FAQ
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NYC Apartment Rental FAQsNYC Apartment Sale FAQs
  1. How far in advance should I start looking for my next apartment?
  2. How long should it take to find my next apartment?
  3. How will I know when I find the right apartment?
  4. Should I work with multiple brokers?
  5. How far in advance do I need to make an appointment?
  6. What are the requirements to rent in New York City?
  7. How long does the approval process take?
  8. What is required at lease signing?
  9. What is the security deposit used for?
  10. How do NO FEE apartments work?
  11. How do FEE apartments work?
  12. Does parking come with the apartment?
  1. How far in advance should I start looking for my next apartment?
  2. How long should it take for me to find my new apartment to purchase?
  3. How will I know when I find the right apartment?
  4. Should I work with multiple brokers?
  5. Does it cost anything to hire a Buyer Broker?
  6. What exactly does a Buyer Broker do?
  7. Are you affiliated with any Buyer Broker agencies?
  8. Where do the listings on the site come from?
  9. How far in advance do I need to make an appointment?
  10. What are the requirements to purchase in New York City?
  11. Are there any other costs associated with buying an apartment?
  12. What is the difference between a condo and a co-op?

NYC Apartment Rental FAQs

You should start looking for your next apartment from 1 to 4 weeks before you need to move. Any sooner than this, there will not be any inventory available to view as buildings/landlords only have availabilities from 1 to 4 weeks out. Unfortunately, Landlords will not "hold" an apartment for you until you are ready to move. Typically, The Parker Group only works with clients that are looking for apartments from immediate to 4 weeks out.

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If you have a good broker, know where you want to live, know exactly what you want specifically in your next apartment AND can afford the neighborhood you want to live in, it should only take a couple of hours. If you have a broker that doesn't know every building where you want to live or you don't know what you want or can't afford the area you want to live in, your search will take considerably longer. The Parker Group knows over 300+ luxury doorman rentals buildings throughout New York City and can take you out in an afternoon and find exactly what you want. Finding exactly what you want, within your budget and in your desired neighborhood is our specialty.

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The answer is simple. When you walk into the apartment, you will know if it meets your desired requirements, you should be able to see yourself living there and it should FEEL right to you. Always trust your instincts.

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The easiest way to find an apartment is to work with one broker that will take the time to listen to your requirements and work honestly with you to meet them. If you work with multiple brokers, you will run the risk of confusing yourself and making the process a lot harder. The Parker Group's job is to listen to you, present options to you and help you decide based on your requirements what is best for you. We will never pressure or rush you.

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The Parker Group shows apartments by appointment only. If you call us a few hours before you want to go out or a day in advance, we can assist you. We can typically arrange to show you apartments on the day that you call if you call early enough in the day. The reason that we need a few hours advance notice is because we need (a) to speak to you to determine exactly what you want (b) come up with a plan of action and (c) call the buildings that meet your requirements to verify availability and set appointments. Also, please note that all buildings/management companies are corporations and operate standard business hours which are generally Monday through Friday from 10 AM to 6 PM. Many are open Saturdays and Sundays and their hours of operation vary. Please check with us for specifics.

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In general, the requirements to rent in New York City area as follows:

  1. There is an application fee for each person that rents the apartment anywhere from $50 to $125 depending on the building. If there are any guarantors, the same fee applies. The application fee is non-refundable and covers running of credit for all applicants and/or guarantors.
  2. The income requirements are anywhere from 40 to 50 times the gross rent of the apartment. For example - if the apartment was $2000 x 50 = $80,000 – the applicant would need to earn $80,000 to qualify for the apartment. If there are guarantors, the income requirements are anywhere from 75 up to 100 times the gross rent on the apartment. For example – if the apartment was $2000 x 75 = $150,000. If the applicant and/or guarantor are short on the income, additional security may be necessary.
  3. In order to verify your income, many landlords require your last few paystubs and/or Letter of Employment on company letterhead which indicates the applicant's and guarantor's title, salary and length of employment with the company. If you are self-employed, a letter from your CPA may be necessary indicating your earnings for the previous year as well as your projected earnings for the current year.
  4. In order to verify you have sufficient assets, some landlords require your last few bank statements. Some landlords require a certain amount to be in the bank account as well.
  5. Some buildings require your last year's tax return to verify your income
  6. If you rent, some buildings require a landlord reference letter or last few cancelled checks to verify that you’ve paid your rent on time.
  7. Some form of identification which can be a driver’s license, passport, etc.

Before you decide to go out to view apartments, you should have all of this paperwork with you or readily available so that when you find your apartment, you can move forward and secure it. If you don't, then you will risk losing it as the New York City rental market moves very quickly.

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If you have all of your paperwork, some buildings can approve you and sign leases the same day and/or within a few hours. Otherwise, it may take up to 48 hours depending on the building.

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At lease signing, you typically bring the first month's rent AND the security deposit which is equal to one month's rent unless you are required to pay additional security. These monies must be paid by bank check and/or certified funds.

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The security deposit is held by the landlord in a bank account on your behalf in the event that you damage the apartment that you rent. If there is no damage to the apartment, it will be returned to you at the end of the lease. If there is damage, the landlord will deduct the damage(s) from the security deposit. The security deposit is never used to pay rent unless authorized by the landlord.

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NO FEE means that the landlord will pay the broker's fee. These types of apartments are generally large corporations that are specifically rental buildings. If you decide to work with The Parker Group, we put that in writing so that you know that we will not charge you a broker's fee for our services.

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FEE means that you will pay the broker's fee. These types of apartments are typically in condominiums whereby individual unit owners rent out their units. Typically, the fee is fifteen (15%) percent of your first year's rent. If you decide to work with The Parker Group, we will put this in writing so that you know that we will be charging you a fee for our services. This fee is due by bank or certified funds at lease signing.

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In New York City, when renting an apartment, parking never comes with the apartment.  Parking costs anywhere from $300 a month to well over $600 a month depending on where you park in the city.  Generally, most parking garages are not associated with any particular building and are independently operated and owned.  If the parking facility is close to the building you choose to live in, some give discounts to residents; so it doesn't hurt to check.

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NYC Apartment Sale FAQs

When purchasing an apartment, you should start looking for your next apartment from 2 to 3 months before you need to move. Many people think they need to look three or more months in advance. It's simply not necessary as inventory changes on a daily basis as the New York City market moves very quickly. If you look too far in advance and you find something you like, you may not be able to act on it. Typically, The Parker Group only works with clients that are looking to purchase within the next 2 to 3 months as that is typically how long it will take you to close on the apartment.

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If you have a good broker, know where you want to live, know exactly what you want specifically in your next apartment AND can afford the neighborhood you want to live in, it should only take a couple of hours or maximum a day. If you have a broker that doesn't know every building where you want to live or you don't know what you want or can't afford the area you want to live in, your search will take considerably longer. The Parker Group knows over 300+ luxury doorman sales buildings throughout New York City and can take you out in an afternoon and find exactly what you want. Finding exactly what you want, within your budget and in your desired neighborhood is our specialty.

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The answer is simple. When you walk into the apartment, you will know if it meets your desired requirements, you should be able to see yourself living there and it should FEEL right to you. Always trust your instincts.

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The easiest way to find an apartment is to work with one broker that will take the time to listen to your requirements and work honestly with you to meet them. If you work with multiple brokers, you run the risk of confusing yourself and making the process a lot harder. Many buyers don't realize that when they purchase an apartment, their broker actually works for the Seller and not for them. You should work with a Buyer's Broker which will represent you and only you in the transaction. If you decide to work with The Parker Group, we will represent you as a Buyer's Broker and will put it in writing whereby you will sign it and we will sign it making it a formal contract between us. Our job is to listen to you, present options to you and help you decide based on your requirements what is best for you. We will never pressure or rush you.

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The answer is no. As a Buyer Broker, we are still compensated by the Seller but we represent you and only you. The Seller will have a broker representing them and you will have us representing you.

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A Buyer Broker works exclusively for you, the Buyer, and is contractually bound to assist you in locating, evaluating, advising, and negotiating the best price and terms possible for you.  A Buyer Broker does not have listings as it would create a conflict of interest if they did.  A Buyer Broker listens to you, researches the market based on your needs and co-brokes with the Seller’s broker to come up with what you are looking for.

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Yes.  The Parker Group is a member of NAEBA which is the National Association of Exclusive Buyer Agents.

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The listings on our site are starting prices of apartments within various buildings throughout the city.  They are not the listings of any particular broker.  The listings are simply where prices begin in a given building.  The prices are representative of what is currently on the market and is updated on a regular basis.

If you don’t see anything that appeals to you on the site, please feel free to contact us to do a customized search as what is on the site is only a small sampling of what is available on the market.

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The Parker Group shows apartments by appointment only. Typically, we need a day's notice. The reason that we need notice is because (a) to speak to you to determine exactly what you want (b) come up with a plan of action and (c) call the Seller and/or other brokers to verify availability and to set appointments.

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In general, the process to purchase in New York City is as follows:

  1. You place an offer through your broker and they will submit it in writing to the Seller or the cooperating broker along with the name of your attorney.
  2. If the offer is accepted, the Seller's attorney will typically draw up the terms of the contract.
  3. Typically, you should order an inspection of the apartment to insure that everything is in working order and if there is something that needs to be fixed, and negotiate it into the contract.
  4. After the contracts have been sent to you for signature and depending on whether you added a mortgage contingency, you will need to secure a mortgage. A mortgage contingency means that if you cannot obtain financing, you can void the contract without penalty. If there is no mortgage contingency, you will be bound by the contact regardless of whether you can obtain financing. This typically means that you will be paying all cash for the apartment. Also when you sign the contract, you will supply your good faith deposit which can be anywhere from 10% to 20% of the purchase price. It will vary with every building.
  5. Once you are cleared to close which means that you have obtained either a Loan Commitment from your bank or are paying all cash, all parties meet to sign the appropriate paperwork, the funds are transferred, and keys are exchanged.

Before you decide to go out to view apartments, you should, if you need a mortgage, have obtained a pre-approval (which means that they have approved you subject to certain conditions) from the bank you have chosen so that the Seller can see that you are serious when you make your offer. If you do not have this and another Buyer comes along with this, you may lose the apartment.

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There will always be closing costs associated with purchasing a condominium apartment.    For your particular situation, your bank will provide you with a Good Faith Estimate which is their estimate of how much you will need to cover the costs associated with your purchase.  The actual breakdown of costs which is called a HUD1 Settlement Statement is provided by your attorney prior to closing.

      For you, the Buyer, the breakdown is as follows:

  • Buyer’s Attorney:  Consult your attorney
  • Bank Fees: $750
  • Application Fee: $500
  • Appraisal Fee: $300-$1,500 (depending on sales price)
  • Credit Report Fee: $9.80 single/$14.60 joint
  • Bank Attorney: $750-$850
  • Tax Escrows: 2 to 6 months
  • Recording Fees: $250-$750
  • Mortgage Tax: 1.80% of amount of mortgage on loans under $500,000; or 1.925% of amount of mortgage on loans of $500,000 and over
  • Fee Title Insurance: Approx. $450 per $100,000 of sales price under $1M - +15% on $1M or more
  • Mortgage Title Insurance: Approx. $130 per $100,000 of mortgage amount
  • Municipal Search: $350-$500
  • Mansion Tax: 1% of entire purchase where price is $1,000,000 or more.

        Additional Real Estate Expenses included are as follows:

  • Common Charge Adjustment: Pro-rated for the month of closing
  • Real Estate Tax Adjustment: Pro-rated depending on when the tax is collected
  • Miscellaneous Condominium Charges: Vary by building
  • Short Term Interest: Equal to interest for balance of month in which you close

 Note:   For condominiums in new developments, the Purchaser typically pays costs normally paid by the Seller. These include Seller attorney fees as well as NYS and NYC Transfer Taxes.  The breakdown is as follows:

  • Seller Attorney Fee:  Seller will provide this information.
  • NYC Transfer Tax: 1% of price up to $500,000; or 1.425% of price if $500,000 and over.
  • NY State Transfer Tax: $4 per $1,000 of price
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In a condo, you purchase a unit that you own outright, down payments are typically 10% but may vary and there are no financial restrictions.  Your ownership requires you to pay monthly common charges which cover maintaining the building and real estate taxes.  Condos also have a board which also reviews applications to see if they want to exercise their right of first refusal which means they have the right to match any offers on an apartment and purchase the unit which is rarely done.  There are generally no restrictions on approvals required on what you can do within your unit or whether you can sublet and/or rent it.

In a co-op, you purchase shares of the cooperative corporation which entitles you to a proprietary lease.  Additionally, you are responsible for paying monthly fees divided amongst all owners and covers the cost of maintaining the building.  However, a percentage is generally tax deductible.  In order to be accepted into the cooperative, you must also pass a board inspection which entails a detailed review of your finances and an interview.  Most co-ops also require you to make a down payment of at least 20%, for you to have substantial liquid assets to cover mortgage and maintenance payments oftentimes for several years and many require a debt to income ratio of 25% to 30%.  There are also may be restrictions on subletting and/or renting out your unit.

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