New York Insider Tips – October 2016
Brownstone was picked for facades because it was easy to carve, but it doesn’t hold up well to the weather. Those now renovating townhouses built before the 20s typically need to take apart the facade and re-laminate new stone to the masonry wall.
Want to create a huge kitchen in Manhattan? Buy a classic pre-war apartment with original layout in tact, ideally an estate. Gut it and fold the maid’s rooms/baths into the adjoining kitchen & create a chef’s layout with island and eat-in elements. The result resembles what you’d see in a suburb.
Banks have guidelines on post-close asset balances for a buyer. For conforming, 3-6 months is standard, while jumbo loans may require 18 months, or a % of purchase price. Cash, stocks and bonds are standard liquidity, while private equity, hedge funds and 401Ks may be considered at a % of their whole.
Preferred lenders for new condos are likely also the lenders who financed the construction of the building. For example, if you are in contract to buy a unit at a new construction built by Extell, and Extell was lent money to build it by Wells Fargo, then Wells will be likeliest lender to you, even if the building doesn’t yet meet lending guidelines.
Co-op owners adding to their interior space must obtain a share reallocation from their board. For example, if a high-floor apartment owner is looking to create a private solarium from an unused terrace, or privatize an elevator landing into a foyer, that owner’s share count, and their monthly maintenance charges, would increase.