“When it comes to nuanced understanding, or the emotional support to comfortably cross the finish line, or the ability to prioritize another’s needs maybe even more clearly than they can, there’s no substitute for a person.”
Frederick Warburg Peters President, Coldwell Banker Warburg
The first step in any search is to know what you are looking for. We strongly recommend that you take time upfront to consider your priorities, and educate yourself about the market.
common criteria to guide a search :
Size
(including beds/baths)
Proximity to schools/ houses of worship
Light and views Neighborhood
Building amenities Access to transportation
Pet friendliness Parks/recreation
Garage & parking access Dog runs
Priorities often evolve as you begin to look at properties, but the more information you can provide upfront, the more targeted your search can be.
typical time frame
You should also identify your timeline - when do you need to move? The length of the search process can vary significantly, as can time between contract and closing, and time between closing and move in.
With our help and a bank or financial advisor, you should understand what you have to spend and are qualified to finance. Costs include:
• This includes your down payment and additional financing. Generally, the minimum required down payment is 20% for cooperatives and 10% for condominiums.
• We can advise whether a property is subject to additional upfront costs, including taxes or other charges.
• In addition to these requirements, there are certain financial thresholds that a purchaser may have to achieve in order to be approved by a co-op board. We will provide you with information on these specifics which can vary from building to building.
• In addition to monthly mortgage payments, you should budget for recurring charges such as maintenance for cooperatives or common charges and real estate taxes for condominiums: utilities, parking, transportation, etc.
This important step provides clear guidance on how much you will be able to finance, and allows you to rapidly submit a purchase offer for a property of interest. Banks will generally cap lending so that your total monthly payments—including mortgage payment and maintenance/common charges and real estate taxes—are no more than 25-35% of your monthly income.
Generally, both the buyer and seller will have their own attorney. The seller’s attorney will draw up the sales contract. The buyer’s attorney will conduct “due diligence,” including reading the building’s minutes, financial statements, etc. Lawyers also play a key role in complex negotiations, so it is vital to work with someone you trust. We can help you find an experienced attorney who specializes in New York City real estate.
New York City’s housing stock is just as diverse as its population. The four most common residential properties include:
cooperative ( co - op )
A cooperative is a corporation specifically formed to own units in a building or group of buildings.
• Residents (‘tenant shareholders’) own stock in the cooperative— rather than owning their apartment—and receive a proprietary lease which gives them exclusive use of their unit.
• The cooperative is gover ned by a resident board of directors, and shareholders are subject to rules and restrictions which may limit the ability to finance, sublease, or renovate. All NY cooperatives require purchase applications.
• All shareholders pay a monthly maintenance fee which covers all costs relating to the ownership and operation of the building.
condominium ( condo )
A condominium is a building where the units are held in free ownership, and owners pay common charges for their proportionate share of maintenance of common areas.
• When you purchase a condominium unit, you own the property outright and receive a deed.
“To walk into your own home, here in this wonderful, hopeful town, and feel safe and surrounded by your own four walls—that is priceless.”
• The condominium association is far more limited in the rules it can apply to owners, making it easier to finance, sublease or renovate. Many NY condominiums require purchase applications.
• Condominium boards have the option to exercise a right of first refusal and purchase a unit themselves for a price which matches or exceeds the offer made.
A ‘Cond-op’ refers to buildings which include elements of both condominium and cooperative ownership.
• Generally, cond-op units are freely held and owned outright like a condominium unit, but building ownership is structured as a cooperative.
• Cond-ops generally operate more like condominiums in terms of rules applied to owners, but may more actively employ a right of first refusal to control who purchases units.
A townhouse is a freestanding home or row house which the purchaser owns outright.
• In New York, townhouses are generally laid out to accommodate between one (single-family) and four (multifamily) units.
• The owner of a townhouse is solely responsible for all affiliated costs, including maintenance, utilities, and taxes.
Frederick Warburg Peters President, Coldwell Banker WarburgOnce you find a property of interest, we will investigate key factors which can affect both value and ease of ownership, including building finances and policies and the history of repairs and renovations on the unit. You may also want to bring an architect or contractor in to provide an estimate of renovation costs before making an offer.
It is not uncommon for a property to receive multiple offers and in these situations variables beyond price can come into play. These may include degree of financing, perceived strength of a buyer’s financial or social credentials, and others. We will work with you and the seller’s broker to present the most competitive offer.
After submitting and successfully making an offer, your real estate attorney and we will begin the due diligence process. This process allows you to receive and review information on the unit and building including its title, third party reports, inspections and zoning information, among other pieces of documentation.
Once an offer is accepted, it takes anywhere from several days to several weeks to finalize the negotiation. Everything is negotiable— the price, closing time frame, even the contents of the apartment.
Once the price and terms have been set, the process is generally as follows:
1) Seller’s attorney draws up the contract.
2) Buyer’s attorney reviews contract and requests any changes needed.
3) Buyer signs finalized contract and forwards to seller’s attorney with a 10% deposit.
4) Seller signs and the contract is executed (note that the contract is considered binding only after both parties have signed it.)
We are a powerful ally in negotiating. Our understanding of the quantitative and qualitative facts, our familiarity with the process (and often the broker on the other side), and our ability to remain focused can significantly aid in a rapid and successful closing.
Even if you have been pre-approved, applying for and obtaining a mortgage typically takes between 3-6 weeks and requires submission of proof of income and assets.
Over 70% of residential buildings in New York are managed by co-op boards, including some of the most desirable buildings and addresses.
A cooperative has the right to control who can purchase shares and the board of directors requires a purchase application (including comprehensive financial documentation) and often an interview.
Increasingly becoming standard are board packages for condominiums. These packages require similar documentation with a different approval process.
A successful purchase application (‘board package’) requires diligent preparation of a wide range of information. Requirements generally include: financial statements, employment history and verification, current salary, tax returns, bank statements and personal and professional letters of reference. We will work to collect, assemble, and edit the package to present you in the best possible light.
The time it takes for a board to review a package can vary significantly and once your package is reviewed by the board, they may request further documentation. If the package is approved, the board will generally be in touch to set a date for an interview.
The interview provides the board with the opportunity to meet you and to discuss your application further. These meetings can range from an informal chat to a formal interview and require thoughtful preparation. We will assist you with your preparation, sharing knowledge about the interview process and the board itself.
While condominiums rarely hold formal interviews, select buildings have varying interview processes that range from informal to formal.
Typically, the managing agent will tell the seller’s broker whether an applicant has passed the board within 10 days. If approved, a closing date will be set, and the building’s managing agent will coordinate the process with each side’s attorney.
We will provide constant updates on your closing to make the final stage of your home-buying process as seamless as possible. They can also be helpful in connecting you to a variety of service providers to ensure an easy transition into your new home.
Managing agents coordinate the closing process with the buyer’s mortgage bank (if financing) and the attorneys for both sides. Buyers and sellers generally attend the closing with their respective attorneys, both brokers, and a closing agent. The closing takes roughly 2- 5 hours.
When all the steps of the process are combined, the time from when the home is located until the keys are in your hands is typically two to three months.
Welcome home.
EXPERIENCED REPRESENTATION
Jane Katz
212.439.5184 | 917.887.5309 | jane.katz@cbrealty.com
Jane Katz is a lifelong New Yorker with the in-depth personal knowledge in real estate that she gained from her father who was a successful real estate developer. Before bringing her talents to real estate, Jane was Associate Publisher for Interview magazine. Over the course of her decades-long successful career, Jane sold hundreds of millions of dollars of advertising space and event sponsorships to Fortune 500 and luxury goods companies for well-known publications including Harper’s Bazaar, Playbill and Interview. And in just 6 years in residential real estate, Jane has achieved notable success as a sought-after realtor representing a discreet clientele of buyers, sellers, owners and tenants. Jane is regularly quoted as a trusted real estate expert in various publications and websites including New York Post, Forbes. Robb Report, Variety, Brick Underground, Apartment Therapy, Curbed and StreetEasy. Jane knows the ins and outs of New York’s diverse neighborhoods after living in many of
them ¬from the West Village to Midtown East to the Upper West Side to the Upper East Side and currently as a resident of Carnegie Hill.
Jane is the President Emeritus and current member of the Board of Directors of the Sisterhood Division of Congregation Kehilath Jeshurun, one of the Manhattan’s largest and most influential congregations. During her tenure as President, she developed fundraising programs to generously support domestic and international charities. Jane is also an active alumna of University of Pennsylvania, where she earned a Bachelor of Arts degree and is Penn Alumni Ambassador and conducts alumni applicant interviews on behalf of the university. Jane stays active with her sons’ school and is always counted on to regularly volunteer with their many initiatives. Jane loves to entertain and prides herself on being a serial host and spontaneous chef. When not working, volunteering or entertaining, Jane loves to travel with her family.
480 PARK AVENUE, APT 8G
50 RIVERSIDE DRIVE, APT 9A
1 FIFTH AVENUE, APT 14E
sold, $2,100,000 — represented the buyer sold, $1,295,000 — represented the buyer sold, $3,600,000 — represented the buyer sold, $2,225,000 — represented the seller
EAST SIDE
809 Madison Avenue
303 East 57th Street
401 East 60th Street
420 East 61st Street
167 East 67th Street
211 East 70th Street
305 East 72nd Street
525 East 72nd Street
205 East 77th Street
205 East 78th Street
135 East 83rd Street
171 East 84th Street
155 East 93rd Street
343 East 93rd Street
80 East End Avenue
200 East End Avenue
225 EAST 19TH STREET, APT 403
BROOKLYN
35 Claver Street
WEST SIDE
25 Central Park West
135 Central Park West
203 West 90th Street
THE
I have never worked with a broker who is so responsive, so empathetic, or who works as hard as Jane Katz. Working with Jane was like having a clear roadmap to the selling and buying process. With skill and steadfast determination, Jane put my apartment into contract in less than 10 days and sold it over asking price. Jane brainstormed with me and gave me smart recommendations, and her drive to keep me thinking practically and long-term when searching for my new home was particularly valuable. I would confidently recommend Jane to any buyer or seller who wants a true partnership, and who wants to get the job done with practicality and style.
— E. FuchsWe cannot say enough great things about Jane Katz. We looked at apartments to purchase in Manhattan with Jane for over six months and she was consistently professional, knowledgeable, and responsive to our every request and a pleasure to work with. We looked at many apartments and could always count on Jane to be honest with her opinions and provide much needed guidance. When we finally found an apartment to buy, Jane proved invaluable during the negotiation process, and we settled on a price below asking. Once the contract was signed, there was the Board Package which was daunting. But, not to worry, Jane was there with us every step of the way making the process manageable. Finally, we had trouble securing a closing date, but once again Jane stepped in make sure it happened timely, even working from her family vacation in Israel. We are so glad that we met Jane and that she was part of our journey to find the perfect apartment. We enthusiastically recommend Jane for your real estate needs.
We first met Jane through a mutual friend in May 2021. While in the city for just a few days from Paris, we wanted to visit a few one-bedroom apartments in the West Village, Greenwich Village to University Place area. In just a few hours, Jane showed us a couple real gems, but we were not quite ready to put in an offer. We left Jane with a very tight, specific brief of what our dream apartment and buildings would be, and we left the city. Not more than two weeks later, Jane contacted us with not just any apartment profile but THE apartment profile in THE building on our dreams on lower Fifth Avenue. She got us in before the listing was on the market. She mastered a FaceTime visit with us in Paris, and within just a few days, we made an offer that was accepted. By early September, we had successfully met the Coop Board’s approval, which was in great thanks to Jane’s step-by-step and meticulous guidance getting us through the Board package approval. Jane is not only an expert of the NYC real estate market, she has excellent taste and is extremely personable. She helped make our little NYC apartment dream come true!
— BuyerJane Katz is a gift in the real estate world! Returning to New York, we had a very definite idea of where we wanted to buy. From the moment we contacted Jane and explained our needs, she went to work immediately, was efficient with our time and right on target with her listing selection. She always responded with a sense of urgency to every question and issue we had (whether by email, text or call) regardless of the time of day, what she was doing or where she may have been. When we found the apartment, we wanted and discovered there were multiple offers, Jane’s skillful negotiation was what got our offer accepted over the many others. Her persistence and determination saw us through to a signed contract in record time. Jane then oversaw and gave great counsel throughout the board package prep that ultimately resulted in our gaining coop board approval, for which we are thrilled. Jane is smart, caring, patient and possesses a wealth of knowledge of the market. She is very dedicated to her clients and works incredibly hard to get the job done! We highly recommend Jane to anyone looking to buy or sell in NYC.
Jane is very detail oriented and one of the most resourceful and professional real estate agents I could have hoped to work with. As a first time buyer, I had a general idea of the buying process in Manhattan and what I was looking for and for our first meeting she arrived with various apartment options along with materials on what I could expect associated with expenses and timing to help me narrow down my options. Her market knowledge and building research was fundamental to our discussion around putting in an offer and ultimately buying a co-op on the Upper East Side. She was very encouraging and patient throughout the entire process. I am really enjoying my new home, it is exactly what I was looking for!
— HaileyWe have worked with Jane to renovate and sell a Manhattan condominium in an estate we are administering from Florida. Jane has been a true pleasure to work with from the beginning to the ultimate sale of the renovated condominium. Jane produced analyses of the market both when listed and as the market changed during COVID-19. Her analyses were well done and very useful to guide us in our decisions. We would highly recommend Jane, as she not only has tremendous knowledge and resources regarding the NYC real estate market, but also the business sense and communication skills to successfully conclude a sale at a difficult time. We look forward to an opportunity to work with her again, and can highly recommend her to any trust and estate professional who needs assistance with NYC real estate.
— Colette M.
