THE
MEIER TEAM
at The Corcoran Group
CONTENTS ABOUT OUR TEAM
SELLER’S GUIDE
Working with The Meier Team at The Corcoran Group
Marketing Plan
Who We Are
Walking You Through the Process
Our Track Record
How We Release Your Apartment to the Market
Finding a Real Estate Lawyer
Online Marketing Exposure
Financing
Our Seller’s Pledge to You Seller’s Closing Costs
BUYER’S GUIDE Why Buy with Us? Purchasing Plan Buying Condos & Co–ops Our Buyer’s Pledge to You The Home Buying Process: An Order of Events Purchaser’s Closing Costs Buyer Weapons
LEASING A Snapshot to Renting Success
THE COMPANY ABOUT THE CORCORAN GROUP •T he Corcoran Group was founded in 1973 as New York City began a historic transition from being a market predominately composed of rentals to one of individual ownership. •B eginning in 2003 Corcoran started expanding our reach into other key luxury markets, acquiring leading firms in both the East End and South Florida. •T oday, Corcoran boasts a total of 25 offices and almost 2,000 independent agents. •C orcoran sales reached a record $18.5 billion in 2014. •A s a member of the Cartus Mobility Broker Network, Corcoran agents have access to more than 100,000 agents at the top real estate firms across the country. Cartus Mobility operates six international service centers on four continents assisting more than 2,000 companies in 160 countries across the globe.
WHERE IT COUNTS, CORCORAN LEADS THE WAY • $18.5 Billion Corcoran’s total sales in one year1 • 102% Percentage increase in traffic to Corcoran. com year over year, more than any other New York City brokerage website. 2• •$ 360 Million Dollar volume in Brooklyn listings, more than any other firm.3 • 3,796 Closed sales in Manhattan and Brooklyn, more than any other brokerage.4 • 46% Percentage of sales above $20M since 2007, making Corcoran the leader in high-end real estate.5 • 4.6 Million Average sale price in new development represented by Corcoran and Corcoran Sunshine Marketing Group, the highest of any firm.6
•C orcoran agents are known as the most knowledgeable, ethical, and experienced professionals in the industry.
Source: Corcoran 2014 sales data. 2Source: Hitwise Feb 2014–Feb 2015 data comparing Corcoran. com to Sothebys, Douglas Elliman, Brown Harris Stevens & Nest Seekers Intl websites. 3Source: The Real Deal August 2014 issue. 4Source: Corcoran Market Research June 2015 - Data represents all closed sales from June 1, 2014 to May 31, 2015 in Manhattan and Brooklyn. 5Source: Corcoran Sales data from 2007-2014. 6Source: Corcoran Sunshine Market Research April 2015- Data represents Manhattan new development average until price reported and sold in 2014 represented by marketing firms and in-house sales. 1
Working with The
We established our team to provide a
By continually developing and honing
real estate sales platform that provides
our skills with ongoing programs and
Meier Team at
our clients with a competitive edge in
strategies, we ensure that our team is
the New York City market. Overcoming
made up of only the most experienced,
The Corcoran Group
perceived established limits, we adapt
reputable
to the ever-changing market to stay
transaction and satisfied clients are
Real Estate
ahead of current trends. We excel at
our primary and greatest motivations.
keeping our clients well-informed, while maintaining a pleasant process and experience for both our buyers and sellers.
brokers.
A
successful
our team
Brian Meier Team Leader Licensed Associate Real Estate Broker Awarded “best in customer service” Diamond chairman circle award Pinnacle club award
Whether working with buyers or sellers, Brian Meier has proven himself as one of the most knowledgeable and detail oriented brokers in the business. Whether your needs are as complicated as a 1031 tax exchange or as simple as being able to fit your three piece sectional into the living room, Brian will assist you. From movers, painters, locksmiths or the cable guy’s phone number, Brian can take care of it all. He takes pride in knowing that he is a complete service provider to all his clients. Buyer and sellers receive the best customer service from beginning to end. His buyers and sellers know that the engine behind his marketing cannot be outdone. Brian started to work in real estate 15 years ago after spending 10 years in the New York restaurant industry, where Brian held positions such as the Sous Chef of Café des Artistes and the Chef de Party of Union Square Café and One if By Land. Outside of real estate, Brian is active in volunteer work. He contributes his time to such organizations as the Variety Children’s Charity, the National Multiple Sclerosis Society, and the American Heart Association. He is an amateur photographer and enjoys carpentry and cooking.
Led by Brian Meier, The Meier Team at The Corcoran Group strives to consistently sell properties for higher than the market average, and in less time than the market average.
Matthew Pucker
Jamie Heinlein
Licensed Associate Real Estate Broker
Licensed Associate Real Estate Broker
Matthew Pucker has a strong reputation for top results selling and purchasing property in New York City. His in-depth knowledge of the real estate market, attention to timing and marketing and his high-level of service have earned him the loyalty of his clients and their trusted referrals. Matthew entered real estate after more than 10 years in the financial services industry. His experience and expertise are invaluable to clients. His ability to work through complex negotiations, manage the intricacies of real estate transactions and collaborate with the many people involved in the process provide his clients with a strong advocate and sense of security. Matthew has firsthand real estate experience that includes purchasing condos and coops, fully renovating properties, working with property management companies and navigating coop and condo boards, having held various positions on boards himself. His service extends beyond finding or selling a property; he also connects clients with the right service providers at every stage – from lenders, accountants, attorneys and financial advisors to the best contractors and designers.
Approachable, knowledgeable, competent and fun are just a few of the ways clients describe Jamie. Jamie excels at helping first time homebuyers navigate the often confusing New York real estate market. Whether working with buyers or sellers, she has a knack for cutting to the chase, reducing stress and making transactions as smooth as possible. Jamie moved to New York over 20 years ago to be an actor, and has been carrying on a love affair with this fascinating and diverse city ever since. Starting part-time in commercial development and management, she quickly discovered an affinity for residential real estate and a sincere desire to match the right apartment with the right person. Her passion for New York and enthusiasm for its real estate market is infectious. You can still find Jamie in the theater in her spare time, or on the road to remote travel destinations. Distant shores or urban hiking, Jamie possess an insatiable appetite for exploration, adventure and fun. Whether you are buying or selling, looking for an investment or your first (or fifth!) home, Jamie will be with you every step of the way, working tirelessly to help you through every step, both financial and emotional, of your transaction.
Zachary Rothstein
Scott Savory
Meier Team Director of Operations Licensed Associate Real Estate Broker
Licensed Real Estate Salesperson
Zac is a native New Yorker and an industry veteran who has never done anything but real estate. His parents bought and sold real estate in Westchester since he was young, and in high school, he worked as a construction manager on those properties. While attending Arizona State University, Zac not only pursued a degree in Urban Planning/Development and Business; he spent 40 hours a week selling commercial properties. Right after college, Zac headed back to New York and worked for one of the top brokerage firms. He later joined the top team in the city who he followed to Corcoran – The Meier Team, which sells more real estate than any other team in New York City. Specializing in the Brooklyn and Manhattan markets, Zac is a seasoned pro who knows which locations are hot for they become hot, which neighborhoods are overextended, and where the deals are. This coupled with the extensive resources available to him at Corcoran give him the ability to advise clients better than any other agent. Zac has always been someone who gets the job done, whether it be working on a board package, negotiating a deal, or following up on the many details that get clients to the closing table. As a property owner himself, he personally relates to the emotions and financial implications that real estate investing involves.
Scott Savory is a residential real estate expert committed to providing true value in every aspect of the real estate process. After nearly a decade of experience facilitating luxury residential sales throughout Manhattan and Brooklyn, Scott has developed an industry-wide reputation for his exceptional service, strategic negotiation skills, sharp attention to detail, and rock solid client relationships. Originally from South America, Scott has called New York home for almost ten years. Prior to real estate, Scott traveled the world as a professional cyclist with the Guyanese national team. The experience led to a deep appreciation for beautiful architecture that would eventually inspire his entry into real estate. It also supplied him with an excellent eye for aesthetics, and an ability to relate to all types of people and cultures. Regardless of the client, neighborhood, or property, Scott’s biggest priority is to ensure that his clients’ specific needs are validated and met. This means approaching every buyer, seller, and deal with an open mind so that he can advise on the best possible path to fulfill his clients’ needs. “Real estate is a wonderful, fulfilling profession and I take great pride in what I do. One of the greatest rewards is the feeling of overwhelming joy and excitement I witness when my clients and I walk into the apartment that they dreamed of, and realize, “This is the one!” Scott also maintains a staunch commitment to staying on top of market conditions and in command of the latest technology. His market savvy and technological adeptness are complemented by outstanding communication and negotiating skills that ensure smooth, successful deals.
Kate Stewart
Alana Fried
Licensed Real Estate Salesperson
Licensed Real Estate Salesperson
Kate lends her expertise to a respected group of industry leaders who provide comprehensive client service, and outstanding results from beginning to end. Eleven years as an interior designer, several gut renovations of her own property investments, and board membership at her current co-op give Kate Stewart well rounded experience that is invaluable to clients and developers alike. They value her meticulous attention to detail, whilst her keen eye for design gives her the ability to help buyers fully recognize and visualize the potential in raw or unfurnished spaces, thereby increasing value. While Kate has spent years living in Tribeca and has an extensive knowledge of the Downtown market, she has also conducted transactions all over Manhattan and Brooklyn. She has a strong understanding of a quality investment, and access to some of the best resources in the business.
“Expect the exceptional from Alana Fried. She won’t deliver anything less,” are words spoken from the heart by Alana’s clients and co-workers. Throughout her career, Alana has held different service roles that involved communicating with clients on a daily basis, listening to their needs, and trying to fulfill them. It’s no wonder her transition to residential rentals and sales came so naturally. Her success in real estate makes even more sense when you consider her family background. With both parents in the business for the past four decades, it was a true calling for Alana to follow in their footsteps. She’s also gained valuable personal experience over the years having bought and sold residential and commercial foreclosure properties in the five boroughs of NYC, and owned an investment condominium in Hollywood, Florida. Alana believes that besides knowing your product well, listening and paying close attention to each customer’s needs are the main keys of selling. “My ability to relate to people is a direct result of my personal credibility and professional integrity.” Alana is also extremely creative and detail oriented, as evidenced in her previous position managing operations, events, inventory and marketing for a New York-based rental service company that offers customdesigned furniture, lighting and accessories. Originally from Westchester County, Alana graduated from the University of Miami’s School of Communications with a double major in Public Relations and Sociology. She currently resides on East 39th Street, and enjoys taking advantage of the endless options of things to do around the city. In spare time, Alana also volunteers to raise funds for various charitable groups.
Geoffrey Gottlieb
Jillian Jensen
Licensed Real Estate Salesperson
Executive Assistant to Brian Meier Licensed Real Estate Salesperson
Born in New York City, Geoffrey Gottlieb has always had a lifelong passion for Real Estate. Being a part of over 75 closed transactions since 2013, Geoffrey has become an expert in all aspects of buying and selling Real Estate in New York City. Working for The Meier team at the Corcoran Group provides Geoffrey access to all available listings on the market, in addition to superior resources, marketing material, and customer service. Geoffrey’s greatest asset is his ability to understand his clients’ particular needs and to work relentlessly to meet those needs. Geoffrey takes a tremendous amount of pride in his exceptional work ethic, organization, attention to detail and his ever expanding knowledge of the New York City Real Estate Market. Geoffrey, an Indiana University graduate, spends his free time with family and friends and enjoys playing hockey. “I am accessible to my clients twenty four hours a day, seven days a week. I strive to build relationships that will last a lifetime.”
An experienced real estate professional, Jillian Jensen has a background overseeing luxury new development construction, sales and marketing in Manhattan. Her wide range of knowledge spans the entire New York City real estate market. She enjoys assisting all of her clientele from walking first time buyers through their first home purchase, to advising seasoned International investors on their next acquisition. Her background in marketing and passion for real estate makes her the perfect person to work with when looking to buy or sell your next home.
FINDING A REAL ESTATE LAWYER Almost every real estate transaction in New
The attorneys we work with and recommend
York City is facilitated by a real estate attorney.
have conducted thousands of sales and each
Attorneys provide the contract of sale, negotiate
have over ten years of experience. In addition,
contract
diligence
their outstanding levels of customer support,
Protecting clients
professionalism, and competence make them the
terms
and
provide
regarding the transaction.
due
from anything that may go wrong during the transaction, your attorney will be in your corner throughout the sale. It is imperative to have an experienced New York City-based attorney work on your transaction. You need an attorney that understands the complexities
and
ever-changing
laws
and
business practices of New York City real estate. Furthermore, your attorney must be familiar with property managing agents and other real estate attorneys in the city.
best in their field.
FINANCING RESOURCES Through our extensive network of national
mortgage interest, they can spend more on
lending institutions, we are able to offer a
the sale of your property, earning you a higher
comprehensive array of financial products
sales price. Our connection with several lenders
to meet the current mortgage and long-term
assures that we are kept continuously informed
financial goals of each client. While there are
until the loan closes. We can work with them
many attributes that differentiate mortgage
to resolve any potential snags along the way.
brokers,
our
This is one of the many ways The Meier Team
recommendation will offer lending capabilities
at The Corcoran Group ensures your property
and expertise to assist you in making smart
gets sold quickly, at the right price, and without
financing
any headaches.
our
team
decisions.
always
We
ensures
understand
the
importance of tailoring terms of loans to fit our clients’ needs. We are confident the job will get done quickly and correctly because we work with the best loan officers in the business. Through the relationships that we have made, we are free to refer the purchaser of your property to the mortgage institution that is right for them and their situation. How does this help you as the seller? If the purchaser is able to spend less on monthly
OUR TRACK RECORD Below is a sample of the buildings we sold in the last year 1 Plaza Street West
915 President Street
141 Fifth Avenue
150 West 56 Street
170 West 89 Street
142 East 16 Street
290 Sixth Avenue
440 Kent Avenue
323 West 11 Street
448 West 37 Street
454 15 Street
120 East 90 Street
80 Central Park West
120 East 29 Street
18 West 48 Street
160 Ninth Avenue
1160 Third Avenue
210 Central Park South
247 West 46 Street
307 West 20 Street
2 Charlton Street
430 Sterling Place
520 West 23 Street
555 West 23 Street
104 Bedford Street
993 Amsterdam Avenue
142 West 82 Street
209 Clinton Avenue
175 Willoughby Street
88 Greenwich Street
3 Sheridan Square
446 Kent Avenue
327 East 3 Street
54 West 16 Street
46 Park Place
407 East 12 Street
82 Horatio Street
122 Ashland Place
18 West 48 Street
1600 Broadway
520 East 90 Street
212 16 Street
438 West 49 Street
31 Eighth Avenue
251 West 19 Street
435 East 65 Street
161 Adelphi Street
555 West 23 Street
105 Vanderbilt Street
245 West 74 Street
144 West 27 Street
430 West 34 Street
178 Suffolk Street
130 Jane Street
30 St Felix Street
225 Lafayette Street
350 East 77 Street
54 West 16 Street
509 2 Street
405 East 63 Street
84 Horatio Street
133 Essex Street
365 West 20 Street
165 Clinton Avenue
145 East 15 Street
215 Parkville Avenue
417 East 90 Street
31 St Felix Street
170 West 23 Street
435 East 65 Street
1 Central Park South
56 West 82 Street
110 East 36 Street
34 Crooke Avenue
150 Joralemon Street
121 East 23 Street
18 East 12 Street
500 Grand Street
301 East 63 Street
70 East 10 Street
359 Ft Washington Ave
263 Ninth Avenue
519 West 135 Street
245 East 24 Street
86 Horatio Street
137 East 13 Street
252 Seventh Avenue
167 East 67 Street
235 East 22 Street
215 West 29 Street
425 East 63 Street
315 West 86 Street
127 West 79 Street
449 9 Street
21 South End Avenue
59 John Street
111 East 2 Street
27-28 Thomson Avenue
160 East 3 Street
525 East 11 Street
1831 Madison Avenue
161 West 15 Street
304 West 89 Street
635 West 42 Street
362 Myrtle Avenue
200 West 20 Street
55 East 9 Street
200 Riverside Boulevard
88 Horatio Street
139 St Felix Street
101 West 24 Street
170 Claremont Avenue
130 East 18 Street
22 Mercer Street
1619 Third Avenue
320 West 84 Street
215 Avenue B
454 15 Street
360 Riverside Drive
62 Rivington Street
120 Gramercy Hill
100 Riverside Boulevard
160 East 91 Street
1160 Third Avenue
20 Pine Street
403 East 62 Street
305 West 18 Street
245 East 54 Street
400 West 58 Street
121 West 19 Street
555 West 23 Street
200 Riverside Boulevard
“This is a great apartment. The rooms are enormous and the location is perfect. Thank you for finding it for us and expediting the process.” – Danny Devito
222 Riverside Drive
350 West 42 Street
660 Eastern Parkway
88 Wyckoff Street
260 Linden Boulevard
281 18 Street
2 Tudor City Place
8 West 13 Street
229 East 29 Street
210 East 15 Street
68 Barrow Street
170 John Street
350 West 53 Street
15 Williams Street
310 East 46 Street
48 Bond Street
230 East 71 Street
70 Little West Street
718 Broadway
107 West 25 Street
345 East 93 Street
418 East 59 Street
372 Central Park West
1595 Lexington Avenue
24 Fifth Avenue
24-15 Queens Plaza North
754 East 6 Street
44-27 Purves Street
199 Bowery
10-50 Jackson Avenue
350 West 50 Street 260 Park Avenue South 754 East 6 Street
Unlike many real estate teams, we sell properties in every neighborhood. We will not let you waste time searching for a price or size that does not fit your budget. Through our comprehensive knowledge of the entire city, current market conditions and property values, we will find you a home at your desired price point, location and apartment specifications.
“There are several reasons I recommend Brian with nothing but enthusiasm: he rightly considers himself to be a transaction facilitator and dream provider, he approaches each new situation with a unique ‘think outside the box’ attitude, his expertise and quiet confidence married with an aggressive and hardworking attitude is the perfect combination and finally, he broke the record in my building for two bedroom apartments with the sale of my unit!”
–Stephanie Loubere Product Manager, Sungard
201 West 70 Street 393 West 49 Street 260 Park Avenue South 759 President Street
“Brian Meier did what can only be called an outstanding job of selling our home in SoHo. He is an intelligent, hardworking agent who knows his field and every market very well.” –
–Michael B. Capilouto Partner, Ernst & Young LLP
“Brian is an excellent leader complemented by a phenomenal support staff. With their unstoppable attitude, positive networking skills and high regard in the community, anyone would be well-served to choose their team.” —Dr. Mark K. Bryant O.D., MyOptics “Brian’s advice during the offer stage was invaluable, allowing me to negotiate an excellent price for my unit. I found them extremely knowledgeable, professional, efficient and truthful throughout my entire buyer experience. I would strongly recommend them to anyone buying a home.” —Meredith A. Majesty Vice President of Corporate Banking, RBC Capital Markets
“Most of all, I appreciated your low-key selling style. You were a tremendous help in finding me a home and a lawyer in Manhattan. I will recommend you in the future. It was a pleasure working with you!” —Michelle Israel Operating Vice President, Divisional Manager, Bloomingdale’s
“Throughout the sale of our apartment you have been so thorough, it has been a real treat. We know we are being taken care of and appreciate you taking care of all of the details in the sale of our home.” —Sharon Corr Grammy nominated ‘The Corrs’
“Brian, you stood by us during all of the ups and downs. You found us the perfect short-term rental, then found us our dream cottage in the middle of New York City. You have been amazing.” —Gavin Bonnar Barrister of the British Courts
“The sale of my apartment and purchase of the new one was a pleasant and effortless process, as Brian went above and beyond his role as a real estate broker. I am very happy with my sale and purchase and would recommend Brian for any and all future real estate moves.”
—Ilana Angeliades M.A. Angeliades Inc.
“Brian took all of the stress out of what is a naturally stressful process and for that I would recommend them to anyone who is considering buying or selling a home in Manhattan. In the 10 years that I have lived in New York and have gone through the real estate process, I have never encountered a team who was as professional, efficient, and knowledgeable. I will be relying on their expertise for every sale that I am involved in moving forward.” —John Campanella Partner and Management Supervisor, Ogilvy & Mather
This is the Meier Team at The Corcoran Group buying plan. After you have become an exclusive buyer with our team, we will create a customized plan featuring strategies personalized for you.
Why buy with The The Meier Team at The Corcoran Group?
10
simple reasons why
1. Locating Your Dream Apartment” Currently, we are finding that the majority of properties on the market are posted on websites frequented by everyday consumers. However, this does not include “obscure” listings, which are not advertised on the aforementioned websites. Often, these are a better buy for the consumer for that very reason. Our team has access to these elusive apartments and we will lead you to them, giving you a better opportunity to buy a New York City home on your terms. 2. Your Purchasing Team Choosing specialized professionals to work with you, who are legally required and professionally bound to protect your interests, can be the surest way to care for your rights as a buyer. When these relationships are forged, they can be priceless assets in the purchase process.
3. Paying a Lower Price With our help, you can obtain your new property for a better price and with a smoother process. We are able to understand the leverage of current market pricing and identify factors that will effect sales negotiations. The strong relationships we have with the broker or owner directly assist us in negotiations. We often anticipate what the seller will accept even before you see the apartment. Once you have found your new home, but before you sign contracts, we will act aggressively to locate any apartments coming available in the building or surrounding area for a lower price. 4. Taking Care of the Problems Buying real estate can be difficult. Sometimes even the easiest transactions encounter bumps along the way. Our team has the experience to navigate through this obstacle course because we have been through it many times before. 5. The Access We utilize a host of search engines and unconventional means to find apartments you would otherwise not be privy to. With over 30 years of combined experience and expertise, we have developed a solid relationship with
every real estate company in Manhattan. This allows us to gain access to a plethora of homes all over the city. 6. Relationships The New York City real estate community is small. We have always prided ourselves on maintaining solid relationships in our closeknit community. Brokers recognize our team as fair and honest, giving you an immeasurable advantage when making a last minute appointment or gaining leverage during the negotiations process. 7. Experience We are consistently rated number one for number of transactions. This wealth of experience helps you get the apartment you want at the price that fits your budget. Due to our experience, we can foresee potential problems that may arise and often resolve them before they occur. 8. The Back Office After years in the business, we have created an amazing team to handle your purchase from start to finish. We are not just here to help you find a home, we are here to help you manage and protect your investment throughout the life of your ownership. With our full staff at your disposal, we will always be here for you.
Whether it’s completing your board package or recommending a contractor, notarizing documents or helping you find a great real estate attorney, we are constantly working with your needs in mind. 9. We Are On It Real estate is a twenty-four hour, seven-day-aweek industry. The Meier Team at The Corcoran Group is on top of all market trends and is constantly active. The reputation we have worked so hard to craft benefits our clients in many ways. We are always privy to the hottest new developments, key price adjustments and all of the market news you will need to know in order to make the most important decision with sound judgment and confidence. 10. It Is Free The broker’s commission is paid by the seller.
Contact us The Meier Team at The Corcoran Group Union Square Office 30 Irving Place New York, New York 10003 (o) 212.500.7054
We look forward to working with you.
BUYING CONDOS AND CO–OPS
BUYING A CO–OP
This is a guide to help you navigate the maze of finding an apartment in New York City. We hope that the following will be of help. The rules are different here! Some of the information in the following pages may seem cumbersome; however, we can guarantee that if you do your homework, the process will proceed far more smoothly. Our job is to help you determine which type of apartment is suitable for you, assist in neighborhood selection and educate you regarding pricing of prospective properties that are of interest.
A housing cooperative is a legal entity—usually a
apartment as they would in the case of “real”
corporation—that owns real estate, consisting of
property. One owns “shares” in the corporation,
one or more residential buildings. Each shareholder
which entitles them to a long-term “proprietary
in the legal entity is granted the right to occupy one
lease.” The corporation pays the total amount of
housing unit, sometimes subject to an occupancy
the building’s mortgage. An important distinction,
agreement, which is similar to a lease. The
a cooperative may have an underlying mortgage
occupancy agreement specifies the co-op’s rules.
on the entire building, whereas a condominium
Cooperatives are not a new concept, although they are more prevalent in New York City than anywhere else. The New York sales market is made up, predominately, of co-ops. Also, many buyers exclude cooperatives from their search due to their in-depth approval process and limited subletting abilities. These facts mean two simple things to potential buyers in New York City: 1. There is more inventory to choose from if the buyer includes co-ops in their search. 2. In general, prices are more attractive for cooperatives – this is simple supply and demand. An apartment corporation owns cooperatives. Individual tenants do not actually “own” their
must be owned outright. Corporations in charge of cooperatives also pay real estate taxes, employee salaries, and other expenses for the upkeep of the building. The tenant-owner, in turn, pays a share of these expenses as determined by the number of shares the tenant owns in the corporation. The apartment size and floor level dictates share amounts. Before beginning a search for a cooperative apartment, consider the financing limitations, the application and interview process.
a.
The tenant-owners have the right to “approve” or “deny” any potential owner. The Board of Directors, elected by all of the tenant-owners of the co-op, interviews all prospective owners. They hold the responsibility of protecting the interests of their fellow tenant-owners by
With this in mind,
selecting well-qualified candidates.
it is important to
b.
Due to the rigorous qualification process, the quality of services and security of the building are
remember that
c.
Portions of the monthly maintenance are tax deductible. While each building has its own
kept to high standards.
tax structure, all co-ops offer a tax advantage. Shareholders can deduct their portion of the building’s real estate taxes, as well as their interest on the building’s mortgage.
d.
The amount of money that may be financed is determined by each cooperative. Some buildings require a substantial down payment. Generally speaking, in Manhattan, prospective purchasers should be prepared to pay at least 20 to 25% of the purchase price. It is important to note, the price may be higher based on the building.
e.
The Board of Directors of a cooperative must approve a sublease. Each corporation has their own rules, and they should be examined if a potential owner ever intends to sublet.
co-ops are the norm in New York City, not the exception.
BUYING CONDOS While condominiums are quite common throughout the country, they are a rather new concept for New York City. A condominium apartment in Manhattan is real property. Just like purchasing a house, the buyer receives a deed. Since this is real property,
1. Financing the purchase of a condominium apartment is far more flexible than a cooperative. Generally, a buyer can finance up to 90% of the purchase price.
there is a separate tax lot for each apartment, and
2. While there is an application process, it is not
each owner pays his or her own real estate taxes.
as formal as the one you complete for a co-op,
An owner also pays common charges, similar to
reducing the likelihood of rejection.
maintenance in a cooperative, on a monthly basis.
3. There
is
greater
flexibility
in
subleasing
However, the common charges do not include real
your apartment. As an investment property,
estate taxes, nor will they include the building’s
condominiums are the best choice.
mortgage and interest given that a condominium, by law, cannot have an underlying mortgage.
4. Condos are the ideal choice for non-U.S. citizens, whose assets are held outside of the United States, given that co-ops are unlikely to approve a buyer whose funds are not in the U.S. Since there are fewer condominiums than cooperatives and the process to purchase them is easier, they are generally more expensive than co-ops. Additionally, monthly combined common charges and real estate taxes in a condo are typically less than a co-op’s monthly maintenance charges, resulting in higher purchase prices.
our buyer pledge
We will work with every seller and brokerage we can in New York City. We will use every platform available to search for your new home. Whether the sellers are working for themselves, advertising in the local penny saver or working with the largest firms in the city, we will bring their listing to you. We will hunt for your new home using both conventional and unconventional means. To bring you the best property, we will utilize our relationships with the brokers and sellers we know, while forging new relationships with determination. We will use all of our facilities to acquire the complete background information on the properties that interest you. Clients always come first; we will always keep your best interest and protection in mind. We truly appreciate your business. We are aware of the vast amount of real estate resources at your disposal and are honored you are considering working with us. You are the reason for our success. We thank you for your business.
THE HOME BUYING PROCESS: AN ORDER OF EVENTS We have designed this brief prospective timeline to help you understand the step-by-step process needed in buying a new property. While every purchase is different, we will ensure you stay on course and do not miss any details, no matter how diverse the transaction.
DAY 1 DAY 2
Call The Meier Team at The Corcoran Group
Analyze your needs and desires Have a consultation with a bank and become
DAY 3
pre-qualified to purchase — Analyze your liquidity and income for the purchase Retain your local real estate attorney
DAY 2–16 DAY 16 DAY 16–19
Search and select your property
Submit offer — Prepare your 10% contract deposit
Negotiate and Counteroffer
DAY 19–26 DAY 26 DAY 26–29 DAY 26–31 DAY 55
Attorney works on your contract due diligence
You sign your contract
Complete your loan application and obtain your bank commitment Complete your building application and prepare for the interview (if purchasing a co-op). Interview with the board (if purchasing a co-op)
DAY 60–70
Prepare for Closing
DAY 75
Close and celebrate
PURCHASER’S CLOSING COSTS CO–OPS
CONDO NEW CONSTRUCTION
• Counsel fees (typically $2,000-$3,000)
• Counsel fees (typically $2,000-$3,000)
• Move-in fees and deposits (approximately $1,000)
• Move-in fees and deposits (approximately $1,000)
• Financing bank fees: varies depending on loan product
• Financing bank fees: varies depending on loan product
• Mansion tax: Flat 1% of entire transaction price (only applies to a transaction at $1,000,000 or over) If the building is mixed-use and total price is $1,000,000 or more, pay a mansion tax only on the residential portion, even if the residential portion allocation is less than $1,000,000
• Mansion tax: Flat 1% of the entire transaction price (only applies to transaction at $1,000,000 or over) If the building is mixed-use and the total price is $1,000,000 or more, pay the mansion tax only on the residential portion, even if the residential portion allocation is less than $1,000,000
• Recognition Agreement (up to $300)
• Mortgage recording tax:
• Application fees (up to $1,000)
- 1.80% if the mortgage is less than $500,000
• Co-op report fees (up to $3,000)
- 1.925% of the entire mortgage if $500,000 or more
CONDOS
• Title fees: Approximately $500 per $100,000 regulated by statue, no variance among title companies on the insurance charges
• Counsel fees (typically $2,000-$3,000)
• Real estate tax adjustment: Purchaser must reimburse for pre-paid taxes
• Move-in fees and deposits (approximately $1,000)
• Sponsor legal fees (up to $3,000)
• Financing bank fees: varies depending on the loan product
• Sponsor transfer taxes: based on adjusted price
• Mansion tax: Flat 1% of the entire transaction price (only applies transaction at $1,000,000 or over.) If the building is mixed-use and the total price is $1,000,000 or more, pay the mansion tax only on the residential portion, even if the residential portion allocation is less than $1,000,000
- Calculate NYS and NYC transfer taxes on base price, that add to purchase price, then calculate NYS and NYC transfer taxes again (including mansion tax if applicable)
- New York City Real Property Transfer Tax – Residential
• Mortgage recording tax:
- 1% of purchase price if sale is $500,000 or less
- 1.8% if the mortgage is less than $500,000
- 1.92% of the entire mortgage if $500,000 or more
•W orking Capital Fund contribution (up to two months common charges)
• Title fees: Approximately $500 per $100,000 regulated by statue, and no variance among title companies on insurance charges • Real estate tax adjustment: Purchaser must reimburse for pre-paid taxes
- 1.425% of purchase price if the sale is greater than $500,000
•R eserve fund contribution (up to two months common charges) •S hare of resident managers unit (depends on percentage of common interest)
BUYER WEAPONS: FIRST LINE OF ATTACK YOUR
YOUR
YOUR
REAL ESTATE BROKER
REAL ESTATE ATTORNEY
MORTGAGE PROFESSIONAL
The Meier Team at The Corcoran Group 30 Irving Place New York, NY 10003 212.500.7054
DO YOU HAVE... Pre–approval letter
10% deposit available
REBNY assets and income statement
Excitement about your new property
The Marketing Plan This is our unique marketing plan. Once you become one of our exclusive clients, we will create a customized plan, featuring more personalized strategies.
THE SETUP Photography
Script
Our own professional photographer will take the
The written description of your property is
highest quality photos. We have been working
created by our team and thoroughly revised
with the same photographer for seven years
before it is taken to our professional copywriter.
now, and just by looking at our current ads, it is
This ensures you have the best, most marketable
clearly evident that the photos we use stand out
and engaging script for your home. The script is
in the market.
featured on every website we advertise on and throughout the video tour.
Floor Plans We use only high-quality architectural floor
Brochures
plans by bringing in a trained professional to
For each property we market, we create an
measure your entire home. The measurements
individual,
are then published in a high-resolution, user-
tailored to showcase each property’s most
friendly format, giving all buyers a comprehensive
distinct and compelling features.This collateral
view of your property from any computer, while
fully informs each potential buyer about your
keeping the advertised size accurate.
property in a concise manner.
Video Tour The video tours we create are like no other, featuring soaring wide angle views that roam through your property, while a professional narrator reads your property script accompanied by music. This, without question,
separates
your
property
from
the rest, ushering in a prospective buyer to
a
unique,
immersive
experience
of
your property from wherever they are.
multi-page
brochure
custom-
THE EXPOSURE
Overseas Advertising
The Report
In addition to the all of the websites, we also
For the past twelve years, we have been mailing
advertise on many international platforms that
out our monthly newsletter boasting a circulation
attract buyers who would otherwise have less
of 10,000, and your property will be featured with
exposure to the New York market.
photos in this newsletter.
advertisements. All of your web advertisements
Broker Exposure
Action Open Houses
will be designed with the same template and
We have access to brokers’ back office websites,
Our team takes a proactive approach to selling
approach, giving your property a unique brand on
where brokers search for properties for their
your property. We train, role play and plan together
the Internet. Each website will be fresh, crisp, and
clients. We advertise on all of these websites with
to bring superior exposure to your property
fully informative.
the same high-quality photos, floor plans, script
through our unrivaled open houses. We engage,
and video tour.
bond, and build a relationship with the customer. To
Appearance Once the photography, script, floor plans and video tour are complete, we set up the web
Advertising
comprehend the full experience, please visit any of
We advertise on over 40 different national
Top 350
websites. When you advertise across many different
We contact every broker from a list of the top 350
websites,
more
brokers in the industry to personally invite each of
Past Client List
familiarized with your property by encountering
them to view properties either by themselves or
Our system collects a list of all of our previous
your property through the multiple websites they
with their clients.
clients and organizes the data by which type of
prospective
buyers
become
search. In any market, the more you advertise, the more attention and interest you garner. The more turnouts you have, the more offers you will receive, expediting the amount of time your property is on the market.
Mailings We mail your building and many others to announce the marketing of your home to the neighborhood.
our open houses.
property was of interest to each client. When we list a new property that matches those points of interest, our previous clients receive a dedicated email announcing your unique property. This email
Broker Mailings
is beautifully formatted to showcase professional
We virtually mail a vast amount of brokers in the
photography and a compelling description of your
industry inviting them to look online and see the
apartment exclusively.
newest addition to the sales market – your property.
Prospect Updates Every week we will update previous clients and brokers on the status of your property by email.
MANAGEMENT Scheduling To ensure the entire process of your sale commences smoothly, our office administrators are well-educated on your property and trained on how to answer calls and emails and book showings during the times you deem desirable.
Information
Offers
Buyers and brokers will have questions about your
All of the offers your property generates come to
building or property. Typically, brokers will need to
you in a consistent, formal format. This format has
research these answers and call the broker back.
been developed to highlight the information that
We prepare ahead of time. We anticipate the
you need to know in order to qualify your potential
questions buyers’ brokers will ask and start the
buyer for the purchase of your property.
marketing process for your property by researching and collecting information. We educate everyone on our team with the answers so when a buyer
Weekly Activity Reports
or broker calls us, we have all of the relevant
We monitor every click we receive on the internet
information at our fingertips. By providing the
because it is critical for us to know the origin of the
correct information on the first call, buyers and
interest we generate and the amount of exposure
brokers never have to look beyond our team for
we are actually receiving. We use this information
answers.
to indicate where we should advertise and what changes might be needed to increase the exposure of your property. When offers don’t come right away, most brokers first push to drop the price. We use data tracking and analysis to evaluate what changes are needed; price reduction is used only as a last resort.
Weekly Updates Every Monday you will receive an email from us updating you on the past week’s progress. This email will contain two parts. First, we will inform you of the total exposure we received the week prior, from the number of web hits and phone calls we received, to the interest generated in the showings. The second half will include our thoughts and feedback from current prospects.
Mortgages Most real estate transactions involve a lender in order for a buyer to purchase. We will be in constant communication with the purchaser’s lender to make sure they receive all of the information necessary to close the sale. Appraisals When a lender is involved in your sale, we will be in constant contact with the appraiser to ensure your property appraises appropriately.
How we release your apartment to the market
Our goal has always been to show your property at its best. Now we have the opportunity to reach the largest pool of prospects with our brand new marketing strategy. Once we accomplish the highest standard of presentation, we then advertise on the largest, most well-trafficked websites. This is our newest and most successful campaign to date. We will uniquely advertise your property so that it is clearly differentiated from the rest of the properties on the market. Your property will not only come up in searches, but will also be pitched to appear in various publications as a featured property, property of the week, deal of the week, or in other banner and spot presentations. When a property is first released into the market, it is imperative to reach the widest group of buyers possible. With so many properties on the market right now, it is important to stand out. In addition to our standard marketing exposure platform, we will use the following initial release package for added exposure. Your first month’s targeted online advertising is aimed to reach consumers while they are researching real estate on the seven websites listed below. www.nytimes.com • 57.1M average monthly unique visitors • Position: Real estate section homepage • Audience: Global affluent, finance-minded, includes international visitors www.streeteasy.com • 1.8M average monthly unique visitors • Position: Sales homepage, sales search results,mobile site, featured listings • Audience: Prospective consumers actively looking to purchase a home www.wsj.com • 31.8M average monthly unique visitors • Position: Real estate section front, iPhone app • Audience: Finance-minded domestic US and international audience
www.ny.curbed.com • 3.5M average monthly unique visitors • Position: Featured property on homepage and mobile site • Audience: Educated professional audience interest in New York real estate news www.zillow.com • 86M average monthly unique visitors • Position: Mobile devices • Audience: Prospective consumers actively looking to purchase a home
ONLINE MARKETING EXPOSURE We strive to have the broadest reach so your
WHERE WE ADVERTISE
property attains the highest profile. To ensure
ROLLING CLASSIFIEDS www.craigslist.org
this occurs, we advertise on approximately 40
REPUTABLE WEBSITES
websites, all of which we update daily. When
www.corcoran.com
promoting an open house or a special buyer’s
www.streeteasy.com
incentive, the campaign will be entered onto
www.backpage.com BROKERAGE BACK OFFICE SEARCH ENGINES
each website simultaneously. Collecting data
INDEPENDENT WEBSITES
Taxi
from calls and emails coupled with the ability to
www.nytimes.com
OLR
track the amount of prospective buyers who look
www.propertyshark.com
Real Plus
at your apartment, gives us precise statistics
www.trulia.com
Limo
about your property’s traffic and where to focus
www.zillow.com
or improve ongoing marketing. We know that
www.realestate.yahoo.com
ADDITIONAL SITES
buyers come from many different areas and look
www.homefinder.com
www.ny.curbed.com
for properties many different ways. To ensure
www.nymag.com
www.realtor.com
coverage of the entire market and every category
www.blocksy.com
www.google.com
of buyer, we advertise on the best websites.
www.brownstoner.com
www.millersamuel.com
www.luxuryestate.com www.frontdoor.com
CAPTURED CLIENTS The Power of The Meier Team at The Corcoran Group The first thing a seller asks when interviewing a
Upper West Side, and we may have sold seven
to yours, identify buyers who are searching and
broker to sell their property is “Do you have any
similar properties in the past five months. This,
viewing these properties and market to those
buyers for me right now?” The best broker will
on average, will bring us approximately 448
prospective buyers directly.
have a multitude of buyers already lined up, and
leads that did not purchase our previous listings.
that is exactly what we have for you.
Knowing that many of these will be duplicate leads
When you sign up with us we will have, in most
How do we do that you may ask?
and some will be out of the market already, we can
Our team’s lead capture program: Our team sells approximately 200 apartments each year. Every time we market an apartment,
expect to have approximately 150 leads that are already on the market looking at properties very similar to your property.
we collect all of the leads generated from that
Corcoran.com Client Capture Program:
campaign. Each property we sell brings us about
Corcoran.com is the number 1 real estate
65 leads on average. Once the property is sold,
brokerage website in New York City, highly utilized
these buyers go back into the market searching
by interested buyers. The website was designed
for another home or investment and we utilize
to be as informative and easy-to use as possible,
these leads for our next property.
while engaging the audience to remain on the site.
Let’s say you are selling a two-bedroom, twobathroom condo in a doorman building on the
In fact, visitors spend an average of 52% more time on corcoran.com than on competitor sites.1 At Corcoran, we look into properties comparable
cases, hundreds of buyers who are already on the market looking for a property just like yours. The power, size, track record, technology, and skill our team possesses are crucial to the success of your transaction.
OUR SOCIAL NETWORK We connect with multitudes of New Yorkers and countless potential buyers outside of NYC through our Facebook, Instagram, LinkedIn and Twitter accounts.
How does social media help us sell your property? Unlike traditional marketing platforms, our social media network is a private network. Potential buyers see your property in their own personal setting where they feel most comfortable and are far more prone to react. Social media is a tool that enriches the reach of traditional forms of marketing and consistently delivers increased interest and inquiries. 1. We promote your property through articles we write on our blog www.realestate-report.com. These articles are featured directly through all of our social media platforms. 2. All of our events associated with your property (its release, open house, etc.) will also be promoted on our blog and various social media platforms. 3. Using our media connections and 9th Street Communications, our PR company, we work to have other media sources create content regarding your property and its sale. We then use that content, referencing the established media source it came from, and promote it throughout our social media platforms.
The Meier Team at The Corcoran Group Seller Pledge
We promise to work with every licensed broker we can in the state of New York. Whether the agent is a member of the Real Estate Board of New York (REBNY), is licensed with a small non-member brokerage or is an independent broker, we will promote your property to all of them and their clients. Regardless of their location, we will work with agents to bring their clients to us through a referral program. We will list your property on all backend broker listing systems and expose your property to the brokerage community in every way. We will offer outside brokers every courtesy and afford their clients all opportunities to view your property and place offers. We understand that the best way to bring in the highest sales value is to expose it to an open market, garnering as many offers as possible. For that reason, we go the extra mile to incorporate all brokers into our campaign. Many brokers are already aware of this, as well as our reputation for our knowledge, creativity and collaboration, and for that reason, our listings become their priority.
SELLER’S CLOSING COSTS We have prepared a brief description on the prospective closing costs associated with the sale of your property. • Brokerage commission • Counsel fees (typically $2,000 - $3,000) • Move out fees and deposits (approximately $1,000) • Deed tax (co-op also): $2 for every $500 of the
exempt individual (most sales are exempt) • New York City Real Property Transfer Tax –
• NYS Estimated Capital Gain Withholding:
Exemptions if:
• The seller is a New York State resident at
• 1 031 Exchange
• Federal Withholding: Purchaser withholds 10% of the purchase price of escrow if seller is not
• F lip Tax (varies depending on building)
• Payoff bank fees ($400 per payoff bank)
• 1 .425% of purchase price if sale is greater
• Condominiums Only
• This applies if two or more units are the same seller, and the units are not physically combined into a single unit
• 1 .425% of the purchase price if the sale is greater than $500,000 or less
•2 .625% of the purchase price if the sale is greater than $500,000
• Waiver application fees (typically less than $1,000 but some buildings have “flip taxlike” fees)
conveyed from the same buyer to
under Internal Revenue Code Section 121, or
• 1 % of purchase price if sale is $500,000
Commercial/Bulk Rate
• The property was the seller’s primary residence for two of the last five years
• Transfer agent fees (up to $1,000)
• New York City Real Property Transfer Tax –
the time of sale, or
than $500,000
7.7% of the estimated gain withheld
Residential or less
price, or portion thereof
• Co-ops Only
• P ickup fee to title closer ($200 per outstanding mortgage)
• F iling fees (up to $500)
YOUR LEASING PLAN Whether you are starting your real estate empire or looking to make sure that your personal investment makes sense, we are here for you. We currently oversee over 200 individual properties in New York City and intimately understand the difficulties that will arise with this type of ownership. We pride ourselves in protecting our clients from any unforeseen problems or costs. Here are a few.
1. Keeping your property rented. We make sure that your property is marketed to the fullest, using the same platform we utilize for sales listings. Our two agents dedicated exclusively to rentals focus solely on leasing our clients’ property. In most cases, we are able to beat market prices and the time it takes to rent. To ensure a new tenant is found before your residence is vacant, we start marketing your property 60 days before your current tenant vacates the premises. 2. Tenant relationship. We have great experience working with tenants. Whether discussing a rent increase, or fixing a problem, we are here to work for you. Before you have to speak with a lawyer and potentially accrue legal fees, let us attempt to smooth out the issue. We’ve successfully prevented many legal issues by simply working cooperatively with the current tenant. 3. Know the market value of the property. Annually, we send a value estimate of the rent and sale of your property so you are always up to date on your finances. We also provide yearly reports of the property net return so you can see what your property is bringing you in income and cost. 4. Management. We do not directly manage properties, but if you are managing your own investment, we are here to help carry some of the burden for you. Whether it’s writing leases, finding vendors or speaking with your tenant, we are here to assist you. Should you need full-time management services, we can offer a recommendation from our network of professionals. 5. Our Network. We have an immense network of lawyers, bankers and vendors. Our strong relationships will often bring you a discounted rate and the best service. Armed with countless years in the real estate business, we are able to connect our clients with the service provider that will best suit their needs. Our continued success is a result of the vital relationships we have formed with key players in the industry, our reputation earned us those relationships, and our loyal clients fuel our need to be the best in our field. We look forward to working with you and proving what we can do for you.
CONTACT US The Meier Team at The Corcoran Group The Corcoran Group Union Square Office 30 Irving Place New York, New York 10003 (o) 212.500.7054
Real estate agents affiliated with The Corcoran Group are independent contractor sales associates and are not employees of The Corcoran Group. The Corcoran Group is a licensed real estate broker. All material herein is intended for information purposes only and hase been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. This is not intended to solicit property already listed. Equal Housing Opportunity.