Searching for an apartment in NYC can feel like a daunting task due to the time and energy required, particularly for first time buyers or those relocating. The key to success is familiarity with the process, terminology and the current state of the market. Please be aware that since the process is very different than it is outside of NYC, advance preparation will result in lower stress and a more efficient and enjoyable experience!

You may wonder why you should use a broker when it seems that all the possible listings are on the web or the New York Times? Well for one thing…they're not - but mainly: real estate brokerage is a service. Yes, you could spend the time and energy searching through listings and trying to figure out the details about a property, but we are already doing that! It's our full-time job. We also have access to many listings which are not advertised as well as having great familiarity with buildings and neighborhoods.

Even if you don't choose to use a broker in your search, you will almost inevitably wind up working with the seller's broker since most NYC listings are sales exclusives held by brokers. Why not have someone in your corner? Use us! It doesn't cost you any more but it could save you a lot! Before you start your search, there are two definitions regarding property types that you'll want to understand: co-operatives and condominiums.

A co-operative is a corporation composed of the tenant shareholders of the building. Each tenant shareholder owns a number of shares in the corporation associated with his or her apartment rather than owning the apartment itself and holds a proprietary lease to their apartment. The monthly maintenance charges would include common charges, real estate taxes and interest on the underlying mortgage (if any).

More than 80% of properties offered for sale in New York City are co-ops. In terms of financial requirements, most co-ops require a 20% down payment but can require more depending on the building. Additionally, you will need to submit a board application that includes your financial information and be interviewed by the board as a part of the approval process. In a co-op, the building and its tenants are subject to rules and regulations set forth in the by-laws of the corporation. If an owner would like to sublease his apartment or perform any alterations or renovations to it, he must get permission from the Board of Directors elected by the tenants in the building.