Featuring real estate articles and information to help real estate buyers and sellers. The Nest features writings from Georges Benoliel and other real estate professionals. Georges is the Co-Founder of NestApple and has been working as an active real estate investor for over a decade.
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The down payment for an apartment in NYC averages about 20% of the price. A co-op usually requires 20% to 25% down, with some buildings requiring 30% to 50%, plus 1 to 2 years of reserves after closing. A condo… Read More
Board meeting minutes are the written record of what a co-op or condo board actually discussed and decided. They’re often deliberately sparse, a line or two per topic, which is exactly why attorneys read them closely during due diligence. Most… Read More
An open listing lets you work with several brokers at once, non-exclusively, and you pay commission only to whoever finds the buyer. It’s legal, but in NYC, REBNY’s Residential Listing Service (RLS) is built around exclusive listings, which keeps true… Read More
When the world saw COVID-19 first take hold in China, no one ever expected life to change drastically. 2020 marked one of the most uniquely terrible years in world history. The pandemic shut down the majority of businesses. Also, it… Read More
The average NYC co op maintenance fee runs roughly $2.44 per square foot in Manhattan as of Q4 2024, and $1.60 to $2.00 per square foot in the outer boroughs. Typical annual increases run 2% to 8%, but Local Law… Read More
A deal sheet, also called a memorandum of agreement, packs 7 core fields into one page for both sides’ attorneys: price, closing date, contingencies, and contact information. It’s not legally binding on its own. Either side can walk before signing… Read More
A one-time showing agreement is a short contract a for-sale-by-owner seller signs so a buyer’s agent will show the home. If that agent’s client buys the property, the seller owes the agent a commission, usually 2% to 3%, roughly half… Read More
An alcove studio is a studio with a recess off the main room, big enough for a bed and open to the rest of the space. Roughly 1 in 5 studios for sale has one. It’s priced between a studio… Read More
A legal bedroom in a New York City apartment built after April 1929 needs 80 square feet of floor area, no dimension under 8 feet, an 8 foot ceiling, and a window of at least 12 square feet facing a… Read More
Refinance when your monthly savings pay back the closing costs within a time frame you’re confident you’ll still own the home. Most lenders suggest a rate drop of at least 0.5% to 1 point before it’s worth exploring; closing costs… Read More
Are building amenities vital for you? Can you give examples of amenities in apartments? If you’re a discerning home buyer looking for luxury real estate in New York City and its five boroughs, what do you look for in a… Read More
A junior 4 is a one bedroom apartment with a fourth room: bedroom, kitchen, living room, plus an alcove or small dining space. There’s no legal definition of the term. Whether that fourth room counts as a second bedroom is… Read More
In most cases, NYC real estate agents do not give commission rebates. Their New York and Westchester brokerages have convinced them it’s not worth working with rebate customers, even though rebates are legal in New York. Also, their firm would… Read More
A reverse mortgage lets a homeowner 62 or older borrow against their home’s equity with no required monthly payments. The most common version, a HECM, is federally insured, capped at $1,249,125 in 2026, and repaid when the borrower dies, sells,… Read More
A UCC 1 financing statement is how a lender secures a co-op loan in New York, filed instead of a mortgage because co-op shares are personal property, not real estate. For co-ops specifically, it’s filed with NYC’s Office of the… Read More
