New York City Apartments for Sale
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Buying a luxury co-op or condo apartment in New York City can be overwhelming without the right help. Understanding the buying process is essential to make it easier. Our experienced buyer’s agents are here to alleviate the stress by offering unbiased advice and comprehensive services. We have successfully represented hundreds of home buyers and investors, both local and international, in New York City.
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Table of Contents
Buying a New York City Apartment
Finding the best apartment can be daunting, even for the most financially savvy. Your choice of a New York City apartment will have to suit your needs and finances for years to come. Following a game plan and working with an Elika buyer’s agent can simplify the process. If you’re a foreign buyer, visit our dedicated international buyer’s guide. Here are the steps to get started:
- Contact a Bank and get pre-qualified for a mortgage if financing.
- Team up with a Buyer’s Agent and a real estate attorney to represent your interests.
- Determine Your Needs: Build a wish list and choose neighborhoods and apartment types. Your buyer’s agent will shortlist the best available properties.
- Market Analysis: Ask your buyer’s agent to perform a comparative market analysis to estimate the fair market value.
- Submit an Offer: Your buyer’s agent will submit a written offer to formalize your intention to buy.
- Negotiate: If you receive a counteroffer, your buyer’s agent will negotiate for you until an agreement is reached.
- Deal Sheet and Contract: Your agent and attorney will receive a deal sheet from the seller’s agent. Your attorney will negotiate the contract, perform due diligence, and review the building’s financials and other documents. This process generally takes 5-7 business days.
- Sign the Contract: Pay the deposit (usually 10%-20% of the sale price). Once the seller countersigns, you are officially in a signed contract.
- Board Application: Your buyer’s agent will prepare and submit the purchase application to the co-op or condo board.
- Interview/Closing: Attend an interview for a co-op or prepare for closing for a condo upon board/management approval.
- Final Walk-Through and Closing: Take a final walk-through with your buyer’s agent, then proceed to closing to finalize and get the keys to your new home.
- Would a condo or coop apartment be a possible choice?
- Choose your preferred neighborhood(s).
- Prioritize the amenities and services you would like in your area. (schools, transportation, etc.)
- How much space would you like and need in your new apartment? Which type of space? (dining room, closet)
- Is your priority the neighborhood or size of an apartment?
- Would you prefer to buy a ‘fixer-upper or a ‘move-in-ready home?
- How much importance do you place on home value appreciation?
- Would you prefer a high-floor apartment with sweeping views or more square feet on a lower floor?
- Which features and amenities (essential and luxury) would you expect in your home or building?
Prioritize your NYC Apartment Wish List
NYC Apartment Types and Sizes
New York City boasts many standard-sized apartments, but several types have particular layouts. Here are a few descriptions:
Studio: A one-room dwelling where the living room and bedroom share the same space. Larger studios may have a separate kitchen, while smaller ones might have a kitchenette along one wall.
Alcove Studio: A studio with an open area adjacent to the main space, often used for sleeping. Also called an L-shaped studio or junior one-bedroom.
Flex (Convertible) Two: A one-bedroom apartment with a large living room that can be converted into an additional bedroom by installing a temporary wall.
Junior 4: A one-bedroom apartment with an alcove area in the living room, often used as a dining room or second bedroom.
Flex 3: A two-bedroom apartment with an alcove in the living room, convertible into another bedroom.
Classic 6: Found in prewar buildings, these have six rooms: living room, formal dining room, kitchen, two full-sized bedrooms, and a smaller maid’s room. Classic 7s and 8s add one or two more full-sized bedrooms.
NYC Apartment Building Types
There are three basic kinds of buildings in Manhattan: Doorman, Elevator (attended and unattended), and Walk-Up (unsupervised):
Luxury High–Rise
The specific luxury amenities will vary from building to building but will leave you feeling pampered. These buildings have an entire around-the-clock staff consisting of multiple door attendants and attendants. In addition, they often offer such amenities as hotel-type concierge service, on-site health clubs, pools, laundry service, and children’s playrooms.
Doorman Building
If you’re new to Manhattan, you’ll quickly learn that deliveries revolve around the city. Having someone sign for your packages can feel like the ultimate luxury. There are three formats within buildings with door attendants: luxury high–rise, standard, and part-time doorman.
The apartment buildings that offer door attendants tend to be larger and provide the most significant safety and security. However, they also afford the highest comfort and convenience because your doorman can do a lot for you while you’re not home, including taking package drops off and dry cleaning.
Part-Time Doorman
These buildings usually have door attendants for day shifts but rely on security cameras or other technology to protect residents at night.
Elevator Building
These buildings are considered between doorman buildings and walk-ups regarding security, convenience, and price. These buildings do not have door attendants on duty, though some may employ elevator attendants. They often have laundry rooms and intercom systems, but the amenities stop there. Still, if these buildings are adequately maintained, they can be comfortable living places.
Walk-Up Apartments
These buildings do not have door attendants or elevators. They can be townhouses or brownstones (4–5 stories), above storefronts (usually 1-2 levels), or low–rise buildings (free-standing 4–5 stories). These are the most reasonably priced apartments in the city, yet they have very few amenities.
However, most walk-up buildings have double-door security, and a few have more sophisticated features, such as intercoms and security cameras. As with elevator buildings, the quality of life in walk-ups can vary greatly depending on the degree to which they are maintained.