Manhattan Building FAQs:
Before You Buy

Start with the way you want to live: elevator access, staffing, deliveries, privacy, outdoor space and the shape of the rooms. Then consider ownership. Condo and co-op describe ownership structures; prewar, loft and high-rise describe different aspects of the building. A small building can still have detailed rules, and an older building can have updated systems. Compare the actual property against your priorities.

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Either can work. Visit for daylight, noise, ceiling proportions, storage and circulation, then ask about windows, heating, cooling and maintenance history. In a newer building, compare what is complete with what is promised. In an established building, look at completed work and the next capital projects. Age alone does not establish construction quality, comfort or future costs.

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Walk the route from the street to the apartment. Notice elevator waits, common-area condition, delivery arrangements and the transition from public to private space. Inside, check room proportions, window exposure, storage and audible noise. Return at another time if a concern matters to you. Use these observations to form questions; a viewing cannot establish the condition of concealed systems or the strength of the finances.

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Condo common charges fund shared building expenses; the unit’s property-tax bill is generally separate. Co-op maintenance typically includes the shareholder’s allocation of building operating costs and property taxes, plus building mortgage payments where applicable. Utilities, services and amenities vary. Compare the full monthly cost, including your own financing, insurance, additional fees and assessments, rather than comparing the two headline charges alone.

NYC property-tax guide →

Request the current budget, recent financial statements, charge history and a list of approved or proposed assessments. Ask what each assessment funds, its payment schedule and how remaining payments would be handled in your transaction. Read the reserve balance alongside planned roof, façade, elevator and equipment work. A balance without the capital plan says little about what the building may need next.

Understand the financial statements →

Yes. Your financial approval and the lender’s review of the building are separate. Project condition, insurance, finances, ownership concentration and certain litigation can affect eligibility under the lender’s program. Ask your lender to review the particular building early. A previous mortgage in the building does not establish that your loan will qualify today.

Fannie Mae project guidance →

It helps describe how the building is used, but it is only one part of the picture. Ask how management calculated the figure, when it was updated, and whether sponsor-owned, vacant or second-home units are counted separately. Review ownership concentration and rental policies with it. A high or low percentage, on its own, does not predict resale value or determine whether the building fits your plans.

Questions for building management →

It is a written set of questions answered by management or another authorized representative for your attorney or lender. It can address finances, insurance, repairs, litigation, ownership and rules. Ask who supplied the answers and when. Compare the responses with the financial statements, minutes and governing documents; a questionnaire adds context rather than replacing that review. Forms, fees and turnaround times vary.

How the questionnaire works →

Ask for the latest engineering reports, the scope of planned work, contractor arrangements, funding and expected disruption. For buildings subject to NYC’s Façade Inspection and Safety Program, ask for the filed classification and the status of required repairs. DOB’s current guidance covers buildings higher than six stories. A sidewalk shed alone does not explain the underlying condition or the completion timetable.

NYC façade inspection guidance →

Identify the component and the cause before assigning responsibility. Ask management and your attorney to review the applicable declaration, bylaws, proprietary lease, alteration agreements and insurance arrangements. A pipe, window or terrace can involve different obligations from its finishes or resulting damage. Keep records and report problems promptly; the location of a defect inside the apartment is not enough to establish who must repair it or pay.

Questions about repair responsibility →

Check the current written rules for the particular use you need. Ask about alteration applications, permitted work periods, wet-area changes, insurance, deposits and required professionals. For rentals, confirm approval procedures, lease terms, waiting periods and fees. For pets, review the policy and any applicable accommodation process. Ownership type or building size alone does not answer these questions.

Read about house rules →

Ask which services are operating, who can use them and what costs extra. Confirm staffing hours, delivery procedures, guest rules and any reservations or waiting lists. Storage, parking and outdoor areas may have separate ownership, license or rental arrangements. Verify the rights attached to the apartment you are buying; a feature in the building’s marketing does not necessarily transfer with every home.

Build your management checklist →

Compare the offering plan, amendments and contract with the finishes, layout, services and timing described in the sales presentation. Ask about the sponsor’s completed projects, construction progress, estimated operating costs, unsold units and who pays particular closing expenses. Have your attorney explain completion provisions, deposit terms and the consequences of delay. Keep material answers and agreed changes in writing.

New-development buying guidance →

Bring the agreed plans and specifications. Check doors, windows, finishes, fixtures and included appliances; record concerns with photographs and clear locations. Ask which items are outstanding, who is responsible and how follow-up will be documented. A buyer’s punch list is different from a professional inspection. Your attorney should advise on unresolved work, contractual remedies and closing obligations.

Plan the purchase through closing →