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Buying A Condo in NYC: A Thorough Step-by-Step Guide

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New York City real estate is different – even if you’ve owned real estate before in other states or counties, the process here in the city is full of unexpected legal twists and turns which can trip up anyone, even seasoned investors. So, how do you go about buying a condo in NYC?

  1. Speak with your bank (or mortgage company, if financing) to determine budget
  2. Find a well-respected real estate agent from a reputable brokerage to facilitate the search and transaction process. Once you have your agent secured, they’ll help you find a condo that you’d like to purchase
  3. Find a real estate attorney before you need to prepare an offer so you can hit the ground running once you’ve found the condo you’d like to purchase(your agent should be able to recommend one)
  4. Work together with your agent and attorney to prepare and submit your offer, enter negotiation, and (hopefully!) get an accepted offer.
  5. Your agent will prepare the deal sheet, which is a summation of the terms of the transaction and send it along to both the buyers and sellers attorneys
  6. Sellers attorney will draft the contract of sale while your attorney does their due diligence on the apartment/building and negotiates the contract on your behalf
  7. Sign the contract and pay your contract deposit (10% of sale) – Buyer signs first, then the Seller
  8. Work with your mortgage banker to submit your loan application – the commitment letter, loan application, and appraisal are commonly requested in the application to the board. If financing, lock in an interest rate with your mortgage lender
  9. Your attorney assembles the title report
  10. Work with your agent to prepare and present your application to the condo board in order to obtain the waiver of their right of first refusal
  11. Get the clear-to-close from your lender and schedule your closing date
  12. Buy a homeowner’s insurance policy
  13. Your attorney will provide you with a closing statement prior to closing with instructions on the checks that must be prepared for closing
  14. Do your final walkthrough of the home with your agent just before the closing date in order to make sure the apartment is in the same condition after it has been vacated by the seller and according to the contract of sale
  15. Attend your closing and get your keys! You’re done buying a condo in NYC!

For the purposes of this guide, we’re including steps that must be taken if you’re planning on financing part of the purchase. If you’re not financing, good news! You’ll have a few less items to check off your to-do list.

While the list above covers the basic flow of buying a condo in NYC, there’s a lot more to each step than meets the eye. Read on to get inside knowledge about each step of the buying process AND learn more about what makes condos so desirable to property investors in Manhattan.

Step-By-Step Breakdown

Step 1: Get Your Financing Documented and Approved

Buying a condo in NYC is different from many other places around the country and world. If you’ll be financing any portion of the sale, you’ll need pre-approval or pre-qualification from your bank or lending institution. These documents state what your lender is willing to give you in order to finance the purchase.

  • A pre-approval is more formalized, and therefore more accurate. In order to get one you have to submit pay stubs, tax returns, bank and brokerage statements, and agree to a credit check.
  • A pre-qualification is a less formal document that a lender gives out stating the amount they think they’d be willing to lend you without extensive financial documentation to support that estimate.

It’s important to have a solid grasp on your budget and buying power because you’ll need it when you submit an offer on an apartment – it’s customary to submit your pre-approval letter and a REBNY Financial Statement whenever you put in an offer on a condo in NYC.

Step 2: Getting a Real Estate Agent and Apartment Hunting

While it’s technically possible to purchase an apartment in Manhattan without a real estate agent, the market is so competitive and there are tons of nuances to negotiating a contract to closing. We wouldn’t recommend trying to navigate that minefield by yourself.

PS: We covered this in-depth in Episode 17: What To Look For In A Great NYC Real Estate Agent

Here’s what to look for in a good real estate agent:

  • Specialization in the type of transaction you’re interested in (geographic area, price point, etc.)
  • Someone that you trust – they will likely know more about you (especially financially) by the end of the transaction than almost anyone else in your life
  • Someone that understands the unique challenges that purchasing property in NYC entails
  • Experience – this should not be their first transaction… you want someone seasoned when you’re buying a condo in NYC, a significant investment.

When you’ve found a real estate agent that you click with who is knowledgeable about condo purchases and the market as it stands, it’s time to start apartment shopping. Your agent can help you figure out what you absolutely must have in your new home, find listings that fit that criteria, and schedule showings around your day-to-day life. 

We recommend allowing at least 2 months for apartment hunting, as some of your deal-breakers or must-haves may not reveal themselves until you’ve seen a few apartment listings. That being said, it can take as long as you need it to, whether that’s 6 days or 6 months. 

Check out Corcoran’s listings in New York City here!

Step 3: Choosing a Real Estate Attorney

New York is a state that requires an attorney to close a real estate transaction, so you’ll need to find a great real estate attorney in order to actually move forward with buying a condo in NYC.

Note that we said real estate attorney, not just a ‘regular’ attorney – there’s a big difference. If the person you have in mind doesn’t work in real estate transactions day in and day out, you’re better off hiring an expert. The good news is, your real estate agent absolutely knows and regularly works with at least a handful of excellent real estate attorneys, and they’d be happy to recommend you to someone they trust.

The real estate attorney’s work really starts once the offer is accepted, but they are an integral member of the team throughout the transaction, so you’ll want to find someone you can trust sooner rather than later.

Step 4: Making An Offer (And Getting it Accepted)

Once you have your heart set on a particular condo, it’s time to put together an offer. Discuss what apartments with similar floorplans and finishes are selling for in your neighborhood with your agent, and consider those comps when deciding how much you want to offer.  Presenting an offer on a NYC apartment is typically more involved then just submitting a price, trust your agent to guide you on what items to include with the offer and how to make your offer as compelling to a seller as possible.

After you submit your offer, it’s time for your real estate agent to shine. Negotiations can be tricky, especially if sellers are set on getting the highest price possible. However, your agent will work with you to strategize and negotiate a fair price, concessions, and get you one step closer to buying a condo in NYC. 

This process can take a day, a few days, or even a few weeks, depending on how many offers have been made on the apartment and how responsive both your team and the seller’s team is. Time is one of the biggest factors in deals falling apart, so it’s important to move quickly whenever you can in order to ensure things go smoothly.

Step 5: The Deal Sheet and Due Diligence

Once your offer is accepted, a deal sheet will be circulated amongst both your and the seller’s teams. This is a detailed breakdown of all of the specific terms of the transaction. It’s important to review and meet these terms as soon as you can in order to get to the contract signing, which locks in your deal.

The finalized deal sheet is then used by your attorney to complete their due diligence. This consists of your attorney researching/reviewing the condo building’s offering plan/prospectus, most recent financials, board minutes, and acquiring a completed questionnaire from the managing agent in order to identify any hiccups which could disrupt the sale or have an adverse effect on you as a new owner. 

You will receive a summary of their findings when they complete their due diligence, and if there are no issues which prevent the purchase from going forward, you can move on to the next step.


Step 6: Signing the Contract and Paying the Contract Deposit

After due diligence is completed and no issues are found, you will be the first to sign the contract, which sets the rest of the sale in motion. Until you sign the contract, nothing is legally binding, so it’s important that you get here quickly after your offer is accepted. 

When you sign the contract, it’s also time to pay your contract deposit to the seller, which is typically 10% of the purchase price. This deposit is usually held in escrow by the seller’s attorney until the closing date, when it is applied to the total cash you are required to bring to closing. 

Step 7: The Commitment Letter and Locking in Your Interest Rate

After you sign the contract and pay your contract deposit, the seller will also sign the contract. At this point your contract is considered fully executed and all the other dominoes begin to fall into place. 

It’s important to be really active in this step of the process as you usually have about 30 calendar days after the contract becomes fully executed to submit the commitment letter from your mortgage company and the board application to the managing agent and board. 

This commitment letter is essentially a step up from a pre-approval. In order to get it, your lender asks for an even more in-depth look at your finances and the finances of the condo, and in turn they provide a more detailed commitment to how much they’re willing to lend you and lock in the interest rate on your loan.

It’s crucial to schedule an appraisal upon the contract being fully executed, as you’re getting the commitment letter, because your lender will want to see that the property is satisfactory and fair compared to the purchase price you and the seller have agreed upon.

Step 8: Title Report

While you are focused on your commitment letter, your attorney will order a title report for your new apartment. This means they conduct title searches on the apartment, the building it’s in, and even the land it’s built on. 

This search is part of the legal process which makes sure that the seller is able to provide you a clean deed at closing. Buying a condo in NYC is a breeze with the peace of mind a title report brings.

Step 9: Condo Board Approval

If you’ve done any amount of research on buying an apartment in NYC, you’ve likely come across some horror stories about co-op board applications. Luckily, condo boards are generally much more relaxed when it comes to getting their approval on a sale. 

Learn more about the differences between co-ops and condos in Episode #5

You and your agent will put together a presentation package focusing on your financial profile, but may also include reference letters, etc., and typically are very similar to a co-op application in regards to the requested documents. Don’t worry, buying a condo in NYC isn’t nearly as daunting as a co-op purchase. The condo board wants to see that you have the money on hand to pay the down payment and what your debt to income ratio is, to prove that you can easily afford the mortgage payment on your new condo. 

While condo boards have the right of first refusal to a sale, invoking that right includes the caveat that the condo board must then purchase the condo at the price and terms that you and the seller agreed upon. This means that condo application denials are extremely rare, though not completely unheard of, and it is really in place in order to deter one owner from severely under-selling their apartment in the building.

Step 10: Clear-to-Close and Choosing a Closing Date

Following the approval of your purchase by the condo board, you’ll get a final clearance to close from your lender. Once you have that in hand, you need to schedule your closing date. It might be hard to get your ideal closing date, due to the number of people whose schedules you have to coordinate with.

Step 11: Homeowner’s Insurance

Purchasing a homeowner’s insurance policy is always a good idea, but if you’re financing it’s likely a requirement of your mortgage. Make sure you have one secured before your closing, so that you can enjoy your new home with peace of mind that its contents are protected!

Step 12: Closing Disclosure and Checks

In the days leading up to your closing date, keep a close eye on your email or mailbox for your closing disclosure and check instructions. The closing disclosure is a document from your lender that explains in detail all of the facets of your mortgage (loan fees, interest rate, taxes, closing costs, etc).

Your attorney will advise you on the check instructions in order for the closing day to run smoothly and for you to finish buying a condo in NYC. They must be official bank checks or certified checks from a member bank of the NY Banking Clearinghouse. If that responsibility is overwhelming, you can wire your attorney the total of all the checks needed and ask them to prepare your checks for you.

Step 13: Final Walkthrough

While you don’t necessarily need to look over the property with a fine toothed comb, the final walkthrough is your last chance to note any issues with the apartment that you would like addressed before you take possession of it. Especially if there were repairs requested as a part of the sale, this is the time to make sure your new home is to your satisfaction! 

If you uncover anything that needs to be addressed, your agent will negotiate with the seller’s team to handle your concerns and make any adjustments before closing.

Step 14: Closing Day 

Generally, closings take a while, because there are so many forms for everyone to review and sign. Be ready to spend a couple of hours reviewing and signing papers. You will have your team (agent and attorney) with you, as will the seller, and there will be a representative from your lender if you’re financing your purchase. 

Ultimately, once the forms are all signed and everyone has been paid their fees, you’ll get your keys and officially be done buying a condo in NYC!

Condo Nuances

The distinction between a condo and a co-op is NOT an architectural one. Instead it’s a difference in the ownership and management structure of the building and the limitations the management places on what you may or may not do with your apartment.

What this means for you is that there may be two identical apartments in two identical buildings, but if one is a condo and one is a co-op, there will be a marked difference in the purchase price and process. When you’re buying a condo in NYC, you actually own the apartment outright and own a percentage of the building’s common areas.

In a condo building, there is a board which runs the condo association and manages the property, but they don’t typically restrict how you take ownership nor your ability to sublet the apartment. If you want the option to sublet the apartment in the future, are a foreign buyer or investor, or want to take ownership in the name of an entity rather than your personal name(s), a condo is the property for you.

The slight drawback to the freedom and flexibility owning a condo gives you is that they are generally much more expensive than co-ops of the same floor plan and finishes. Expect to pay or finance at least 15-20% more when buying a condo in NYC, if that’s the path you choose.

Closing on this Blog Post

While buying a condo in NYC, the greatest city in the world, is more complicated than in the rest of the United States, it’s a process that can be fun and relatively quick if you choose your real estate team wisely and make sure to stay engaged in every step of the process.

If your agent has New York City-specific real estate expertise, superior market knowledge, and an informative white-glove approach like that of the members of the Gasdaska Conlon Team, you’ll be kicking your feet up in your new condo in no time.

Have any lingering questions that we didn’t answer? Ready to take the first steps toward buying a condo in NYC? Please, reach out! The Gasdaska Conlon Team is here to help you in any way, whether you’re a first-time buyer, a long-term client, or just curious about the process.

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

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How To Find a Quiet Apartment in NYC + Which Buildings to Avoid

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New York City’s diverse and dynamic nature can be a double edged sword. We are surrounded by businesses, restaurants, and neighborhoods of all shapes and sizes, but there’s no doubt – New York City and its 8.85 million residents are LOUD. So, how do you find a quiet apartment in New York City?

In general, pre-war apartments tend to be quieter than their post-war or new construction counterparts. Before WWII, thicker walls, thicker floors, and wood doors were standard building practices. These go a long way towards reducing noise transfer from one unit to the next. 

While this newfound knowledge can help you narrow down your Manhattan apartment search a bit, our New York City real estate expertise has taught us a number of tricks to find a peaceful home in the city that never sleeps. In the rest of this post, we’ll share those tips with you and drill down on what makes pre-war apartments so desirable when it comes to a quiet apartment in New York City.

A Brief Pre-War Apartment History

Pre-War Era

To be crystal clear, the “war” in pre-war is WWII. In other words, ‘pre-war’ refers to the construction in the era between 1890ish and 1942. At the time, labor was inexpensive and plentiful, which contributed to the rapid growth that NYC saw in that time period.

Resources were in abundance, so it was standard to have thick masonry exterior walls and lath and plaster interior walls. Poured concrete floors were the norm, as were solid wood doors throughout these buildings. Elevator shafts were typically faced in thick masonry as well. 

Post-War Era

When the United States joined WWII, construction materials were diverted to military efforts and many laborers joined the fight. This meant that builders had to make do with what resources and workers they had. Walls and floors became thinner as corners were cut to successfully house people with the restrictions the war effort placed on civilians. 

By the time the war ended and soldiers returned home, building practices had shifted permanently. In other words, we entered the era of post-war construction. And the era of buildings without a quiet apartment in New York City.

New Construction

In the 1990s, pretty much all the boroughs underwent significant neighborhood revitalization thanks to efforts by the city and local government. Much like pre-war times, the city saw significant changes in a small period of time. We now refer to this era as ‘new construction’, a term that is typically applied to apartments built in 1990 or later.

What Makes a Pre-War Building Quieter?

Lath and Plaster Walls

Lath and plaster walls are responsible for a great deal of the soundproofing in pre-war apartments. And while it’s not commonplace anymore, lath and plaster was about as common in the pre-war era as drywall/sheetrock is today.

Lath and plaster walls are built by tacking 1×4” laths (narrow wooden boards) to the wall studs horizontally. Two rough layers of lime or gypsum plaster are applied over the laths to fill any gaps between the boards and create a smooth wall surface. Last, a smooth white plaster finish is applied, creating a wall surface that averages ⅝-¾” thick.

In contrast, modern drywall is typically only ½” thick, and it is directly tacked to the studs, rather than being backed by wooden laths. Drywall is much more porous and light compared to plaster, which is very dense. 

These differences mean that modern construction walls without soundproofing interventions are much more likely to let noise bleed through than lath and plaster walls, making lath and plaster the obvious choice for a quiet apartment in New York City.

Poured Concrete Floors

Pre-war floors were usually made by pouring a thick concrete slab, usually about 7” thick before the subfloor and wood flooring were added. Meanwhile, modern concrete and steel slabs can be as thin as 3”.

The floors are not only concrete, but they also encase solid steel beams which further strengthen the floors and dampen sound. In other words, the construction practices of pre-war floors make them inherently good at dissipating sound.

Solid Wood vs Hollow Core Doors

Before WWII, interior and exterior doors were commonly made of solid wood, which is quite good at dampening sound. In the post-war construction period however, hollow core wooden doors and later fiberglass or aluminum doors became popular. So modern apartments aren’t the best choice for a quiet apartment in New York City.

If you want to experience the difference between solid wood and hollow core doors yourself, check your front door – it’s much more likely to be solid wood than any other door in your home. Compare the sound that travels through a solid wood door against your interior doors and you’ll clearly notice that the thicker the door, the more sound isolation there is.

Exterior Masonry

Pre-war apartment buildings also relied on extremely thick masonry on exterior walls to regulate temperature and prevent moisture from getting inside, which had the unexpected benefit of also reducing street noise.

Just like interior walls, concrete floors, and doors, the post-war construction era lacked the materials and labor needed to build the massive stone walls found in the pre-war era, so exterior walls became thinner and more permeable to sound over time.

Experienced Broker’s Tips to Finding a Quiet Apartment in New York City

Here are our tips for finding a lovely, quiet apartment in New York City:

  • Look for a higher floor apartment. The more distance you put between yourself and the various noises of the street, the quieter you can expect your new home to be.
  • What does the apartment face? Street oriented apartments get all the traffic and siren noise, while apartments facing the rear of the building generally get much less of that bleeding through.
  • Pay close attention to the surrounding buildings. Noise from neighborhood to neighborhood can greatly differ. Similarly, watch out for bars or nightclubs nearby. The quietest neighborhoods are usually filled with residential or office buildings.
  • Check the Hush City App from the building your prospective apartment is in. Hush City is essentially Yelp for noise levels. Users can review any location’s acoustics and you can cross reference that in your apartment search. (This is not a sponsored post, we just find the app really useful!)
  • Attend multiple open houses/showings of an apartment you’re considering (if possible). By viewing the apartment on different days and at different times of day, you’ll get a sense of what it’s really like living there. Try and get an evening viewing if you can, to see what it sounds like when you’re tired after a long day and want to wind down.
  • Talk to potential future neighbors (with your real estate broker’s blessing). They’ll be able to give you an honest view into what living in the building is really like. Even if the apartment is in a pre-war building, if your upstairs neighbors ripped out all the walls for an open concept floorplan, their flooring is going to be much more flexible, which means you’ll hear more creaks and footfalls. Run this idea by your broker first, though. If your apartment is in a co-op building, chatting up the neighbors could potentially impact your future application to purchase. Always take the guidance of your real estate agent on this topic.
  • Make note of what it sounds like when you tour an apartment. If the floors, doors, or walls are noisy in your apartment, your upstairs or next door neighbor’s apartments will probably be just as loud.
  • Ask your real estate attorney to take a look at noise complaints filed with the board of the building. This is typically done during the due diligence period and is an easy way to get a clear picture of how the building sounds over time.

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

Finding a Quiet Apartment In New York City

While it may seem impossible to find yourself the soundproof apartment of your dreams, with our tricks and the insider knowledge of what type of apartment building to prioritize in your search, you’ll be sleeping easy in your new home before you know it.

If you buy on a high floor at the rear of a pre-war building in a mostly residential or office building filled neighborhood, you’ll likely be set to enjoy a relatively quiet existence in the city for years to come.

The members of the Gasdaska Conlon Team know that purchasing an apartment in New York City can be a daunting task. The Manhattan Real Estate Market moves fast and can be difficult to predict. Please, don’t hesitate to reach out if you or anyone in your household has any questions about the process, or if you are in the market to buy or sell an apartment but don’t know who to work with. We love to help where we can.

Check out our available listings here!

Everything You Need to Know About Living In Soho | Neighborhood Guide

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Soho Neighborhood Guide

Soho’s Location, Origin, and Vibe

What we know as Soho today was originally farmland, like most of Manhattan. Over the years, it became a center for textile warehouses and factories, and then slowly morphed into the artistic, fashionable, expensive neighborhood that it is today. Almost all of Soho is included in the 26-block SoHo-Cast Iron Historic District, which was designated by the NYC Landmarks Preservation Commission in 1973 and extended in 2010. It was also listed on the National Register of Historic Places and declared a National Historic Landmark in 1978.

Much of Soho’s real estate features massive windows, beautiful facades, and tall ceilings. The neighborhood has been home to many artists, and the AIR (Artists in Residence) buildings still exist, though they are pretty uncommon these days. A lot of development happened in the area in the last 15 or so years, and there have been several notable conversions.

Nearby Neighborhoods

Soho sits between Sixth Avenue and Broadway, north of Canal and south of Houston – hence it’s name. It is surrounded by a few different neighborhoods, including:

  • Nolita
  • Lower East Side
  • Tribeca
  • West Village
  • Greenwich Village
  • Chinatown
  • East Village
  • NoHo

Soho Dining

  • Ear Inn
  • Cafe Altro Paradiso
  • King
  • Blue Ribbon Brasserie
  • Charlie Bird
  • Alidoro
  • Shuka
  • Niche Niche
  • Emmett’s
  • The Dutch
  • La Mercerie
  • Raoul’s
  • Omen Azen
  • Coco Pazzo
  • Sadelle’s
  • Le Coucou
  • Le Botaniste
  • Balthazar
  • Osteria Morini
  • Balthazar
  • Mercer Kitchen

Soho Bakeries

  • Multisweet
  • Bagels on the Square
  • Balthazar Boulangerie
  • Dominique Ansel Bakery
  • Levain Bakery
  • Maman Soho
  • HARBS SoHo
  • Eileen’s Special Cheesecake
  • Pi Bakerie
  • Parisi Bakery
  • Georgetown Cupcake
  • Mei Lai Wah Bakery
  • Posh Pop Bakeshop

Soho Shopping

  • Acne
  • Alexander Wang
  • Anine Bing
  • Anthom
  • A.P.C.
  • Céline 
  • Chloé
  • Isabel Marant
  • The Laundress
  • Matter
  • Miu Miu
  • Nike
  • Opening Ceremony
  • Prada
  • Rag & Bone
  • Reformation
  • Repetto
  • Rick Owens
  • Saint Laurent
  • Schott
  • Sea NY
  • TAI Jewelry

Soho Museums and Art Galleries

  • New York City Fire Museum
  • Museum of Ice Cream
  • Color Factory
  • Children’s Museum of the Arts
  • Eden Fine Art Gallery
  • Judd Foundation
  • Opera Gallery
  • Soho Triad Fine Arts Gallery
  • Jeffrey Deitch
  • Peter Freeman, Inc.
  • Team Gallery

Soho Real Estate

Soho is mostly known for its famous cast-iron buildings, though there are a few notable other kinds of buildings in the area. Some co-ops have ground floor units, and the co-op owns the commerical space, which means owners pay no maintenance fees. As you’d expect, though, these buildings are few and far between.

Overall, there is a good bit of quirkiness in the apartments and buildings in Soho because of the regulations on the historic buildings.

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 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.

See Our Listings
Contact Us
Resources
About Jonathan
About John

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!

You can find the Real Talk NYC Real Estate Podcast on Youtube, Apple Podcasts, Spotify, and everywhere else you listen to your podcasts!

Have a question you’d like us to discuss? Just reach out.

Tribeca Neighborhood Guide

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Tribeca Neighborhood Guide – Everything You Need To Know

Tribeca’s Location, Origin, and Vibe

What we know as Tribeca today was originally farmland, like most of Manhattan. Its name actually refers to the ‘Triangle Below Canal Street’, though it’s actually more of a trapezoid. Most of its buildings date from the late 19th and early 20th centuries. Many of the structures used to be textile factories and warehouses, but the neighborhood has changed dramatically over the years.

Now, you are more likely to see world-class cuisine and celebrities than factories and warehouses. The cobblestone streets, old buildings, and general quiet charm make it a favorite of many, including celebrities.

Nearby Neighborhoods

Tribeca is bordered by Canal Street, West Street, Broadway, and Chambers Street. It is surrounded by a few different neighborhoods, including:

  • Soho / Nolita
  • Battery Park City
  • Chinatown
  • West Village
  • Greenwich Village
  • Financial District

Tribeca Schools

Independent Schools

  • Portfolio School
  • The School for Young Performers
  • Downtown Little School
  • LREI
  • NYSARC – NYC Chapter
  • Blue School
  • China Institute

Public Schools

  • PS 150 Tribeca Learning Center
  • PS 234 Independence School
  • PS 89 Liberty School
  • PS 130 Hernando De Soto
  • PS 397 Spruce Street School
  • PS 1 Alfred E Smith
  • PS 343 Peck Slip School
  • PS 124 Yung Wing
  • PS 126 Jacob August Riis

Catholic Schools

  • Transfiguration School
  • St. Anthony’s School
  • St. Joseph School

Higher Education

  • Borough of Manhattan Community College
  • Metropolitan College of New York
  • New York Academy of Art
  • New York Law School


Tribeca Dining and Shopping

  • Bȃtard
  • Marc Forgione
  • Locanda Verde
  • Odeon (this used to be a favorite of Andy Warhol, Robert De Niro, John Belushi, and more)
  • Bubby’s
  • Tamarind
  • Tribeca Grill
  • Posh Pop Bakeshop
  • Warren Street’s Mysterious Bookshop
  • Korin
  • A Uno Tribeca
  • Klein Epstein & Parker

Tribeca Real Estate

Tribeca real estate is some of the most expensive in Manhattan, but it does offer a few things that other neighborhoods can’t: privacy and a relatively quiet setting. While Central Park may not be steps away, there are plenty of tree-lined streets and beautiful views.

  • The Woolworth Building
  • The Oculus
  • The Western Union Building
  • The New York Telephone Company Building
  • 7 The Hubert
  • Sky Lofts (145 Hudson)
  • 56 Leonard Street (Jenga Building)
  • 443 Greenwich
  • 70 Vestry
  • 25 North Moore
  • 27 North Moore
  • 90 Franklin
  • 161 Hudson
  • 195 Hudson
  • Ice House

Tribeca Points of Interest and Cultural Attractions

Though Tribeca is known for its privacy and relatively quiet vibe and feel, there is certainly a lot to do in the area – from art installations to museums and more, you’ll be able to find attractions in the area easily.

One of the nicest parts of Tribeca is being able to take a peaceful stroll along the Hudson. The views are beautiful.

  • The Tribeca Film Festival
  • The Dream House
  • The Anne Frank Center for Mutual Respect
  • The Swiss Institute
  • SohoPhoto Gallery
  • Tribeca Art Factory
  • Hudson River Park
  • Washington Market Park

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 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.

See Our Listings
Contact Us
Resources
About Jonathan
About John

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!

You can find the Real Talk NYC Real Estate Podcast on Youtube, Apple Podcasts, Spotify, and everywhere else you listen to your podcasts!

Have a question you’d like us to discuss? Just reach out.

Buying Property in NYC From Start to Finish

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Buying Property in NYC From Start to Finish: How To Purchase A NYC Apartment

There are a few reasons NYC is different, one being that there is no public MLS. However, in the past few years, all the major brokerages started sharing listing information, which means you can see nearly all the properties available on any of the major brokerages’ websites. In this episode, we cover how to buy property in New York City from start to finish – everything from determining your wants and needs, to which neighborhoods to target, to what the board interview process is like.

Even before beginning your search for the perfect apartment, it’s important to determine your budget. NYC is expensive, so you’ll need to have a significant sum (no less than 10% of your target property’s purchase price) available for a down payment, plus closing costs and other fees. If you have that saved up, it’s time to find a broker!

Step 1: Find a Broker You Can Trust

  • We covered this in-depth in Episode 17: What To Look For In A Great NYC Real Estate Broker
  • This is a huge purchase – you should absolutely do your homework and make an educated choice about which broker you work with
  • Experience is important – you want someone with a strong track record
  • A good broker can help you find the right category of property and the right location because they have the experience to do so
  • Finding the right broker will save you a LOT of time in your search since they have more experience and knowledge of the market and neighborhoods
  • Knowledgable. Honest. Hardworking. This is what you should be looking for in a real estate broker

Step 2: Determine Your Budget and Choose Your Financial and Legal Team

  • Your broker will often refer you to a mortgage banker to help determine your budget
  • Down payments are generally 10% as a minimum, but you will need closing costs and funds for other fees above and beyond the down payment
  • Consider working with a mortgage banker to figure out what your real purchasing power is – it might be less (or more!) than you anticipated
  • You also need to find a great real estate transaction attorney – real estate brokers like our team can provide great referrals

Step 3: Choose Between Co-ops vs Condos

  • We covered this extensively in Episode 5: What Are The Differences Between NYC Co-ops and Condos When Buying?
  • Condos generally have great ease of transfer and ease of use, but they generally cost 15-30% more than co-ops
  • Co-ops are a lot like buying in a country club since you are buying shares of a corporation, not an individual apartment
  • Most of NYC’s apartments are co-ops, so if you decide you want to purchase a condo, you’ll be looking at a smaller pool of properties

Step 4: Determine Your Wants and Needs

  • What are the things that you really want and the things that you really need? Being clear on this can really help streamline the purchasing process
  • Write these down, and reference them often – this will help you stay focused on what you actually want and need
  • These wants and needs often change over time and change as you go through the purchasing process

Step 5: Location

  • Choosing a location or neighborhood is important to help narrow the search – we have tons of episodes diving deep into each
  • It’s hard to truly know a neighborhood until you’ve lived there for a while, so lean on an expert broker to help you determine where you’d likely like to live

Step 6: Go See Properties

  • Sometimes you have to see 5 properties, sometimes you have to see 100 – you won’t know the right one until you see it, and a good broker will stick with you no matter how many showings you need
  • We generally show 5-10 properties in each session
  • This is a huge purchase – it’s okay if you feel like you just need to see more properties in order to feel comfortable making an offer

Step 7: Make An Offer

  •  This is where working with a really great broker can make a huge impact – if the offer is incomplete or poorly crafted, it bodes very badly for both the broker and the potential buyer, and can easily kill a deal
  • Here’s the minimum of what you’ll need for a great offer:
    • 2 years of tax returns
    • Full financial statement
    • Bio for the buyer
    • Real estate attorney (name and address)
    • Pre-approval letter (if you are financing the transaction)
  • Your broker should counsel you on the offer itself – it is in your broker’s best interest to get you a great price so you should trust them

Step 8: Accepted Offer

  • Once the offer is accepted, the work transitions to the real estate attorneys
  • The buyer’s and seller’s attorneys work together to draft a contract and bring it to the clients to approve
  • 10% deposit gets sent to the seller’s escrow account (this is the first time that any money changes hands)
  • The mortgage application and commitment letters happen after the appraisal and underwriting, and this generally happens 3-4 weeks after you go to contract

Step 9: The Board Application and Interview

  • It’s best to get everything buttoned up on board applications and leave no room for questions
  • This is one of the places that buying a condo is different than a co-op because condos have the right of first refusal
  • Co-ops: If you get approved for an interview, you are likely to pass the board interview
  • Board interviews are a lot like job interviews, and they generally last 20-30 minutes
  • This is where our team shines – we write really great board applications
  • Official board approvals generally happen the day after the board interview, but sometimes it can take a few days

Step 10: Setting Up The Closing and Closing the Transaction

  • Once you have the official approval from the board, the attorneys get involved again to set up the closing, and it usually happens at the managing agent’s office
  • You need a clearance to close from the bank before setting up the closing
  • There are a lot of people involved at this stage:
    1. The buyer
    2. The seller
    3. The buyer’s attorney
    4. The seller’s attorney
    5. The mortgage banker
    6. The payoff bank
    7. The managing agent

Step 11: Final Walk-Through

  • The apartment should be in a very similar condition to when the offer was made
  • Holes in the walls (smaller than a dime) remain, but large holes need to be fixed
  • We test various things like checking the appliances, opening the windows, etc.
  • This generally happens a few hours before the closing
  • Finally, after lots of paperwork, you’ll get your keys!

Congratulations! Now you know how to purchase an NYC apartment – the next step is to reach out to an expert broker that can help you find the property of your dreams. Great brokers can help you navigate the often confusing and frustrating ins and outs that come with owning your own piece of NYC.

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

Manhattan’s Smallest Neighborhoods – Sutton and Beekman Place

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Manhattan’s Smallest Neighborhoods – Sutton and Beekman Place

Location

Sutton Place

  • Sutton is located between First Avenue and the East River, from 53rd to 59th
  • Features some of Manhattan’s most expensive real estate

Beekman Place

  • Beekman Place is a small street in the Turtle Bay neighborhood on the East Side of Manhattan. It runs north to south for two blocks, situated between the eastern end of 51st Street and Mitchell Place.
  • Beekman Place the street is different than the neighborhood
  • Really only 3 square blocks

Nearby Neighborhoods

  • Upper East Side
  • Midtown East
  • Roosevelt Island
  • Murray Hill

Nearby Schools

Beekman Place

Public SchoolsPrivate/Secular SchoolsSacred SchoolsFrench SchoolsSchools For Students with Learning Disabilities
  • PS 59 Beekman Hill International
  • PS 78
  • PS 183 Robert L Stevenson
  • PS IS 217 Roosevelt Island
  • PS 267 East Side Elementary School
  • Ella Baker School
  • (The) River School
  • The Montessori School of New York – Manhattan
  • The Browning School
  • The Family School
  • The Cathedral School
  • Queens Paideia School
  • Saint Albans
  • The Geneva School of Manhattan
  • Rabbi Arthur Schneier Park East Day School
  • Lyceum Kennedy French American School
  • Lycee Francais De New York
  • Aaron School
  • The Child School

Nearby Dining/Shopping

  • Not many options within Sutton Place
  • Felidia NYC 243 E 58th St, New York, NY 10022
  • La Villetta 398 E 52nd St, New York, NY 10022
  • Amma 246 E 51st St, New York, NY 10022
  • Neary’s 358 East 57th Street, New York, NY 10022
  • Just to the north of the neighborhood, near the entrance of Queensboro Bridge, are a few shops that sell essentials
  • York Avenue, just north of Sutton Place, is full of fine dining and retail
  • Whole Foods on East 57th Street offers freshly baked breads, a certified cheese professional, custom floral arrangements and gift baskets, squeeze-your-own orange juice machines, and tons of other amenities.

Nearby Transportation

  • (N) (Q) (R) (E) (4) (5) (6) – Stop along Lexington Avenue with some entrances on Third Avenue.
  • M15 Bus travels north on First Avenue and south on Second Avenue.
  • M31 and M57 Buses run crosstown on 57th Street.
  • (N) (Q) (R) (4) (5) (6): 3rd Avenue – 60th Street | 0.58 Miles
  • (M): Lexington Avenue – 51st Street | 0.43 Miles
  • Parking in the area can be hard
  • If the UN is in session, the president is in town, and the whole eastern corridor gets really shut down and traffic gets bad

Nearby Parks/Recreation

  • There are five parks along the East River from 53rd Street to 58th Street. 
  • There is a promenade that connects the 56th Street and 57th Street parks.
  • Gap from 34th to 60th street running path is still under development
  • River Club https://www.riverclubnyc.com/

Nearby Points of Interest

Sutton Place

  • One Sutton Place North
    • Townhouse in the northeast corner of Sutton Place and East 57th Street.
    • It was built for Anne Harriman Vanderbilt, the widow of William K. Vanderbilt.
  • Next door to One Sutton Place North
    • Four-story brick townhouse that was built in 1921 for Anne Morgan, J.P. Morgan’s daughter.
    • The property was donated as a gift to the United Nations in 1972 and now is the residence for the Secretary-General of the United Nations. 
  • Sotheby’s is headquartered on York Avenue.

Beekman Place

  • Built in 1929, One Beekman Place has been called “the most prestigious Beekman Place apartment building”.
    • It was built by a group led by David Milton, who was married to Abby Rockefeller, the daughter of John D. Rockefeller Jr. “Wild Bill” Donovan of the OSS, John D. Rockefeller III, and Sir Francis Rundall have all lived there.
  • 23 Beekman Place was designed by modernist architect Paul Rudolph. 
  • 29 Beekman Place was built in 1934 for CBS chief executive William S. Paley.
    • It is a 7-story limestone-and-brick mansion house with over 12.2k square feet.
    • Health advocates Albert and Mary Lasker, and Princess Ashraf Pahlavi of Iran have lived in the mansion. 
  • 31 Beekman Place was formerly owned by Tom Jones, and now is the office for the Tunisian permanent mission to the United Nations.
  • The Campanile, at 450 East 52nd Street, is a prestigious prewar co-op with spectacular views of the East River, and quick access to Grand Central Terminal. Stars Greta Garbo and Rex Harrison have lived there.
  • The River House co-op, at 435 East 52nd Street was built in 1931 on the site of a former cigar factory.
    • Originally, the building was a sort of boat club, with a pier where residents could dock their yachts, but that changed when the construction of FDR Drive started.
    • The co-op board is notorious for turning away applicants who failed to meet strict requirements.
    • Celebrities who have allegedly been turned away by the co-op board are Gloria Vanderbilt, Richard Nixon, Diane Keaton, and Joan Crawford. 
  • One Beekman Place
  • UN People, politicians, consulates, etc.

History

Sutton Place

  • In 1875, Effingham B. Sutton built a collection of brownstones between 57th Street and 58th Street. 
  • In 1883, the New York City Board of Alderman approved a petition to change the section of “Avenue A” between 57th and 60th Streets to be called “Sutton Place”.
  • The Sutton Place neighborhood started rising in popularity in the 1920s, when wealthy influentials, like Anne Morgan and Anne Harriman Vanderbilt built townhouses overlooking the East River there.
  • Development halted with the onset of the Great Depression, and didn’t pick up again until the 1940-1950s.
  • “Sutton Place”, as a name, has made appearances in cultural classics, like Rodgers & Hart lyrics, countless films, and in the American classic Catcher in the Rye. It is usually used to refer to a certain air of elegance and affluence. 

Beekman Place

  • The neighborhood is named after the Beekman family and their mansion Mount Pleasant, which James Beekman built in 1765.
  • James Beekman was a descendant of Willem Beekman, which William Street and Beekman Street were named for.
  • The Beekman family lived in the home until they were forced to move because of a cholera epidemic in 1854. 
  • The British made their headquarters in the Mount Pleasant mansion for a while during the Revolutionary War.
  • George Washington was a frequent visitor to Mount Pleasant.
  • Mount Pleasant was torn down in 1874.
  • The neighborhood’s transformation was facilitated primarily by Anne Morgan in the 1920s.
  • Billy Joel references Beekman Place in his song “Close to the Borderline” from the 1980 album “Glass Houses”.
  • Netflix’s “Unbreakable Kimmy Schmidt” showcases a character descended from the Beekman family line.
  • Retired CIA official Clay Proctor lived in a luxury apartment building in Beekman Place in “Receptor, a fictional novel by Alan Glynn.

Notable (Former and Current) Residents

  • Architect – I.M. Pei
  • Socialite – Consuelo Vanderbilt Balsan
  • French-American Writer, Journalist, and Pianist – Eve Curie
  • Cabaret Singer and Pianist – Bobby Short
  • Rock Stars – Freddie Mercury, and Michael Jackson
  • Actors: Peter Lawford and Patricia Kennedy Lawford, Marilyn Monroe and Arthur Miller, Lillian Gish, Joan Crawford, Mildred Natwick, Maureen O’Hara, and Sigourney Weaver
  • Clothing Designers: Bill Blass, Kenneth Cole
  • Interior Designer: Valerian Rybar
  • Shipping Magnate: Aristotle Onassis
  • Banker: Richard Jenrette
  • Hedge Fund Manager: Raj Rajaratnam
  • Politician and Business Leader: Percy Sutton
  • Former New York Governor: Mario Cuomo
  • All UN Secretaries-General since Kurt Waldheim
  • The Beekman family
  • William S. Paley
  • Albert and Mary Lasker
  • Princess Ashraf Pahlavi of Iran.
  • Tom Jones
  • Greta Garbo
  • Rex Harrison

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.

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
See Our Listings
Contact Us
Resources
About Jonathan
About John

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!

You can find the Real Talk NYC Real Estate Podcast on Youtube, Apple Podcasts, Spotify, and everywhere else you listen to your podcasts!

Have a question you’d like us to discuss? Just reach out.