Knowledge Library

Buying Landmarked Property

Did you know that buyers of landmarked property can receive violations for changes prior owners made to their property? The cost to remove these violations can be significant. Across New York City, there are more than 31,000 properties that are landmarked or included in a historic...

New Pied-à-Terre Tax?

There is talk of a major new tax targeting an important segment of the New York real estate market with the potential for far-reaching implications. First, the facts: The proposal by the left-leaning Fiscal Policy Institute, would levy an annual tax of 0.5% to 4% of...

Ground Lease Co-ops

Looking for a less expensive homeownership option in New York City? A ground lease cooperative building could be the answer. Most cooperatives own the land their buildings sit on. A small number, however, lease the land under their buildings. Some examples in Manhattan include Trump Plaza...

Coop and Condo Tax Abatement

New York City condominium and cooperative buildings that qualify can save their residents as much as 28.1% on annual property tax bills by taking advantage of the “Cooperative and Condominium Tax Abatement,” which was recently changed by the NYS Legislature. This tax abatement is not the...

Purchase CEMAs

Did you know it’s possible to buy property in New York and pay no mortgage recording tax? The mortgage recording tax ranges from 0.75% to 2.8% of the total principal of the mortgage, so it is a significant expense when buying a home or commercial...

IMD Buildings

Considering purchasing commercial property in NYC? Watch out for “IMD” buildings, as they come with extremely restrictive—and very surprising—rules, including rent freezes that can last for decades. The most surprising thing: buildings are still being added to the IMD list. IMD stands for “Interim Multiple Dwelling”....