The PropertyClub Blog

Your guide to the NYC real estate market

Looking to Sell Your Place? Five Tips For Prepping Your Home for a Photoshoot

Property photos can make or break your plans to sell your home, as we all know that a picture is worth a thousand words. You don’t want to rush through the preparation stage of this process, as there are some essential factors that, sadly, many home sellers overlook.

Want to Buy a Home But Aren’t Into Insane Mortgage Payments? Consider Moving to These US Cities

The classic American dream of owning your own home seems to be drifting further and further out of reach for most potential homebuyers. Rents and home prices have been steadily - or in some cities, rapidly - rising over the past decades, pushing many Americans out of major U.S. cities. The homebuying dream might, however, still be worth pursuing, just not in the big Millennial cities you would expect.

The 100 Most Expensive NYC Zip Codes of H1 2019

Certain areas of a city can be a lot more desirable to homebuyers than others, and NYC is no exception. When it comes to choosing a place to live, plenty of factors come into play, like the availability of high-paying jobs, transportation options, walkability, good schools, excellent shopping and dining options, safety, low taxes, green spaces, and so on. Prospective homebuyers are willing to pay top dollar to have these aspects covered, and most of the time, they do, especially in NYC.

NYC Brokerage Showdown, an in-depth look at how Compass, Corcoran, and Elliman are adapting to a changing industry.

Real estate is changing. Technology is impacting the behavior of buyers and sellers, making it necessary for brokerages to evolve to serve their customers better. We’re taking an in-depth look at how tech is influencing the industry and how NYC’s leading real estate brokerages are adapting.

The 10 Best-Selling NYC Residential Buildings of H1 2019

Luxury apartments keep selling like hotcakes in New York City, and the first half of 2019 was no exception. Prospective homebuyers and real estate brokers were equally busy during the first six months of the year, and sales continued to close, with June seeing a flurry of activity and multiple records being broken in the luxury market as buyers rushed to close before new tax hikes went into effect in July.

A look at 11 of the Greenest Residential Buildings in NYC

Environmentally friendly building techniques have been around for decades, in some form or another, but they’ve only recently gone mainstream. The development of green building standards like BREEAM or LEED have created incentives for developers and have raised awareness of the importance of constructing sustainable buildings.

Save Money Buying a NYC Apartment with a Broker Commission Rebate

We're excited to announce that we've partnered with some of New York City's best real estate brokers to offer PropertyClub users buyer commission rebates. Buyers will now be able to earn up to a 2% cash-back rebate on property they purchase through our partner brokers.

Top 20 Homes Sales of Q2 in NYC - Goodbye Amazon, Hello Jeff Bezos!

A few months have passed since Ken Griffin’s jaw-dropping, $240 million purchase of a Midtown Manhattan condo, and the presses have had some time to cool down. A sale of this magnitude is unlikely to occur again, at least for a while, but that doesn’t mean that the NYC sales market is losing its luster. Quite the contrary; multi-million-dollar home sales continue to close every month. We once again combed through the data to round up the 20 most significant home sales of the year’s second quarter. Read on to see the best-selling locations in New York City and which buyers they attracted.

Rent-Burdened New Yorkers Turn to Coliving, Sacrificing Personal Space for A Good Location

If you’re contemplating making a move to New York City, then we should warn you, finding a place to live will be your biggest challenge, especially if your budget is limited. New Yorkers nowadays are heavily rent-burdened, but paying rent is especially more difficult for singles, who are increasingly turning to coliving, living with roommates, or even moving away from the Big Apple altogether.

Tips for NYC Homebuyers

Buying a home in NYC can be taxing, on both your wallet and sanity. The sub 1.5MM market is extremely competitive, even when market conditions favor buyers- and is simply insane when they favor sellers. To help save you time and money we’ve put together some tips on how to score significant savings when buying in New York City.

PropertyClub's Sample NYC Roommate Agreement

More and more New York City renters find themselves living with roommates nowadays so we've gone ahead and created a standard roommate agreement template for all New Yorkers. No more worrying about drafting a custom NYC roommate agreement from scratch, just use ours (and modify as you see fit).

The 10 Tallest Residential Towers Under Construction in NYC

New York City is reaching higher and higher towards the sky, with numerous supertall projects planned or already in the works, and not just in Manhattan. The tallest building in Brooklyn was completed earlier this year, and soon it will be surpassed by another skyscraper that will be the highest structure outside Manhattan. In Queens, rezoning plans and the high demand for luxury condominiums has resulted in various residential skyscrapers popping up on the borough’s skyline, and the tallest one of them is already underway.

Brooklyn Make Way: Manhattan’s Financial District is NYC’s Millennial Hotbed

Millennials are strong in New York City; almost 3 million strong. And they’ve changed the way the city looks and feels. There’s a coffee shop literally around every corner, every street is buzzing with young adults, there’s no shortage of talent for the thousands of startups popping up every day, and then there's the food-Well, let’s say the flavors of the world have all met here. But where are Millennials living these days?

Tenant Rights in NYC- What is the Warranty of Habitability?

According to Real Property Law 235-B, there is an implied warranty of habitability in every New York City lease. This covenant requires that the landlord maintain apartments so that they are fit for human occupancy, that all things work as expected and that no conditions in the apartment exist that may harm or even kill the tenant. Additionally, the implied warranty of habitability applies to the common areas of any building. A landlord’s implied warranty of habitability cannot be waived orally or in the tenant’s lease agreement, as that would go against public policy and any such attempted waiver unenforceable by the court.

NYC Tenant Rights and the New Housing Stability and Tenant Protection Act of 2019

On June 14, 2019, Governor Cuomo signed into law the Housing Stability and Tenant Protection Act of 2019 (“Act”). This Act will fundamentally change the New York City real estate industry and is considered the most significant tenant protection legislation ever passed by New York State. This Act directly affects property owners, property managers, and tenants for both regulated and unregulated units, inside New York City and throughout the State of New York.

Flip Tax in NYC

NYC flip taxes, also known as transfer fees, were first implemented in the 1970s and 1980s as a way to generate capital for co-op buildings so that they could invest in major capital improvements without increasing maintenance fees for their shareholders (something no shareholder enjoys). Today, a the flip tax still generates substantial incomes for buildings, as well as discouraging buyers & investors from buying and selling co-op apartments with the intentions of making a quick profit, especially with HDFC apartments.

Manhattan vs Brooklyn - Which Should You Choose?

In recent years, Brooklyn has reportedly become the hottest place to be in New York City, and it has grown and flourished at a much faster pace than any other borough. Many would argue that the borough is now even hotter than Manhattan, and this comparison has served to narrow the differences between the two.

How to Sublease a NYC Apartment

Subleasing an apartment can seem daunting at times. Many NYC landlords make it difficult to sublet, but you almost always have the right to sublease. We'll explore some of the legal nuances of subletting and walk you through the process of how to sublease your apartment.

Luxury Report: The Most Expensive Homes for Sale in NYC Right Now

New York City is no stranger to jaw-dropping home sales. In fact, over the years, Manhattan has become synonymous with record-breaking property sales, of any kind. But it’s one thing to pay $80 million for a high-rise office building and another to pay that same amount on an apartment. However, some buyers are willing to pay the price, but they’re getting harder and harder to come by.

What's in a Roommate Agreement and why you need one

As a New York City renter, you are almost guaranteed to live with a roommate at one point or another. Fortunately, In New York City, you can generally get roommates without getting your landlord’s approval or going through the hassle of adding them to your lease, thanks to a law commonly called the New York State “Roommate Law."

The Ultimate Guide to NYC Residential Starchitecture

The New York City skyline is the ultimate embodiment of ‘starchitecture,’ and for many industry professionals, designing a skyscraper in Manhattan is a significant and coveted milestone. Some of the world’s most influential architects have left their mark on NYC, by designing office towers, museums and event centers, fabulous hotels or supertall residential skyscrapers.

What are Mitchell-Lama Apartments?

Explore everything there is to know about Mitchell-Lama Housing. Currently, about 45,000 apartments in New York City are subject to Mitchell-Lama regulation. Named after New York State Senator, MacNeil Mitchell, and Assemblyman Alfred Lama, Mitchell Lama is a housing program designed to create and maintain affordable housing to middle-income individuals in New York. The apartments under the Mitchell-Lama program includes cooperative apartments ("co-ops") and rentals.

Buying Investment Property in NYC

Have you ever thought about purchasing an investment property in New York City? In this guide, we'll cover everything you need to know about buying an investment property in the greatest city in the world.

What is a CEMA loan?

As we all know, New York City has one of the heaviest tax burdens in the nation, in part thanks to the mortgage record tax. CEMA loans, which stands for Consolidation, Extension, and Modification Agreement, are a type of loan available only to New Yorkers that is typically used to reduce your tax burden when refinancing a mortgage.

The Top 20 NYC Residential Sales of Q1 - Priciest US Home Sale Ever Closes on Billionaires’ Row

For most of us, living in a penthouse in Manhattan overlooking Central Park is an impossible dream, something that happens only in movies and fairy tales, not in real life. But for some, it’s not an impossible dream at all, but quite an achievable milestone, or something to check off a bucket list. How else would New York City end up with something called ‘Billionaires’ Row,’ a cluster of supertall residential skyscrapers lining 57th Street next to Central Park?

When’s the best time to start searching for your next rental apartment?

Are you counting the days and weeks until your current lease ends? Or maybe you’re in a month to month lease and are waiting to find the perfect apartment to call home. Here at PropertyClub, we know that timing’s everything, so we’ve come up with some useful tips and tricks on when to start your apartment search.

Rent Controlled and Rent Stabilized Apartments in NYC

Currently, over one million apartments in New York City are subject to some form of rent regulation. The majority of these apartments are classified as rent-stabilized apartments, while less than 2% of apartments are subject to the oldest form of rent regulation, known as rent-controlled apartments.

The Principal—Agent Problem in Real Estate

Have you ever wondered if your real estate agent is working in your best interest? Or are their actions motivated by their own best interest? The principal-agent problem is a common occurrence in real estate and can result in financial harm towards the principal (in real estate this could be the buyer, seller, renter or landlord).

Local Law 11

If you've ever tried to rent or buy a NYC apartment in a building surrounded by scaffolding you might have come across the term Local Law 11 when inquiring about the scaffolding and when it might come down. As a matter of fact, if the building is underground local law 11 inspections, the scaffolding is there as a safety precaution, intended to protect us all from any potential rogue bricks or air conditions coming loose from a building's facade and falling out of the sky.

What do Real Estate Agents Make in the Big Apple?

If you are a fan of the of Bravo Channel’s hit cable TV series, Million Dollar Listing New York, you know that being real estate agent in NYC is not only glamorous but incredibly lucrative too. Whether you’re hosting a wild, celebrity-packed open house event at a $20 million penthouse or you’re closing multi-million dollar deal in a swanky high rise condo, you're raking in big bucks. So what about the average realtor in the city? How much do they take home and how does it rack up?

The NYC Housing Lottery

“You’ve got to be in it to win it” is one of the New York State lottery’s more memorable advertising slogans. What this tagline doesn’t mention, of course, is you’ve got about a one in a zillion to one shot of winning. The odds aren’t quite as bad with the NYC Housing Lottery, however. Your chances of snagging a below market rate apartment are much better – not great, mind you – but at about 600 to 1, at least in the realm of possibility.

How to break your NYC apartment lease

Whether you’ve outgrown your space and want to find a new place, lost your job and can no longer afford the rent, or are moving to another city for work, breaking your lease can be a serious headache in NYC. We'll walk you through all the available options from breaking or assigning your lease to subletting your apartment for the remainder of your lease.

Home Prices Today vs 20 Years Ago—The American Dream Requires a Six-Figure Salary

The American dream of owning your own home is becoming more and more unrealistic given the state of the U.S. real estate market today. Looking back at what home prices were 20 years ago is a big wake-up call, and it might make you question whether the American dream of homeownership is truly worth pursuing.

How to Hire a Real Estate Lawyer in New York City

Buying or selling an apartment in New York City is a significant transaction, one that should not be taken lightly. As such, it's not advisable to consider purchasing a co-op or a condo without consulting with a real estate lawyer first.

A guide to HDFC Co-ops

In your New York City real estate search, you’ve probably come across a co-op listing or two that just seemed too good to be true. More likely than not those listings were HDFC (Housing Development Fund Corporation) Apartments.

A Guide to the NYC 421-a Tax Abatement

While searching for a co-op or condo in New York City, you may have come across listings that include what is called a 421-a tax abatement. This tax exemption was originally put in place to encourage property developers to build new residential real estate in NYC. In recent years however the 421-a tax abatement has been revived with a focus on affordable housing.

Listing Your NYC Home For Sale By Owner is Easier Than You Think

If you listened to most real estate agents tell it, selling your home by yourself is something akin to performing brain surgery on your cat. Unless you’re a trained veterinarian, the outcome is sure to be bad. Same with selling your home yourself. If you don’t list with an agent, you’re sure to have disastrous results. Or are you?

NYC Sublet Laws

The average one-bedroom apartment in Manhattan costs approximately $3,400 a month. As such, sublet and short-term rentals are very popular. Whether you are looking for a sublet for three days or three months, in the fast-paced New York City real estate market you are bound to find a listing that can meet your needs. However, current New York City tenants should tread lightly because illegally subletting your apartment may be grounds for eviction.

Certificate of Occupancy NYC

If you’ve ever been involved in an NYC real estate deal, you may have heard the phrase Certificate of Occupancy. This piece of paper, which is at times taken for granted, may be the difference between a tenant paying rent or an investor or real estate developer obtaining financing to purchase a building. As such, it’s essential that you understand this document whether you are buying, renting or renovating the property.

Thinking About Living abroad in 2019? Here are the Top 35 Cities You Should Consider

Have you been thinking about embracing a more nomadic life this year? Or simply taking a break from the status quo and exploring some great new cities? We've done some of the scouting for you and have come up with a great list of cities that you'd certainly enjoy calling home, even if it's only temporarily.

A Guide to Apartment Renovation in NYC

If you live in New York City, you know that few things are cheap or easy. An overriding characteristic of the city is that even mundane tasks can be difficult, and everyday things expensive. When it comes to remodeling and renovation work in New York City – neither of which is routine – it’s a complicated and time-consuming undertaking made more so when it’s being done in Manhattan.

Celebrity Real Estate Showdown, A Roundup of the Outrageous Homes Celebrities Bought in 2018

Where would the real estate world be without exuberant celebrity transactions making the news almost every week? Whether its movie stars, musicians or businesspeople, all seem to have one thing in common: they all love elegant living. Although, there are also some who are in it for the business aspect as well—like Maroon 5’s Adam Levine, who juggled more than $100 million in 2018.

Real Estate Tokenization

When it comes to possible applications for blockchain and cryptocurrencies in the real estate industry the most exciting would be the tokenizing of real estate. We’re taking an in-depth look at how to tokenize a property as well as the legal, regulatory, and technical challenges involved.

What is a Co-op in NYC? Everything you need to know about buying a NYC Co-op apartment

Approximately 75% of apartments available for sale in New York City are in cooperative buildings, colloquially known as “Co-ops”. So what exactly is a co-op and how is it different from a condo? And what do you need to know before purchasing a co-op? Read on to find out.

The NYS and NYC Transfer Tax

Buyers and sellers of townhouses, co-ops or condos in New York City have the unenviable obligation of paying multiple transfer taxes. First, the state picks your pocket with the NYS Transfer Tax, then the city takes its pound of flesh with the NYC Transfer Tax, and finally, there’s the so-called Mansion Tax, which is also technically a transfer tax. The Mansion Tax, strangely enough, applies to units that can measure 500 square feet or less. Only the little people in Gulliver’s Travels would consider that a “mansion”.

An Overview of a 1031 Exchange

If you've ever thought about investing in real estate you've probably heard the term 1031 exchange thrown around by realtors and other investors. You may be thinking "What is a 1031 Exchange?" or "How does it work?". Simply put a 1031, or "like-kind" exchange is an effective way to defer income taxes on real estate investments and has, therefore, become an essential tool for real estate investors.

Rental Properties Listed at Insane Prices in the Most Prominent Cities Around the World

Ultra-luxury dwellings have always been popular and managed to catch people’s attention ever since our prehistoric ancestors moved out from their caves. Unfortunately, not everyone can afford to own or rent an extravagant home, but we sure love to look at them! So what better place to look at upscale homes than in some of the most affluent cities in the world? From Paris to London to New York City and beyond, we looked at the most expensive and luxurious rentals currently listed to see how high prices can go... and we found that they can get really, really high.

Closing Costs in NYC

Whether you are buying or selling real estate, you must account for closing costs in your budget when determining your ability to purchase or sell a property. Like everything else in New York City, closing costs for buying and selling property are well above the national average.

Looking Back at How Much Home You Could’ve Bought for $1M in NYC over the Past 14 Years

New York City has been long established as one of the most expensive cities across the globe, especially when it comes to home prices. Nowadays, everyone who is selling a piece of NYC real estate doesn’t think twice when putting an expensive price tag on it, knowing that people will without a doubt pay a hefty premium to live in the The Big Apple.

New York City Real Estate Taxes, Ever-Rising and More to Come

New Yorkers are among the most highly taxed people in America. Most already know that NYC is one of only a handful of cities to have an income tax, but what about real estate taxes in New York City? Well, if you’re a property owner in the city, your tax burden is even greater. And to make matters worse, real estate taxes are only going up and increasing in number.

NYC Apartments For Rent By Owner: How to Rent Out Your NYC FRBO Apartment

Listing and marketing an apartment for rent by owner in NYC can be a challenge. Whether it’s your first time renting your place out or you’re already an experienced landlord, we’ll explore some best practices and discuss why PropertyClub’s assisted FRBO (for rent by owner) marketing solution may be the right choice for you.

A Round-up of All Homes Bought Using Cryptocurrency

Ever wondered if it's possible to buy real estate with cryptocurrency? With blockchain and cryptocurrencies gaining more traction in recent years the real estate market has quickly opened up to the possibility of accepting crypto as payment. We're taking an in-depth look at the most popular digital currencies used to buy real estate and the dollar amounts of the purchases.

The Evolution of NYC Luxury Sales: $1M+ Home Sales in Each Borough, a 15 Year Analysis

With year-end reports, that look back at 2018 and compare it to the year that came before, starting to roll in we've decided to make things a little more interesting by taking a look at the evolution of the million dollar sales market across New York City over the past 15 years. We'll highlight how homes priced over $1 million have become the norm in Manhattan, and how this price segment is showing steady growth rates in Brooklyn and Queens.

How to find no fee apartments in NYC

Everyone knows that rents and moving costs in New York City are amongst the highest in the country so what better way to save some benjamins than to find a no fee apartment. We’ll explore how and where to search for NYC no fee apartments as well as when the best time of year to search is.

No Fee Rentals are Great, Earning a Cash Rebate When Renting is Even Better!

When it comes to renting an apartment in New York City, one of the first things most renters look at is the fees involved, with no-fee apartments being the most desirable. So what could be better than finding the NYC penthouse, Manhattan loft, or Brooklyn brownstone of your dreams while not having to worry about paying a broker fee? Getting a cash rebate as a reward for renting your next NYC apartment, of course.

7 Tips on How to Negotiate Your Monthly Rent

Have you ever asked about the possibility to lower the asking monthly rent on an apartment you’re interested in leasing? It’s only natural to ask, and it happens countless times each day; prospective renters tour an apartment, decide they like it, and begin to ask if the neighbors are loud, if there’s street noise, how much the utility bills average as well as the inevitable “Is the rent is negotiable?".

What is a Pied-à-terre?

Pied-à-terre is a French term that translates to “foot on the earth” and is used in the New York City and other real estate markets to refer to what is typically a second home or vacation home. The main distinction being that a pied-à-terre is not considered to be a primary residence, but rather a place where you nonetheless wish to establish and maintain a presence, roots or a “foothold”. When looked at it in this light a less literal translation of the French to “foot on the ground” makes far more sense.

NYC Apartment Application Checklist

Whether you've found your dream home and are ready to submit your rental application or you're just starting your apartment search and want to get a leg up on the competition by having your paperwork in order, our NYC Apartment Application Checklist has got you covered.