions, check out this article.

No matter the process or the setting, we’ve come up with a foolproof list of Do’s and Don’ts that will make your next co-op board interview a piece of cake.

how to ace your co-op board interview

During Your Co-op Board Interview, DO:

  • Sanitize your social media presence – It’s almost a given that some (if not all) of the members of the co-op board will Google you before the board meeting. Which makes how you appear on social media and websites extremely important. 
    If you can, the easiest way to do so is to make your profiles private on every platform. If you can’t, manually review public posts, comments, and tagged photos or videos. Delete, privatize, edit, or untag yourself from anything offensive or polarizing on hot-button issues. 
  • Dress for success – Regardless of how formal the interview is (or isn’t), you should present yourself carefully. Choose business casual attire. This dress code hits the sweet spot between looking like you care too much or like you don’t care enough. The board may not be in the same attire or be much more casually dressed than you are, but they’re already ‘in the club’. You still have to earn your spot.
  • Do your research – Ask your broker for insight into the co-op board members. If they’ve transacted on an apartment in that building before, they may be able to provide you with useful information. Be very careful with this step, because it could be easy to be too familiar with the board and appear creepy.
  • Plan out who will answer what questions – If you are purchasing the home with a partner or spouse, decide ahead of time who will speak on certain topics or answer certain questions. This will help you avoid talking over one another and ensure both of you get to speak an appropriate amount. Additionally, it reduces the amount of prep you each have to do!
  • Be on time – This one seems simple but it is absolutely key. Co-op board members are people with busy lives and schedules just like you. They’ve taken the time out of their day to be there to speak with you – don’t waste a second of it.
  • Stay present – While it may be exciting to be meeting some of your potential new neighbors, try not to get caught up in the excitement. This is still an interview, not a social call. Even if you are clicking really well with some of the board members, stay focused on the task at hand.  Keep your professional and polite demeanor up (at least until the interview is over and you close on your apartment).
  • Be yourself – Co-op board interviews usually last 20-30 minutes, so they’re over before you know it. While we encourage you to keep your replies brief and on-topic, we also strongly encourage you to let your inner light shine! The co-op board wants to see who you are and what you’re about, so let them in a little. If you’re too nervous or closed off, it could impact the interview negatively.
  • Thank the board – When the interview comes to an end, be sure to thank the co-op board members for their time. It’s the polite, professional, and considerate thing to do. Plus, it demonstrates courtesy and kindness- which are ideal neighborly qualities.
what not to do in your co-op board interview

During Your Co-op Board Interview, DON’T:

  • Come unprepared – While you don’t need to bring a copy of your application and financials to the interview, it is important to remind yourself of the contents of the package. It’s good to refresh your memory on the information contained in the personal and business reference letters you submitted, as the contents of these letters provide a more personal way to connect with you.
    Also, be prepared to talk about your money and your personal life. While it is usually taboo to get into these topics with complete strangers, in a co-op board interview, both lend valuable insight into the kind of neighbor you are. The board members don’t need to know your full life history, but answering their questions openly goes a long way.
  • Be surprised if they ask for a pet interview – If you are bringing a furry friend into the apartment building, many co-op boards will require a pet interview. This is especially important if there are other animals on your floor, to ensure everyone in the building still has some peace and quiet. 
  • Ask questions – Unlike a job interview, a co-op board interview is not an opportunity for you to determine if the building is a good fit for you. You’ve already done that, by making an offer and submitting an application to the board. This meeting is all about allowing them to get to know you and your partner or spouse, so it’s important to let them steer the conversation.
  • Volunteer information – As a general rule, you want to answer the questions asked of you and nothing more. You’ve only got 20-30 minutes to make a good impression, so stay focused on what the co-op board members decide they need to know.
  • Boast or sell yourself – Even if you are really proud of the massive commission you earned this year, don’t bring it up unprompted. If it does come up, perhaps in reference to your financials, stick to the facts of the situation. Being boastful isn’t a desirable trait to most people, so don’t exhibit it to the co-op board members if you can help it. 
  • Talk too much – As we mentioned earlier, co-op board members are busy New Yorkers, just like you. Show them that you respect them and their time by answering their questions concisely and getting to your point quickly. You don’t want to accidentally talk yourself out of an acceptance.
  • Mention renovation plans – Definitely don’t get into your renovation plans for the apartment unprompted. If a board member asks you point blank, it’s important to minimize or speak vaguely about your plans – even if you know you’re going to gut the home to the studs. Renovations are a hassle for your neighbors as well as yourself, after all.
  • Expect an answer at the end of the interview – While in some cases you may get a verbal acceptance at the end of the interview, that is absolutely not the norm. They’ll let you know whether you were accepted or rejected in writing via the managing agent of the building, usually the following business day after the interview takes place.

Armed with these Do’s and Don’ts of co-op board interviews, you should be all set to gain acceptance and move into your new home! We hope you love it. And if you are interested in buying or selling property in NYC – we’re your team. Reach out here for more info or to get started!

Looking for more resources? Check out our dedicated Buyer and Seller info pages!

The Ultimate Guide to Buying an NYC Apartment
The Ultimate Guide to Selling an NYC Apartment

Do I Really HAVE To Stage A NYC Apartment To Sell It?

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As with most things in NYC, professional staging services can be quite expensive. If you’re getting ready to sell your apartment, you or your broker may have looked at comps online and seen a mix of staged and empty apartments listed. Staging professionals will tell you that they can guarantee you’ll make the expense back, but that can often seem too good to be true.

So do you HAVE to stage a NYC apartment to sell it?

If you want to sell as quickly as you can for the best possible price, it’s best to stage a NYC apartment. While empty apartments do sell, they typically sit on the market longer than staged homes – and days on market is one of the most important factors in New York City real estate.

Keep reading to learn more about why staged apartments sell faster, our tips and tricks to stage a NYC apartment, and what your options are when it comes to staging services.

Everything You Need To Know To Stage A NYC Apartment

Why Staging Makes A Difference

 The Gasdaska Conlon Team first became proponents of staging after the financial crisis of 2008. In the buyer’s market that developed afterwards, buyers were iffy about making big purchases unless it felt just right, so it was much more difficult to sell any apartment.

We learned to stage a NYC apartment in order to help our clients stand out from the rest. Curating and cultivating decor helps uplift any home, and making a space look its best goes a long way towards getting great offers in a shorter time frame. 

Buyers are savvy, after all, and they have great instincts. Especially in New York City. They can walk into an apartment and immediately visualize themselves living in it…if it’s presented in the right light. If not, they can easily find reasons not to see themselves living there, and ultimately move on to another home. 

Staging allows you to get right to the heart of that crucial first impression with potential buyers. It enables you to highlight the features of the apartment, whether that’s an amazing view of Central Park or stunning pre-war hardwood floors and moldings. 

This practice can even create a sense of urgency in photos and showings. That urgency translates directly into offers (and depending on the market, sometimes bidding wars), because people don’t want to miss out on the apartment they fell in love with.

How To Stage A NYC Apartment

So, once you’re on board to stage a NYC apartment, what’s next? There are a few different ways you can go about it, with varying levels of investment and effort on your part. 

What it looks like when you hire a professional stager to stage a NYC apartment.
The Gasdaska Conlon Team worked with a tasteful professional stager to stage this listing at 737 Park Avenue.

Hire a Professional Staging Service

The first way is both the most expensive and effortless. Professional staging services come in and (usually) redesign every room in your apartment. They often have packages which allow you to rent their furniture month to month while you have the space photographed and hold showings.

The downside to these professional staging services is the cost. According to this New York Times article, having a staging company tackle your two or three bedroom apartment can cost between $20,000 and $30,000. And that’s just for the installation and initial rental period!

If you need to stage a NYC apartment for more than the initial rental period (typically 3-6 months), you could be facing an additional monthly charge for the rented items that are in your home. That’s on top of the 20 or 30 grand you already shelled out.

Professional staging services have their place, though. They can turn even the roughest lumps of coal into diamonds. The peace of mind you get from taking such a big task off your plate is worth it for some New Yorkers.

Also, at some of the higher price points, professional staging isn’t just a ‘boost’, it’s expected. If you’re thinking about selling your apartment and it’s at the top end of the market, reach out to an experienced, professional real estate broker or team to help you navigate the staging and selling process. The expense will be well worth it.

What it looks like when you hire someone to virtually stage a NYC apartment.
Gasdaska Conlon Team worked with an excellent virtual stager for this listing at 460 E 79th.

Pay A Virtual Staging Service To Enhance Listing Photos

If you browsed any of the NYC brokerage’s listing services in the past few years, you’ve likely seen virtually staged listings. Some virtually staged photos are fantastic and you wouldn’t notice at all except for the disclaimer on the corner of the images. Others are painfully obvious, and actually detract from rather than add to the home.

With virtual staging, as with most things, you get what you pay for. If you buy staging software and DIY stage a NYC apartment on your laptop… the results will look a little homemade. However, if you hire a professional to virtually stage your listing photos for you, it will look a lot better.

Great real estate brokers will have experience with virtually staged listings. They will be able to help you decide if virtual staging is right for you, and if so, which company to go with.

Virtual staging typically costs anywhere from $50-$150 per photo, according to HauseIt.com, depending on the skills and experience of the virtual stager. Which, wow, is that a deal compared to physical staging! However, there’s a pretty significant downside.

Virtual stagers do a fantastic job of showing what the apartment could be…but it’s limited to the listing photos. If and when any potential buyers go visit your apartment in person, there won’t be anything there. If their expectation doesn’t match up with reality, they’re going to be turned off in a flash.

Virtual staging is a great deal, and for some apartments and price points, it can be a great resource! But you have to be careful about how much you have the stager edit. If your apartment is recognizable behind all the edits then it could be a good solution, but know that virtual staging will never replace seeing real furniture inside the apartment when buyers go visit your listing in person.

What it looks like when your broker helps you stage a NYC apartment.
The brokers of the Gasdaska Conlon Team worked together to stage this dreamy vintage penthouse at 200 East 57th.

Have Your Broker Help You Stage A NYC Apartment

Many brokers and agents in New York have begun offering staging among their services, so it’s easy to find a trusted advisor that can negotiate and redecorate for you. The brokers at GCT are among them.

Your broker can tour your apartment as is and use their unbiased point of view to see past the character and memories you cherish about your home. This allows them to see your space through a buyer’s eyes and address issues you may not see anymore.

The biggest advantage of broker staging is that you can keep it staged the way it was in the photos while showing the apartment, so the buyer’s expectation and the reality of your apartment are in sync.

How To Stage A NYC Apartment

We’ve talked about the necessity of staging before, on the Real Talk NYC Real Estate Podcast. In that episode we gave away a few free tips to help you get into the buyer’s headspace and stage your apartment! We’ll review them here too.

  1. Clean Your Windows, Inside and Out! Natural light and a good view are huge for NYC buyers. It’s best to make sure that your windows are spotless before you have the listing photos taken and begin showing your apartment.
  2. Adopt A Neutral Color Palette. Bold or dark wall colors do not photograph well and can often keep otherwise good buyers away from your listing. The natural light is absorbed by the paint on the walls instead of being reflected by it, so the rooms feel smaller and darker. We recommend a fresh coat of paint in each room anyway, so you might as well go over it with a bright clean white or very pale neutral color. 
  3. Develop A Lighting Strategy. First things first, move any furniture that blocks a window and its natural light. Second, take down heavy drapes or blinds. Pay attention to where the natural light reaches in each room, and strategically place lamps or sconces in darker corners. Bright and airy homes are inviting and look amazing in photos.
  4. Make Needed Repairs. Reattach loose floorboards and trim, spackle holes and dings, deep clean your bathroom, or remove dingy carpet and get your floors cleaned. Your broker (and your buyers) are looking at this apartment much more closely than you have in ages. Fix anything that you would want fixed before you move into a place.
  5. Declutter & Depersonalize. If a potential buyer can tell you have kids or pets by the clutter or the smell, you’ve got some more staging work to do. In a literal sense, get organized. Even your closets, because you know people are going to open them. In an abstract sense, you don’t want your life and presence to dominate the apartment. The staged home should feel like an idealized, cozy blank slate waiting for new owners to put their own personal touches on.

Finishing Touches

Staging is a necessary and fundamental part of the process of selling a home in New York. Whether you go the virtual, broker, or professional route, we hope we’ve helped you understand how the time spent cultivating your home can directly translate into a larger check on closing day.

If you want to stage a NYC apartment and need guidance, please reach out to any of the brokers or agents on the Gasdaska Conlon Team. We would love to help you transform your home into an ideal blank slate for your buyers so you can get the best possible price.

Looking for more resources? Check out our dedicated Buyer and Seller info pages!

The Ultimate Guide to Buying an NYC Apartment
The Ultimate Guide to Selling an NYC Apartment

Why is Central Air SO Uncommon in New York City?

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Whether you’re searching for a rental apartment or looking to buy the perfect home in Manhattan, you may have noticed a surprising trend (especially if you’re not a native or long-time NYC resident). Most New York City apartments don’t have central air!

Why is it so hard to find an apartment in New York with central air conditioning?

The lack of central air in most buildings in New York City comes down to when they were built. The NYC Department of Buildings reports roughly 75% of the residential buildings throughout the five boroughs were built before 1960. Central air didn’t become standard until the late 60s/early 70s. 

So, that charming pre-war you’ve got your heart set on may not have central air conditioning. If you’re renting, is it your landlord’s duty to provide a cooling solution? What did New Yorkers do to cool off before central air? What can you do now to keep your new apartment as comfortable as possible?

Beat the Heat This Summer Without Central Air

Coping With Heat Waves in the City

Most of the apartment buildings in New York City were built before central air conditioning became a standard amenity. But central air has been popular in the rest of the country for years now…so why are most apartments still reliant on other AC solutions?

The short answer: time and money.

Retrofitting older buildings with central air is expensive and extremely labor-intensive. Walls or floors must be broken down, ductwork installed, walls or floors must be refinished and repainted, and the air conditioners must be wired in and installed on the exterior or roof of the building.

Adam Dahill, the owner of boutique design and development company Dahill & Bunce, shared the costs of installing air conditioning in a CNBC article:

“Dahill is currently restoring a 3,900-square-foot Brooklyn brownstone. The total renovation cost is around $900,000. Of that, the air conditioning, a ducted split system, costs $65,000.”

In the same article, CNBC reporter Sophie Bearman gives the Plaza Hotel as an example. The iconic hotel underwent a massive renovation from 2005-2007, with the total cost of remodeling the building sitting at $450 million.

The installation of central air at the Plaza in 2005-2007 dollars? $25 million.

And that expense and time are what it costs IF you are even allowed to install central air conditioning in the first place. New York City buildings are notorious for their strict landmark and historic building regulations, so you may not even have the option to put in central air.

If you are dead-set on your apartment having traditional ducted AC, you’re probably going to want to look at new construction – it’s the only type of building in Manhattan that is more likely to have ducted AC than not.

But if you’re wanting to enjoy a beautiful pre-war or even mid-century apartment, what should you do every summer when outdoor temperatures rise?

AC Solutions for NYC Apartments That Aren’t Central Air

Though NYC landlords are legally required to provide heat for their tenants in the colder months, there are no similar requirements for AC in the warmer months. If you own your apartment instead of renting, you’re on your own as well.

Thankfully there are a number of less expensive and less complex air conditioning options available for New Yorkers to use in their homes, whether they’re renting or buying. 

  1. Portable Unit
  2. Ductless Mini-Split
  3. Through-wall Unit
  4. Window Unit
portable air conditioner

1. All About Portable AC

Portable AC units are standalone air conditioners, usually on wheels. They are commonly about the height of a mini-fridge with a freezer on top, and can usually be found at any big box home improvement store.

Typically, portable ACs use a window venting kit to expel any exhaust. The window venting kit resembles the exhaust of a clothing dryer, with accordion tubing. There may also be a drainage hose to run outside.

Many of these types of air conditioners have water reservoirs that are intended to help dehumidify the room they’re in. You do have to empty them occasionally unless they are one of the rare models which come with a drainage hose.

Portable ACs can be relatively inexpensive (compared to renovating) and easy to set up, which are two big perks. A significant drawback is that they can really only cool one room at a time. If you’re in a studio apartment with at least one window for exhaust ventilation, that won’t matter as much! But if you’ve got multiple rooms to cool it might be too much.

Portable AC units are also quite loud – depending on the model, of course.

ductless mini split air conditioner exterior

2. Everything You Need to Know About Ductless Mini-Split AC Units

Ductless mini-split air conditioners have to be installed on or near exterior walls because there are indoor and outdoor components. The outdoor part houses a compressor or condenser, while the indoor part handles the air.

Between the two halves of the unit runs the conduit, which includes the power cable, refrigerant tubing, suction tubing, and a drain.

These air conditioners are usually wall-mounted, at or above head level.

Some models/systems can accommodate multiple indoor units attached to one outdoor unit. Each indoor unit has its own thermostat so those rooms can be cooled independently as needed. This and the lack of energy losses that come with ductwork makes these an extremely energy-efficient option.

Ductless mini-splits fall behind other options when it comes to the cost, unfortunately. The flexibility and energy efficiency come at a high price. If you’ve got the budget it may be worth the expense, but there are definitely more affordable options out there.

through wall air conditioners on the side of a brick building

3. Through-wall Units Explained

If you’ve ever stayed at a hotel or motel with an air conditioning unit below the window on an exterior wall, you’ll be familiar with through-wall AC units.

While some through-wall ACs resemble window units to the layman’s eye, there are a few key differences. 

Through-wall ACs only vent exhaust through the back of the unit, not the sides. They are usually permanent fixtures as well, not something you put away in the wintertime. They can be much quieter than window units, as the wall absorbs some of the noise the air conditioner makes. 

These are more expensive than window units, considering the additional construction costs. Cutting through a wall to put in an AC is labor-intensive, and if you’re working with a historic building, you may not be able to install one at all. Through-walls are still much more affordable than ductless mini-splits. 

window air conditioner

4. Window Unit Air Conditioners

If you’ve ever walked through the streets of NYC in the summertime you’ve likely spotted the favorite AC of many New Yorkers: the window unit. But why are they so popular?

Window units are seasonal appliances. You can easily install it when it gets warm in the spring and then take it down in the fall when the days begin to cool so your home isn’t drafty. And you get your view of the city back when you do so.

The modern window air conditioner is a powerful and energy-efficient workhorse. Most come with a frame that helps sit the unit squarely in your window. Add a support bracket on the exterior of your building to prevent any accidents, and you’re good to go.

They typically vent exhaust out of the sides and back of the unit, unlike the through-wall which only vents out the back. They can usually dehumidify your apartment while they cool it too, which is great for the muggy, humid summer months New York experiences.

Most window ACs manufactured today also operate on standard 120-volt outlets, which isn’t always the case for older models. Unfortunately, you’ll likely have to get one per room, and they are quite noisy.

Installing a Window AC to Code and Safety Regulations 

In New York City, you do not need a permit to install a window AC, but the city has installation guidelines on their 311 website. We recommend that you follow them, in order to ensure that your unit is installed securely and isn’t at risk of falling onto a pedestrian or car below. You could be held liable for damages or medical bills if that were to occur.

Before you get started on the installation, there are three things you should check out. Make sure there is a three-prong 120-volt outlet (a normal outlet) near the window. If you don’t have one near any of your windows and have to use an extension cord, purchase one that is rated for air conditioner use.

The next thing to be aware of is that your air conditioner cannot block an emergency exit window that accesses a fire escape. This is a violation of fire code and could result in you being fined, or worse. Make sure that the window you choose isn’t an exit.

The third action item is to install a bracket that can hold the weight of the air conditioner on the outside of your window. This is crucial to ensure the stability of your unit and prevent any falls from occurring. 

The Cooldown

While you can install central air conditioning if you have an excess of time and money, most New Yorkers opt to cool their apartments with less permanent solutions like window AC units. 

Whether you choose a portable AC, ductless mini-split AC, a through-wall unit, or a window unit, follow the installation guidelines issued by the manufacturer. Don’t forget to check for safety guidelines with NYC 311 as well.

And if you’re looking for an apartment with a particular cooling solution, feel free to reach out. Our team would love to help you find an apartment that helps you balance staying comfortable in the summertime with all of your other wishes and needs.

Looking for more resources? Check out our dedicated Buyer and Seller info pages!

The Ultimate Guide to Buying an NYC Apartment
The Ultimate Guide to Selling an NYC Apartment

Washers and Dryers – Why Can’t New Yorkers Have Them?

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In-unit washers and dryers aren’t standard amenities in NYC apartments. While you can expect to find at least a stackable unit in most luxury-priced apartments, those in lower price points tend to rely on either building laundry rooms or external laundry services.

But why is that the status quo? Why do most New York apartments lack washers and dryers?

Many NYC buildings’ plumbing infrastructure is too old and can’t handle the additional capacity needed for each apartment to have in-unit washers and dryers. If the building happens to allow a renovation that allows for laundry facilities, it still may not be possible to add them because of wet over dry rules.

Many residential buildings in Manhattan were built in the late 1800s or early 1900s before it was common to have washing machines and clothes dryers in apartments. These buildings were meant to accommodate hand washing dishes, bathing, and not a whole lot else. But that’s not always the whole story – let’s take a closer look.

Would you rather watch a video about washers and dryers than read a blog post? We’ve got you. Click below.

There’s Not Enough Room

A typical laundry room is realistically used infrequently, compared to other areas of an NYC apartment, so many apartment owners opt to use the space more efficiently. Why pay for space 100% of the time when you could use it for a larger closet, extra bathroom, etc?

While it’s possible to squeeze small stackable washers and dryers in most closets, the load size will likely end up so small that owners or tenants would rather take their laundry to a laundromat or pay a laundry service to take care of it all at once.

Wet Over Dry

The “Wet-Over-Dry” rule states that wet rooms, like bathrooms, kitchen, and laundry rooms, need to be placed directly above wet rooms in other units. This way, in the event of an overflow or water damage, the water will (theoretically) be contained to the wet rooms.

All co-op and condo buildings require owners to submit renovation plans before starting any work. This allows those managing the building to check for any potential issues. You can sometimes find whether or not your building allows wet-over-dry in your building’s information online, or you can always ask your building’s super.

It’s Too Expensive

Many owners or tenant/shareholders would like to add in-unit washers and dryers, but the cost is also somewhat prohibitive. Just imagine trying to renovate the plumbing (and electrical!) in a building in the middle of Manhattan, full of residents, without disturbing every single apartment…it’s just not possible.

It also certainly wouldn’t be cheap. Renovations in NYC have more red tape and regulations than most other places in the world, both of which add to the total bill. Just to add a washer or dryer, you have to file for permits with the Department of Buildings, not to mention clear things with your board.

Each washing machine must be connected to a water supply, a large capacity drainage system, and a dedicated electrical circuit. Additionally, each dryer needs to be vented directly to the exterior of the building and cleaned regularly to avoid fires.

The cost of adding all of the required infrastructure for washers and dryers to buildings not originally designed for them is not manageable for a lot of New Yorkers. 

There Are Existing Drainage Issues

If an apartment building, or even a specific unit within an apartment building, has existing drainage issues, it is unlikely the building will allow washers and dryers.

The sheer volume of water that washing machines use can make any existing pipe and drainage problems so much worse. To illustrate just how much water washers use, an average toilet uses between 1.5-3 gallons per flush, while washing machines can use up to 30 gallons per load.

If the existing pipes in the building aren’t rated for that level of flow, you’ll end up with problems both in fueling the washer with enough water to run and draining the water quickly enough after the load is finished washing.

Listen to our podcast on the subject of laundry in NYC here:

There Are Better Laundering Solutions

Laundry is a fact of life – everyone has to do it (or have someone else do it). Many buildings that don’t allow washers and dryers in each apartment will have laundry facilities just for their residents. But that still means you have to lug your laundry down and sit with it until it’s finished.

If your building doesn’t have laundry facilities, you might find yourself making frequent trips to the laundromat. There are many available in all areas of the city, but again…you have to pack up your laundry, get it there, and sit with it until it’s clean.

That’s why so many people opt for wash and fold services instead. Some even offer pickup and delivery, and can even interface with your doorman (if your building has one). 

Interested in wash and fold laundry services? Here are the top 10 rated services on Yelp as of the time of writing!

Need help finding apartments with washers and dryers? Please reach out! The members of the Gasdaska Conlon Team would be thrilled to work with you.

Looking for more resources? Check out our dedicated Buyer and Seller info pages!

The Ultimate Guide to Buying an NYC Apartment
The Ultimate Guide to Selling an NYC Apartment

How To Find Out Who Owns A Property In New York City

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Finding out who owns a property in New York City can be challenging. While it might be as straightforward as contacting your county tax official in other areas of the country, New York City residential real estate has cooperatives and other unique property types that make things a little more complicated.

It’s easier to find out who owns a co-op than most other types of NYC real estate since they are typically only allowed to be purchased by individuals. Condos, new developments, etc. are more likely to be owned by LLCs or larger institutions, so identifying the individuals responsible for a certain apartment is a bit harder.

In this article, we’ll take a look at how New York City property ownership has changed over time to include more LLCs, how new developments are unique, and the best ways to try to find out who owns a property in New York City. Let’s take a deeper look:

How NYC Property Ownership Has Changed Over Time

Why Do People Want To Know Who Owns A Property In New York City?

Why is this even a concern? Does it really matter who owns a New York City property once owners change hands? It depends on the person, but most buyers just want to be informed.

When you’re talking about likely some of the biggest financial transactions of New Yorker’s lives, people want to know who they are purchasing from – is it a fellow NYC resident that is just moving to another place in the city? Or is it an international corporation that bought the property as an investment?

LLCs Role in NYC Residential Real Estate

Over the past few decades, it has become increasingly hard to find out who owns a property in New York City due to shifts in how people take ownership of properties.

Eric French wrote an article diving deep into housing ownership change from 2002-2014. While he only looked at the East Village, he highlighted an interesting trend – more and more properties are being purchased by LLCs than ever before.

Anecdotally, this makes sense. While co-ops still make up the majority of NYC’s inventory, condos are becoming increasingly popular for a variety of reasons – one of which being the privacy that purchasing through an LLC allows.

People also purchase properties through LLCs if they have significant assets outside that holding, so if something goes wrong, the LLC would be held financially liable rather than the individual.

LLCs Don’t Mean Total Privacy

The lack of transparency about who makes up LLCs, and therefore anyone who owns a property in New York City, was addressed by the NY government in September 2019 with two new laws:  New York State Tax Law §1409 and New York Administrative Code §11-2105.

In short, these two laws work together to require the full name and address of every member of an LLC that acquires or sells residential real estate in NY.

But even with the new law in place, some requests for information filed by reporters have been denied. Syracuse.com was denied access to LLC records, which is just one example of how there is still quite a bit of mystery around members of LLCs. 

Long story short, if you’re thinking about purchasing a property from an LLC, know that you may only be able to find information about the LLC itself, not the individual(s) who are a part of it. That’s not necessarily a bad thing, but is something to note.

New Developments

If you’re purchasing a new development condo and it’s the first offering of the unit (also called a sponsor unit), you’re most likely purchasing the property from the developer or their financial institution.

Typically, new developments are financed by a developer through a construction loan from a bank, and it will be relatively easy to find who financed the construction.

For example, Central Park Tower was developed by Extell Development Company and financed by Shanghai Municipal Investment (SMI) – both facts easily found right on Central Park Tower’s official website.

Once the unit is no longer a first offering (or sponsor unit), it’s exactly like any other resale condo transaction – both the buyers and sellers are individuals, not banks or developers.

However, there is one loophole, even for condos. It is entirely possible for an LLC or other entity to purchase a sponsor unit in a condominium building from a developer. That means that even if it’s a resale property, it might be more difficult to determine the individual that owns the unit.

Methods To Find Out Who Owns A Property in New York City

Work With A Great Real Estate Agent or Broker

By far the easiest and most reliable way to find the most accurate information about who owns a property in New York City is to contact a great real estate agent or broker.

We have tools that aren’t publicly available to help you learn all you need to know before purchasing a property – not to mention the personal connections we’ve made throughout our career.

If you have a property in mind and need help to find out more, reach out! Our team is known for their superior market knowledge and unparalleled customer service. We will do our very best to find any and all of the information you’re looking for and guide you through the often confusing process of buying or selling property in New York City.

Don’t worry – if your heart is set on finding out who owns a property in New York City by yourself, below are some tools you can use:

ACRIS

The Automated City Register Information System, or ACRIS, gives you access to property records for Manhattan, Queens, Bronx, and Brooklyn from 1966 to the present. If you are searching for a property on Staten Island, you’ll have to visit the Richmond County Clerk’s Office website instead. 

To use the tool, you’ll need to know either the property’s address, the owner’s name, or the property’s tax designation. It also is helpful to know the type of property (i.e., multi-family dwelling, commercial, vacant, etc.)

There is no cost to use the online ACRIS search tool. If you need a physical copy of a property record, you can print the record for free from a personal printer, or you can request copies from the City Register Office. An uncertified copy costs $1/page, and a certified copy costs $4/page at the time of writing.

Beyond searching for property records and information, the ACRIS system can also help you compute property transfer taxes, and create helpful documents, like cover pages and tax forms. 

Property Shark

Property Shark is a popular tool used to find out information on buildings in New York City. It is a search tool that you can use to find out all kinds of information, including:

  • Property characteristics
  • Property value
  • Sales history
  • Owner’s name and contact information
  • History of foreclosure
  • Zoning information
  • Title documents
  • Liens

Certain information is available at no cost on Property Shark, but other information is locked unless you sign up for an account. There are several tiers of subscriptions available on the website, ranging in both additional features available and price, but you can expect to pay between $60 and $160.

(If you’re considering paying for a tool, just reach out…we CAN help and will likely be able to find more reliable information about who owns a property in New York City)

Property Shark is a great tool for investors and real estate brokers and agents. It provides the user with detailed and interactive maps of the area around a property, and also has several useful features for putting together targeted mailing lists for specific properties and areas.

NYCityMap

NYCityMap is another great tool for searching for who owns a property in New York City. By searching for a specific address, you can find information about the building, including:

  • The owner
  • When it was built
  • Zoning information
  • How many units it has (residential/commercial)
  • Total square footage

The information on the site should be taken with a grain of salt, though, as the databases aren’t always updated quickly when the information changes, and the search engine itself can prove to be a bit tricky. 

When you’re searching for a specific property, search only for the name and number of the property, as in “20 W 34 st”, and avoid searches like “20 west thirty-fourth street”.

If you can’t find the address this way, you can try searching for the 10-digital BBL (Borough, Block, Lot). You may be asked to confirm a few details about the property (i.e., neighborhood, county, etc.), and then the program should display the building’s information. 

RealtyHop

RealtyHop is a search platform that organizes New York City property records from multiple sources into one place. All you need to search for information on a property is the address, or the organization/owner’s name. 

This particular search platform provides the following information about properties in New York City:

  • Ownership information
  • Tax information
  • Transaction history
  • Detailed photos and descriptions
  • Map
  • Other building or individual unit statistics

This service is free to use, but to access all its features, you will need to create an account and log in to the website. RealtyHop can be very helpful if you’re looking to find out the investment potential of a property, or the price at which similar properties were listed for sale recently. 

New York State Division of Corporations, State Records, and UCC

Sometimes, when you’re using free-versions of search engines like PropertyShark, NYCityMap, or RealtyHop to try to find out who owns a property in New York City, you can only find the name of the corporation that owns the building.

By searching the corporation’s name on the New York State Division of Corporations, State Records, and UCC website, you can (sometimes) find the name of the person or people that owns the corporation. 

As with any free search tool, it’s best to double check any information you find with other sources. The delay in updating databases can sometimes provide you with information that is no longer accurate. 

Skip the Hassle – Find A Great Real Estate Agent or Broker

Like we said above, the easiest and most reliable way to find the most accurate information about who owns a property in New York City is to contact a great real estate agent or broker.

Why waste time searching by yourself to still have questions about the accuracy of the data at the end?

Our superior market knowledge and informative white-glove approach ensures that our clients experience nothing but the best – and we’d be happy to help you find any information you’re looking for about a NYC real estate property.

Ready to get started? Send us a message or give us a call. We can’t wait to hear from you!

Looking for more resources? Check out our dedicated Buyer and Seller info pages!

The Ultimate Guide to Buying an NYC Apartment
The Ultimate Guide to Selling an NYC Apartment