New York City Apartments for Sale
Buying a New York City apartment can be overwhelming without experienced help. Taking time to learn the buying process can make it easier. Even better, our buyer’s agents make this process much less stressful by providing our clients unbiased advice and comprehensive services. We have represented hundreds of home buyers and investors in New York City, both local and international. Best of all, since we did not sell properties, all potential dual agency conflicts of interest and avoided. With ELIKA by your side, you can be sure of receiving the best service and knowledge.
Ready to Buy?
Table of Contents
Buying a New York City Apartment
Finding the right apartment can be a daunting task for even the most financially savvy person. After all, 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 agent can simplify the process. If you’re a foreign buyer, you may want to visit our dedicated international buyer’s guide. To get started, consider each of the steps below.
- 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 what you are looking for and build a wish list, choose neighborhoods and apartment types. Your buyer’s agent will short list the best available properties.
- Once you find the ideal apartment, ask your buyer’s agent to perform a comparable market analysis to estimate its fair market value;
- Ask your buyer’s agent to submit a written offer to formalize your intention to buy;
- Upon receipt of a counteroffer your buyer’s agent will negotiate for you until an agreement is reached and offer accepted.
- Next, Your Buyers agent and attorney will receive a deal sheet from the seller’s agent,
- After that your real estate attorney will negotiate the contract of sale, perform due diligence on the property, review building’s financials and board minutes as well as outstanding liens, if any. This process generally takes 5/7 business days.
- It is now time to sign the contract, and pay the deposit which is usually 10%-20% of the sale price. Once the seller has countersigned the contract you are now officially in contract.
- Next, your buyer’s agent will prepare and submit the purchase application to the co-op or condominium Board.
- Following that you will be scheduled to attend an interview in the case of a co-op. Or Schedule and prepare for closing in case of a condo.
- Finally, take a final walk-through with you buyer’s agent on the day of closing, proceed to closing to finalize and get the keys to your dream home.
Prioritize your Apartment Wish List
- 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?
Apartment Types and Sizes
New York City boasts many standard-sized apartments, but several types have their particular kind of layouts. Here are a few descriptions:
A one-room dwelling in which the living room and the bedroom are in a single space. In larger studios, the kitchen is in a separate room, while in others, you can find the eating area along one wall in the main space. Studios can also be referred to as efficiencies.
A one-room apartment that also offers an open area adjacent to the main space can sleep. This type of dwelling is also referred to as an L-shaped studio because of its configuration or a junior—one bedroom.
Flex (convertible) Two
A one-bedroom apartment that features ample space, typically the living room, is transformed into another bedroom and a smaller living room by installing a temporary, pressurized wall dividing the space.
A one-bedroom apartment; that features an alcove area in the living room, typically used as a dining room or converted into a second bedroom.
A two-bedroom apartment with an alcove in the living room that is convertible to a bedroom.
This type of apartment exists exclusively in prewar buildings and describes a dwelling with six rooms. In addition, there is a living room, a formal dining room, a kitchen, two full-sized bedrooms, and a small third bedroom generally referred to as the maid’s room. (Classic 7s and 8s also exist and offer one or two additional full-sized bedrooms).
Apartment Building Types
There are three basic kinds of buildings in Manhattan: Doorman, Elevator (attended and unattended), and Walk-Up (unsupervised):
These kinds of buildings have a full 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. The specific luxury amenities will vary from building to building but will leave you feeling pampered.
The apartment buildings that offer door attendants tend to be on the larger side and provide the most significant safety and security. However, they also afford the highest level of comfort and convenience because your doorman can do a lot for you while you’re not home, including such things as taking drop-offs of packages and dry cleaning.
If you’re new to the city, you’ll quickly learn that Manhattan revolves around deliveries. Having someone who can 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.
These buildings usually have doormen for day shifts but rely on security cameras or other technology to protect residents at night.
These buildings do not have doormen on duty, though some may employ elevator attendants. Regarding security, convenience, and price, these buildings are considered somewhere between doorman buildings and walk-ups. They often have laundry rooms on the premises and intercom systems, but the amenities stop there. Still, if these buildings are adequately maintained, they can be comfortable places in which to live.
These buildings do not have doormen or elevators. They can be townhouses or brownstones (4–5 stories), above storefronts (usually 1-2 stories), 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.