Manhattan Living Realty - Guides and Reports

RESOURCES & INFORMATION

REAL ESTATE GLOSSARY:

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Appraisal:

An appraisal is the process of determining the value of an apartment. Figures are often compared to those units recently sold in the same building or a similar building within the neighborhood.

Assignment:

The term assignment ofter refers to a lease assignment whereby a primary tenant has the right to transfer a contract or a lease to another party until the current lease term expires.

Brownstone:

A multi-story apartment.

Certificate of Occupancy (C of O):

Each building in New York City possesses a Certificate of Occupancy which outlines the legal uses of the piece of property. The C of O may allow a building owner to enjoy certain uses not allowed by the particular zoning in which the property falls.

Combined Apartment:

A combined apartment refers to the joining of two separate units (an apartment next door, above or below) and creates a single large space.

Common Area:

The area in a building that is shared by all tenants or owners of the building. For instance, the lobby, roof deck, courtyard or garden, laundry room, health-club and hallways to name a few.

Condominiums:

A type of apartment ownership in which the owner owns real property. In Manhattan condos are growing in number, yet they comprise only 15-20% of all buildings with units for sale. The building is generally comprised of individual owners sharing common areas within the building. Individual owners are responsible for monthly Common Charges and monthly Real Estate Taxes. Condos usually allow owners to finance up to 90% of the purchase price. Subletting rules and pet policies are generally more liberal than in co-ops. Condos are the ideal choice for individuals interested in investment properties, foreigners looking to buy in Manhattan and parents interested in purchasing for their children..

Convertible:

A situation where a space can be converted into another bedroom with the construction of a wall. Oftentimes, alcove studios are converted into Junior 1 bedrooms and Junior 4s are converted into 2 bedrooms because they each have an alcove area that can easily be separated. However, the room can only be designated as a legal bedroom if it contains a window.

Duplex Apartment:

An apartment with two levels.

EIK:

The acronym used to describe an Eat-In-Kitchen.

En Suite Bathroom:

A French term meaning 'together'. En Suite Bathroom describes a layout whereby the bathroom is located in the adjoining bedroom so one does not have to leave his/her bedroom in order to access the bathroom.

Escrow:

The process of putting money in an account or an established account where neither buyer nor seller can access the money without the consent of an escrow agent. In a sales transaction, once a buyer signs the purchase contract they are required to give a 10% deposit which will sit in escrow until the closing.

Financing Allowed:

In Manhattan, you will find varying rates of financing permitted. In a co-op, the co-operative board of directors determines what the number will be for their building. This is generally between 70% and 80 % of the purchase price. More prestigious and more established buildings can have a much lower number, and some co-ops may allow no financing at all. In a condo, you will often find a higher number of financing permitted, up to 90%.

Floor-thru:

An apartment that extends from a building's façade to its rear wall, so that the unit exclusively occupies an entire floor.

Full Service Building:

A term used to describe a building which employs both a concierge and a full-time doorman.

Half-Bath:

A half-bath or powder room refers to a bathroom with no tub or shower.

High Ceilings:

Usually a ceiling height of nine feet or more. Most pre-war apartments, lofts and many of the newer, more expensive condominiums feature high ceilings.

Highrise:

And apartment building that is over 20 stories tall. Most high rises were build after 1974.

In Contract:

Refers to the instant a contract becomes executed as a result of both the buyer and seller signing the contract of sale.

Interest Rate:

The amount charged by a lending institution to mortgage holders for the use of borrowed money. Rates are set by the Federal Reserve Board and can vary over time.

Keyed Elevator:

Often seen in lofts or penthouses where a key must be used to access a particular floor in the building. This is typically when an apartment occupies the entire floor and the elevator opens up right into the apartment on into a foyer which leads to the particular apartment.

Lease:

A legal document outlining the responsibilities and parameters between a landlord and a tenant.

Lease Assignment:

A situation where a lessee (tenant) leaves his/her apartment prior to the end of their lease but has permission to assign the lease to a new tenant for the remainder of the term. A prudent owner/landlord will keep the original tenant on the lease and thus responsible for the remainder of the term. Whether or not the owner/landlord allows the new tenant to renew the lease once it expires is solely up to the owner/landlord.

Loft Space:

Loft space is traditionally space which has been converted from commercial usage (such as from offices and warehouses) to residential usage. Loft space generally include high ceilings, open space and large windows.

Lot:

For purposes of identification, wach New York City parcel of land is divided into lots.

Maintenance:

Maintenance is the amount of monthly charges paid by an individual co-operative owner to the co-operative as their proportionate share of the expenses of the building. Maintenance covers the cost to run and operate the building; the shareholders proportionate share of the building's underlying mortgage as well as their share of the building's local real estate taxes.

Managing Agent:

Most co-ops and condos will hire an independent company to manage their property and be responsible for its daily maintenance, the collection of rents or monthly maintenance and common charges, and for enforcing building policies.

Mortgage:

A mortgage is a legal agreement for a loan to cover a percentage of the purchase price. It gives the lender the right to take possession of the property if the borrower fails to pay off the loan. Essentially, a lien is placed on the property as security for the repayment of a loan. There are several components to a mortgage, including the interest rate due on the loan (fixed or floating rate), the term of the mortgage (usually 15 or 30 years) and the amount that is being financed.

No Board Approval:

When a prospective purchaser or renter of an apartment does not have to go through the board approval process when purchasing/renting a co-operative apartment.

Offer Accepted:

This refers to the instant an owner accepts the terms of an offer for an apartment such as price, closing date, and any contingencies the parties may agree upon. However, an offer accepted is not binding until the sale contract is signed by both parties.

Open Kitchen:

A kitchen which opens up to the living space of an apartment with no door separating the kitchen from the rest of the apartment.

Open Kitchen:

A kitchen which opens up to the living area with no separating door. Often found in lofts, the kitchen is part of the living room.

Original Detail:

This term is used to describe detailing in pre-war apartments such as ceiling moldings, chair rails, ornamental decorations around doors or fireplaces, etc.

Owner Pay (OP):

Owner Pay or OP is when an owner/landlord offers to pay all or part of the commission due to the broker on a rental. Please note that these OPs vary based on the season and rental market. You are less likely to find owners paying any portion of a rental commission during the summer months or when inventory is low.

Ownership:

There are several different types of residential ownership in Manhattan - Condominiums; Co-operatives; and Cond-ops.

Parlor Floor:

Parlor floors are known as the second floor of a townhouse typically accessed by the building's front steps. The parlor floor generally boasts high ceilings and perfect for use as a grand living room for entertaining, a library and/or formal dining room.

Pass-through Kitchen:

Pass-through feature an opening from the kitchen into another room such as the living room or dining room.

Pied à terre:

A pied à terre is a small, comfortable apartment purchased by someone who does not reside in the city.

Post-War:

Post-war buildings were built after World War II. The exteriors were built in either red or white brick. Compared to the charm of pre-war built buildings, post-war buildings were built with lower ceilings, fewer moldings, the absence of fireplaces and overall smaller room proportions.

Pre-War:

Pre-war refers to buildings built prior to the start of World War II. In pre-war building apartments you will likely find charm and details such as moldings, high ceilings, fireplaces and hardwood floors.

Pullman Kitchen:

Pullman kitchens are most often found in smaller units and typically in pre-war buildings. They are designed against a single wall consisting of a sink, refrigerator (full or half) and an oven. When counting the number of rooms in an apartment, a pullman kitchen does not count as an individual room.

Reserve Fund:

Each co-operative and condominium maintains a reserve fund. The objective of the board of directors or the board of managers is to grow this reserve fund so that the building has the ability to pay for the monthly expenses involved in the upkeep of the building as well as for those expenses that are out of the ordinary (such as elevator, repairs, roof repairs, new boilers, etc.).

Rooms:

Every apartment has a room count. For example, a Straight Studio with Pullman Kitchen would be considered (1 room). A Straight Studio with separate Full Kitchen is considered (2 rooms). An Alcove Studio with Full Kitchen (2.5 Rooms). A Junior-One with Full Kitchen and no constructed Wal (2.5 Rooms). Yet, a Junior-One with Full Kitchen and a Wall (3 Rooms). A One Bedroom, Living Room and Kitchen: (also 3 Rooms). A Junior-Four, Living Room, Kitchen, and a Dining Alcove: (3.5 Rooms).

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