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Avoiding Major Pitfalls at the Closing Table Townhouses

12 April, 2013 posted by: Jarrod Randolph

Greenwich Street

Part III of the “Avoiding Major Pitfalls at the Closing Table” series covers townhouse sales.  This type of property is a beast of its own nature.  Unlike condominiums and cooperatives, you are your own management company and superintendent.  This means you have to make sure all City, DoB and utility-related items are in place in order to have a successful closing. These tips will help you prepare:

PART III: Townhouses

  • Judgments Against Seller: Check for any judgments against the seller.  They must be resolved to receive a clear title.
  • Survey/Encroachment: It is best to conduct a survey prior to closing so you can determine if there are any encroachments on the property or any adjacent properties. The title company will need to have documentation at closing to record any agreed upon survey changes with adjacent properties.
  • Environmental Control Board Violation: Sellers should make sure there are no fines against the property no matter how small.  It will be found on the title continuation and must be paid to receive a clear title.
  • Sidewalk Violation: This is a major issue in townhouse closings. If the City has filed a violation prior to contract signing it is the responsibility of the seller to remedy it. If it is not remedied, some lenders will not allow the closing to take place until it is fixed.
  • Mechanic’s Lien: The title search will pull up any liens and the seller should be aware prior to closing so they can resolve each lien.  This is needed to receive a clear title.
  • Open Building Permit: As a seller, make sure you have sign offs from the building department to show that all your work permits are closed.  Sometimes title reports will have conflicting information.
  • Water Bill: The seller should attain the last water bill from the City and make sure it is paid to date.
  • Covenants and Restrictions: This may reflect that there are set back lines and restrictions as to what the property can be used as.  What may happen is that the title company may need to provide affirmative insurance in the lender’s title policy for these recorded documents. As a buyer, you should check to see if you will need this insurance ahead of time.

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What’s New: Brooklyn Beauty

11 April, 2013 posted by: CORE

2 North-Side-Piers-PH7

Penthouses are known to have some of the best views when it comes to living in New York City, and this duplex penthouse at 2 Northside Piers is no exception to the rule. Listed by CORE’s Ralph Modica and Vickey Barron, this Williamsburg manse offers expansive views of Manhattan that can be seen from practically anywhere in the apartment. In addition to floor-to-ceiling windows, this 3-bedroom, 3.5-bathroom home offers a large terrace and two separate balconies that would have anyone ready to soak up the sun and fully take advantage of the home’s postcard views.

Interested in the interiors of this $3.25M space? See more photos after the break. Read the rest of this entry »



 

Avoiding Major Pitfalls at the Closing Table Co-ops

10 April, 2013 posted by: Jarrod Randolph

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Part II of the “Avoiding Major Pitfalls at the Closing Table” series takes a look at cooperative closings.  Since the form of ownership is very unique, the mistakes that can take place are vastly different than those of a condominium.  You are purchasing shares in a corporation and the information provided must be completely accurate in order to make sure ownership is passed on correctly.  Take a look:

PART II: Co-ops

  • Stock and lease: Make sure all names on the stock and lease are spelled correctly.
  • Surrender of old stock and lease: You must have this or a lost stock and lease affidavit at the closing to be able to close. If you have financed, the bank should prepare this. If not, you should have one on hand from your original purchase.
  • New Assessment: Before you get to the closing table, inquire if there are any new assessments.  After the contract is signed, a newly imposed assessment may be the responsibility of the purchaser.
  • Maintenance Increase: Inquire about any maintenance increases between contract signing and closing.  They happen frequently and will effect the amount of the checks drawn for closing.
  • Flip Tax: In your initial offer you should clarify and agree on who will pay the flip tax.
  • UCC-1 Financing Statement: Make sure the name of the cooperative is spelled correctly on the statement.
  • Maturity Date of Proprietary Lease: If you are financing, the proprietary lease must remain in affect beyond the loan term.  If it is not, the managing agent will need to provide a letter to the lender’s counsel stating so.

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Celebrating National Architecture Week

09 April, 2013 posted by: CORE

8 HouseThe beginning of this week marked the American Institute of Architects (AIA) National Architecture Week – a week devoted to taking a moment to “showcase the talented architects who’ve made positive contributions to our communities and society in general.” Throughout the nation, AIA is engaging cities and communities to explore both old and new architectural treasures through local AIA Chapter events. For those of us who may have a busy workweek, AIA has made it easy for us to enjoy the celebration at our computers by regularly updating their Pinterest page and other social media outlets with beautiful imagery of structures throughout the world.

If you still need an incentive to engage in National Architecture Week, the AIA is hosting a contest on Instagram and Twitter called the Architecture is Awesome Sweepstakes.

In an effort to pass along the word on this week-long celebration of all things architecture, tell us about what buildings inspire you.



 

Our Story: Core Brand Video

08 April, 2013 posted by: Shaun Osher

It seems appropriate that, as CORE embarks on opening our office on the Upper East Side, we debut our brand film. Our original vision for the company and brand remains the same as it was eight years ago…

Shaun Osher is the Founder and CEO of CORE



 

CORE in the News

08 April, 2013 posted by: CORE

A sampling of last week’s press coverage of CORE and CORE properties.

Jared Kushner, Joseph Meyer, Jack Cayre, Shaun Osher

Introducing the Upper East Side’s New CORE
In celebration of CORE’s new Madison Avenue office, our good friends at The New York Observer hosted a night of mingling, good food, and outstanding conversation last Wednesday at Rouge TomateThe New York Observer was also celebrating the launch of their new lifestyle section “NYO”, with guests of the party getting a first look at the new publication.  Guests included CORE brokers and staff, industry professionals, developers, architects, members of the media, and other invited guests.

Living Large:  A Townhouse in the Sky
Adrian Noriega’s penthouse listing at 15 West 20th Street was the highlight of last week’s “Living Large” segment with Emily Smith.  The Flatiron District home, equipped with over 2,000 square-feet of terrace space, private elevator access, and several other upgraded amenities, represents the best in luxury city living.

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Avoiding Major Pitfalls at the Closing Table Condos

08 April, 2013 posted by: Jarrod Randolph

JGR

Last month, I participated in an exciting continuing education course for brokers at the Real Estate Board of New York (REBNY).  It was set up as three mock closings: one for cooperatives, one for condominiums and lastly, one for townhouses. I played the part of the purchaser in each and several of my industry peers played sellers, attorneys, closing agents and brokers.  It was incredibly fun and funny as we covered many of the issues that can go terribly wrong at a closing, how to prevent them and also how to remedy each problem case by case.

It was such an impactful course that I wanted to share with you the lessons learned.  Beyond the people and basic documents involved in a closing, there are some minutiae you should look out for as it can delay or postpone your ability to close as scheduled.

I will cover the three different closing outlines in a three-part entry over the next few days to help prepare you for the closing table.

PART I: Condominiums

  • ACRIS Document: It is pertinent that the purchaser have pre-registered transfer tax documents on ACRIS transfer tax forms for a condo closing.  This is how your purchase is filed with the city.
  • Loan Payoff/Line of Credit: The seller’s attorney must order payoff letters for all loans and lines of credit. These letters state that there is a freeze on the loans or lines of credit the day of closing thus giving you the set payoff figures for which your bank checks are cut.
  • Wavier of Right of First Refusal/Common Charge Letter: The wavier of right of first refusal must come for the condo board stating the right is waived and they approve the sale – it is the only way to close. The common charge letter states that the CC’s are paid at least up to the closing date.  If they have not been paid and the letter is not up to date, money may need to be left in escrow until the issue is cleared.
  • Unpaid Real Estate Taxes: It states in the contract that the taxes must be paid prior to closing.  It is pertinent that you confirm the taxes are paid and there are no penalties prior to closing.  It is the seller’s responsibility to pay them.
  • Work Permits: Check with the DOB and make sure there are no open work permits registered to the apartment. Most title companies will not allow a closing unless all permits are closed.

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Adrian Noriega on CBS’ Living Large

05 April, 2013 posted by: CORE

Last night, viewers of CBS2’s “Living Large” segment were able to get an inside look at Adrian Noriega’s exclusive penthouse listing at 15 West 20th Street. Located in the heart of the Flatiron District, the home features the very best in luxury amenities, including a wood-burning fireplace cased in imported marble, sophisticated custom woodwork, built-in sound system, radiant heated flooring in the master bath, Sub-Zero and Miele appliances, and central heat and air. With almost 2,000 square-feet of outdoor terrace space, this penthouse showcases the best of urban living with a suburban feel at $7.995 million.



 

NYC’s Latest Development Trend: Micro-Apartments

05 April, 2013 posted by: CORE

Micro-apartmentLast July, New York City’s Mayor, Michael Bloomberg, announced his adAPT NYC contest for proposals on the development and design of micro-dwellings based on the idea of accommodating the housing needs of the City’s growing population. Shortly after, CORE’s CEO, Shaun Osher, was interviewed by CNN on the contest and overall concept of micro-apartments in Manhattan.

Since then, 33 development teams submitted renderings, floor plans, and other visuals in the hopes of winning the first NYC contest focused on facing the challenges of space and a growing population within an urban setting. In early 2013, Bloomberg announced the winning group from the adAPT NYC contest which includes Monadnock Development, Actors Fund Housing Development Corporation and nARCHITECTS. The winning team’s design will be constructed on a city-owned site at 335 East 27th Street and will consist of compact residences ranging from 250-375-square feet.

Although this project hasn’t even broken ground yet, the response generated from the contest by developers, architects, real estate professionals and the general public has proved Mayor Bloomberg’s housing goal to be valid and in many ways necessary. Yesterday, the New York Observer reported that the Department of Housing Preservation and Development is hoping to have another request for proposal (RFP) out on another 2-3 micro-unit developments throughout the City this year. We can’t wait to see what the next round of proposals for micro-apartments will look like, and we’re excited about this small new development trend within one of the world’s greatest cities.



 

Core Madison Avenue X New York Observer “NYO” Celebration

04 April, 2013 posted by: CORE

All

The Observer's Jared Kushner, Joseph Meyer and CORE's Jack Cayre and Shaun Osher

To toast to the grand opening of CORE’s new Madison Avenue office and the launch of The New York Observer’s new lifestyle section, “NYO, CORE partnered with the New York paper last night for an evening of celebrations at the Upper East Side’s Rouge Tomate.  Filled with Observer bigwigs including the paper’s owner, Jared Kushner, industry professionals, CORE agents and staff, developers, architects, members of the media and other invited guests, the night featured speeches from our CEO, Shaun Osher, and Joseph Meyer, CEO of The New York Observer, great food and outstanding conversation.  Check out the recap of last night’s event, courtesy of our friends at The Observer.

Check out scenes from last night’s party below:

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