R E A L E S T A T E

BUYERS GUIDE Your Journey Home

Congratulations on your decision to purchase a home in New York City!

This is surely an exciting time for you and we are glad to be a part of it. You likely have many questions about buying a home in New York City and how to best prepare for it. This Buyer’s Guide will help you on your journey, with important step-by-step guidelines and essential tips. With this information in hand, you are well on your way to enjoying the comfort, excitement and equity of your new New York City home.

Buyer Tips

Choose The Right Agent A buyer’s agent is a trusted advisor accountable for every aspect of your home purchase from search to close – including appraisals, inspections, negotiations, financials, and board approvals. Choose someone you are comfortable with, who is not only knowledge- able and trustworthy, but also has a demonstrated ability to make the otherwise complex process of homebuying flow smoothly.

Get Pre-Approved For A Mortgage While you may be eager to start your search, it is important that you speak with a mort- gage banker and get a pre-approval. This will give you a clear understanding of your budget and the requirements of purchasing. Typically sellers will only entertain offers from buyers that have a pre-approval. This important step will, in turn, put you ahead of the competition should there be a bidding war. Finally, you will ensure a faster closing, as your financials will be in order for co-op and condo board packages. Learn The Market Do you prefer co-ops or condomiums? East side or west side? Before you begin your search, take some time to learn about the New York City marketplace. Your agent can help you determine which neighborhoods, apartment types, and amenities meet your needs, and provide you with comparable reports of recent sales prices of similar list- ings. You can also take advantage of publicly available data on apartment sales, buy- ing trends, and the state of the industry overall.

Define Your Goals Once you have an understanding of the market, you are ready to narrow your search criteria. Make a list of the features most important to you and those you can potentially do without. Consider the community, asthetics, unit space, safety, views, amenities, apartment features, schools, transportation, entertainment and pet policies. Knowing what matters to you most will save you valuable time and energy as you search for your perfect home. Research Your Final Choices Once you have narrowed to your top few choices, discuss your decision thorough- ly with your agent. Your agent can help you obtain all the essential information you need, including each building’s financial condition, length of time on market, seller mo- tives, list of all renovations and major repairs to the property, policies on financing and unique building rules – all of which can affect property values. Steps to

Homeownership 10 Close & Celebrate 9 Get mortgage commitment 8 Submit board package 7 Sign 6 Negotiate 5 Submit an offer 4 Find a home 3 Find an attorney 2 Get pre-approved for a mortgage 1 Choose a Agent Building Your Team

Real Estate Agent A great team begins with a great real estate agent. Experienced agents have invaluable knowledge of every aspect of home sales, with resources and connections for just about everything – from home inspectors and attorneys to mortgage bankers, designers and more. Align yourself with a buyer’s agent you connect with who has proven expertise in New York City real estate sales. It is important to note that commissions are paid by the seller. It is in your best interest to have your own representation and negotiation expertise on your side. On average these transactions can take 3-6 months or longer. Your agent will ensure that this process runs smoothly for you and that nothing important is missed, for ultimate peace of mind. Mortgage Banker If you are not an all cash buyer, you will need a mortgage banker on your team. A good mortgage banker will help you get the best rates and make the process seamless. Batra has strong relation- ships with many top mortgage bankers and can help you find the one that’s right for you.

Attorney It is essential that you retain a real estate attorney when purchasing property. This is to your benefit, as real estate attorneys exercise due diligence on your behalf, including reading financials, checking board meeting minutes, and advising you accordingly. They also help you negotiate the most favorable terms possible. Importantly, they will only let you move forward if they feel all your interests are protected. Inspector A good inspector will fully examine your selected property in a few hours and provide you with a report of their findings. This includes an assessment of the home’s plumbing, electrical and appliance systems. Any issues the inspector uncovers can then be dealt with before the purchase of the home. This protects you from having to cover the cost of needed repairs and can potentially saving you hun- dreds if not thousands of dollars.

Architect If the apartment you choose needs major renovations, you will likely want to hire an architect. Architects can design solutions for virtually any structural challenge and ensure that their work has aesthetic in- tegrity.

Interior Designer Interior space planning and simple renovations are typically best han- dled by a professional interior designer. Remodeling a kitchen or add- ing a room are two such examples. A designer’s plans are typically reviewed by a structural engineer to make sure their work is structur- ally sound. Types of Ownership

Condominium A or “condo” is a type of real estate in which the units are individually owned, with each owner receiving a recordable to the individual unit purchased and sharing in joint ownership of any common grounds. Unlike other types of real estate, condominium units are owned outright, along with collective ownership via a homeowners assocation of common areas (e.g, hallways, walkways, laundry rooms, etc). In New York City, condos have several advantages over other types of ownership. These include lower requirements for down pay- ment, faster estimated closing time, and the ability to sublet or sell without board approval. Cooperative A cooperative or “co-op” is a type of membership-based homeownership in which the unit owners are part of a corporation. Rather than buying the unit outright, members are actual- ly buying shares of a corporation and entitled to occupy one housing unit. Importantly, while many homebuyers are less familiar with co-ops, they make up about 75-80% of the New York City real estate market. The primary advantage of a co-op is that the collective resources of members enable them to leverage their buying power for products and services associated with homeownership, lowering costs. Another advantage is the power to screen and select other members. Co-ops typically have strict by- and house rules that all shareholders must adhere to, as well as shared expenses including maintenance, utilities, insurance, staff salaries, building mortgage payments and real estate taxes. Types of Ownership

Condop As the name implies, a ‘condop’ (also known as a mixed-use property) is a hybrid of con- dominium and cooperative ownership structures. It is generally understood to be a co-op with condo rules, making it an attractive choice for those looking for less stingest appli- cation and residential policies. Most condops do not require a board interview and have flexible sublet policies. They often forego the board approval process as well, choosing instead a policy known as right of first refusal.

Townhouse A townhouse is a single-family home typically attached as a row of two-to-four units. It is comparable to buying a free-standing home, as it is considered owned out- right. The owner is solely responsible for payment of real estate taxes as well as all repairs and maintenance. Townhouses make up a small percentage of the homes in New York City. Many of them are concentrated in the West Village, Upper West Side, and historic districts of Brooklyn.

Manhattan

WASHINGTON HEIGHTS W 155th to Dyck- INWOOD UPPER EAST SIDE E 59th to E 96th St Yorkville E 79th to E 96th St man St HUDSON FORT GEO Inwood Dyckman St to Marble Hill HEIGHTS RGE Lenox Hill E 60th to E 77th St E 25th to E 30th St, 6th to Lex Ave Fort George W 181st to Dyckman St, east of WASH- Nomad INGTON Flatiron E 20th to E 25th St, 6th to Lex Ave Broadway HEIGHTS Hudson Heights W 181st to Ft Tryon Park, Kips Bay E 23rd to E 34th St, Lex to E River SUGAR HILL Stuyvesant E 14th to E 23rd St, 1st to Ave C west of Broadway HAMILTON HEIGHTS E 96th and W 110th to 155th St MIDTOWN EAST E 34th to E 59th St HARLEM HARLEM Hamilton Heights W 135th to W 155th St Murray Hill E 34th to E 40th St E 41st to E 53rd St East Harlem E 96th to E 155th St MANHATTANVILLE EAST Turtle Bay W 109th to W 119th St MORNINGSIDE HARLEM Morningside Heights HEIGHTS GRAMERCY E 14th St to E 23rd St UPPER WEST SIDE W 59th to W 110th St EAST VILLAGE Houston to E 14th St, 3rd Lincoln Square W 63rd to W 66th St UPPER UPPER Ave to East River WEST EAST Houston to E 14th St, Ave A MIDTOWN WEST W 34th to W 59th St YORK Alphabet City Theater District W 40th to W 54th St, 6th to SIDE SIDE VILLE to D 8th Ave Noho Houston to E 9th St, Bowery to Bdwy W 34th St to W 59th St, 8th LINCOLN LENOX Hell’s Kitchen SQUARE HILL LOWER EAST SIDE Canal to Houston St, Ave to Hudson River CENTRAL PARK Bowery to East River W 28th to W 43rd St, west of TURTLE BAY Hudson Yards THEATER Chinatown Worth to Grand St, Lafayette to 7th Ave DISTRICT HELL’S MID Allen St KITCHEN MID TOWN Broome to Canal St, Elizabeth St CHELSEA W 14th to W 34th St TOWN EAST Little Italy WEST MURRAY HILL to Bowery Houston to W 14th St, west WEST VILLAGE NOMADKIPS BAY Nolita Broome to Canal St, Bowery to Lafay- of 6th Ave CHELSEA GRAMERCY ette St FLAT- Meatpacking Horatio to W 14th St, Hudson IRON STUYVESANT St to Hudson River MEATPACKING FINANCIAL DISTRICT Chambers St to WEST EAST ABC southern tip, East River to Broadway VILLAGE CITY SOHO Canal to Houston St, 6th Ave to Lafay- VILLAGE NOHO Battery Park Battery Pl to Chambers St, ette St NOLITA West St to Hudson River SOHO LITTLE LOWER ITALY EAST Seaport District Dover to John St, Pearl St TRIBECA Vesey to Canal St, Broadway to TRIBECA CHINA SIDE Hudson River TOWN to East River BATTERY WALL PARK STREET FINANCIAL DISTRICT Brooklyn

BAY RIDGE East River to 6th Ave, Ft Hamilton Pkwy to Wake- DUMBO Hudson Ave to Fulton St, Prospect St to man Pl/68th St John St/East River BEDFORD STUYVESANT Atlantic Ave to Flushing Ave, Classon EAST NEW WORK Jamaica Bay to Cypress Hills Ave to Broadway GREENPOINT Cemetery, Van Wyck Expwy to Van Sinderen Ave BENSONHURST 86th St to 60th St, 14th Ave to MacDonald EAST Flushing Ave to Brooklyn- SOUTHSIDE WILLIAMS EAST WILLIAMSBURG Ave/Avenue P/Bay Pkwy BURG Queens Expwy, Union Ave to Newtown Ck WILLIAMSBURG BOERUM HILL Smith St to Schermerhorn St, 4th Ave FLATBUSH Avenue H to Parkside Ave, Coney to Warren St DUMBO Island to Flatbush Av DOWN BROOKLYN CLIN- BUSHWICK Bay Pkwy to Ft Hamilton Pkwy, HEIGHTS TOWNTON BOROUGH PARK BOERUM FORT GREENE Atlantic Ave HILL FORT BEDFORD 60th St to McDonald Ave COBBLE GREENE CYPRESS to Flushing Ave, Cleremont HILL STUYVESANT HILLS Ave to Flatbush Ave/Ashland Pl BROOKLYN HEIGHTS Old Fulton St to Atlan- RED CARROLL HOOK GARDENSPARK BROADWAY tic Ave, Court St to East River SLOPE CROWN JUNCTION N 14th St/ GOWANUS PROSPECT HEIGHTS GREENPOINT HEIGHTS EAST NEW Nassau Ave/McGuinness BROWNSVILLE Avenue D to Eastern Pkwy/ BROWNS YORK PROSPECT LEFFERTS VILLE Blvd/Meeker Ave to north tip, Atlantic Ave, Van Sinderen Ave to E 98th St PARK GARDENS NEW LOTS East River to Newtown Ck BUSHWICK Flushing Avenue to Jackie SUNSET Robinson Pkwy, Bdwy to Cypress Ave PARK GOWANUS Gowanus Expwy DITMAS EAST FLATBUSH to Wyckoff St, 4th Ave to Bond St CANARSIE Linden Blvd to Jamaica PARK Bay, E 108th St to Remsen Ave CARNARSIE NAVY YARD Atlantic Ave to E River, BOROUGH FLATBUSH Wythe Ave/Bedford Ave to Adams St PARK FLATLANDS CARROLL GARDENS 9th St to BAY DYKER GEORGETOWN Prospect Expwy to Degraw/Warren St, Hoyt/Smith St to RIDGE HEIGHTS PARK SLOPE Flatbush Ave, Prospect Park to 4th Ave Bklyn-Queens/Gowanus Expwy OCEAN MILL BASIN FORT PKWY HAMILTON MARINE PARK Eastern Pkwy to CLINTON HILL Atlantic Ave to Bklyn- BENSON- PROSPECT HEIGHTS Queens Expwy, Classon to Vanderbilt HURST Flatbush Ave, Washington to Atlantic Ave BATH BEACH Gowanus Expwy to East River COBBLE HILL Degraw St to Atlantic Ave, RED HOOK Court St to Bklyn-Queens Expwy SHEEPSHEAD SHEEPSHEAD BAY Emmons Ave/Shore Pkwy BAY to Avenue T, Ocean Pkwy to Knapp St/Bond St MAN CONEY ISLAND Atlantic Ocean to Gravesend BRIGH- HATTAN TON Bay/Belt Pkwy, Ocean Pkwy to W 37th St BEACH SUNSEST PARK 65th St to Prospect Expwy, East CONEY ISLAND BEACH River to Ft Hamilton Pkwy CROWN HEIGHTS Empire Blvd/E New York Ave to Atlantic Ave, Washington to Ralph Ave WILLIAMSBURG Flushing Ave to N 14th St/Nassau Ave/McGuinness Blvd/Meeker Ave, Bushwick Ave to DOWNTOWN Atlantic Ave/Fulton St/Dekalb Ave to Flushing Ave/ Water St, Cadmen Plaza W/Court St to Ashland Kent Ave Brooklyn Queens

ASTORIA 20th Ave to 36th Ave, 19th Ave/Ditmars Blvd/ LITTLE NECK Grand Central Pkwy/Union Tpke to Little Neck BQE/Northern Blvd to East River Bay, Alley Pond Park to 255th St/Glenwood St/Concord St/ Hewlett St BAYSIDE Long Island Expwy to Fort Trotten Park/Little Bay Park, Clearview Expwy to Cross Island Pkwy LONG ISLAND CITY 36th Ave to Borden Ave, 39th St to East River CORONA Long Island Expwy to 46th Ave, BAY Junction Blvd to 111th St COLLEGE TERRACE MASPETH Metropolitan Ave to Bronx- POINTWHITESTONE Queens Expwy, 47th St to 74th St ELMHURST Long Island Expwy to LAGURDIA LITTLE AIRPORT NECK Roosevelt Ave, Bronx-Queens ASTORIA MURRAY MIDDLE VILLAGE 70th Ave/Cooper HILL DOUG- Expwy to Junction Blvd LONG BAYSIDE LASTON Ave to Long Island Expwy, Luth- ISLAND JACKSON eran Ave/69th St to Woodha- Horace Harding CITY CORONA FLUSHING FLUSHING HEIGHTS ven Blvd Expwy to Willets Pt Blvd, HUNTERS WOODSIDE ELMHURST OAKLAND POINT GARDENS FLORAL Francis Lewis Blvd/Utopia SUNNY- PARK OZONE PARK Nassau Expwy SIDE Pkwy to Whitestone Expwy FRESH BELLEROSE to Atlantic Ave, Elder Ln/Drew MEADOWS and Van Wyck Expwy REGO PARK KEW St/75th St to 107th/105th/ MASPETH GARDENS FOREST HILLS HILLCREST QUEENS 100th St FOREST HILLS Jackie Robinson MIDDLE HILLS VILLAGE VILLAGE Pkwy to Long Island Expwy, Selfridge RIDGE- JAMAICA QUEENS VILLAGE 115th Ave/ St to Grand Central Pkwy WOOD GLENDALE KEW HOLLIS 114th Ave to Grand Central Pkwy/ GARDENS SOUTH RICHMOND JAMAICA Braddock Ave, Francis Lewis Blvd Union Tpke to Long WOOD CAMBRIA FRESH MEADOWS HILL HEIGHTS to Cross Island Pkwy Island Expwy, 185th St/182nd St to HAVEN Francis Lewis Blvd ROCHDALE RIDGEWOOD Wykoff to Metropoli- OZONE LAURELTON tan Ave, Flushing Ave to Decatur St PARK HOWARD BEACH 165th Ave to Belt Pkwy, LINDENWOOD Old Mill Creek to Cross Bay Blvd ROSEDALE REGO PARK Metropolitan Ave to HOWARD BEACH Long Island Expwy, Woodhaven HUNTER’S POINT 46th Ave to Queens Plaza S, East Blvd to 102nd St/Selfridge St River to Jackson Ave JFK AIRPORT SUNNYSIDE Greenpoint Ave/First JACKSON HEIGHTS Roosevelt Ave to Grand Central Calvary Cemetery to Northern Blvd, Pkwy, 68th to 95th St 44th St/Locust to Van Dam St Linden Blvd to 89th Ave/90th Ave, Van Wyck JAMAICA WHITESTONE Willets Pt Blvd to East River, Expwy to 191st St/Dunkirk St 138th St to 202nd/207th St KEW GARDENS Hillside/Jamaica Ave to Jackie Robinson Queens Blvd/53rd Ave to Grand Pkwy, Park Lane S to Van Wyck Expwy WOODSIDE Central Pkwy, 49th to 71st Benefits of Homeownership

Equity Your residence is more than a place to live; it is an investment in your financial future. Homeownership is unique in that it has appreciating value (i.e, its value increases over time, even though you are using it). By the time you pay down your mortgage and make any useful im- provements, you will be sitting on a small fortune.

Tax Savings Homeowners enjoy numerous tax breaks* each year that positively af- fect your returns. You can typically write off the interest on up to $1M of mortgage debt, $100K of home equity debt, and all of your real es- tate property taxes.

*Please consult your accountant to confirm your tax breaks. Closing Costs

For the Purchaser** Buyer’s Attorney: $2000+ Bank Fees: $350-$750 Application Fee: $350 Processing Fee: $300 Appraisal Fee: $300-$1,500 (depending on sales price) Credit Report Fee: $50+ Bank Attorney: $500+ Tax Escrows: 2 to 6 months Recording Fees: $250-$750 UCC-1 Filing: $50+ Search: $250-$350 Fee Title Insurance: Amounts vary, please consult your attorney Mortgage Title Insurance: Amounts vary, please consult your attorney Municipal Search: $350+ Mansion Tax: 1% of entire purchase for apartments over $1M NYC Mortgage Tax (paid by borrower): a. Mortgage less than $500,000 1.80% b. Mortgage $500,000+ on 1-3 family 1.925% residential dwelling c. Mortgage on all other property over 2.80% $500,000 ** These costs are only estimates. Please confirm the closing costs for specific transactions with your attorney. 349 Fifth Avenue New York, NY 10016 [email protected] batrany.com 646.202.1877