Manhattan Condos - New Developments - Conversions - Resales: How to Buy in a New Development in NYC in 2015

How to Buy in a New Development in NYC in 2015

 
It may be cold out now but Spring 2015 is right arounrd the corner. Looking forward to a brand new start? There is nothing better than a brand new home. Be the very first to live in your home and enjoy brand new infrastructure throughout.

Zaha Hadid’s 520 West 28th Street
 
In 2015 there will be many new residential developments including both ground-up construction and the conversion of existing structures such as a commercial building or rental property. 

Some anticipated and current new developments include The Woolworth building, the MoMA tower, Zaha Hadid's High Line condos, Ben Shaoul's Verizon building conversion, the Hudson Yards neighborhood, The Chatsworth conversion and Riverside Center, the final piece of the Riverside South community

Riverside Center
 
There will be many more apartment options and lifestyles to choose from this year. Your home is more than just your condominium apartment—it’s the fitness center, outdoor space, pool, private lounges, doorman and concierge, at your service. 

21st Century Designed. Modern room proportions, high quality materials, and windows that maximize light and air add up to a home that complements your lifestyle. Many new homes are healthy homes with green features. 

Green features make your life healthier, and energy efficiency benefits you and the environment. Brand new apartments are outfitted with top of the line materials, the most up to the minute technology, and all the little extras that make life easy. Move in and build a new community with your neighbors.

How to buy in a NYC New Development:


Easy to purchaseBenefit from a hassle-free purchase process with no board packages, interviews, and use your residence however you want—live, rent, or pied-à-terre.

Once an offer is accepted by the Sponsor, The Sponsor's attorney draws up the Purchase Agreement. The Purchase Agreement and Offering Plan are then sent to the purchaser's attorney for review. 
Hudson Yards 


Chatsworth Apartment conversion 340 West 72nd St.

Once both parties have signed the Purchase Agreement and the Sponsor receives a deposit, the residence is considered "in contract."

A Sponsor can only send out one contract per unit at a time for a New Development deal. 



This can be to your advantage to get a contract out on a property you may be interested in. If you change your mind you can easily withdraw offer.

If you’re facing a river or a park you are most likely safe of nothing going up around the area you are purchasing. If you are worried about views and are willing to spend a little extra money you can get the proof at least for the near future because a view can not be protected or guaranteed without owning the air rights.

Contracts are not very transparent, buyers need to get the right attorney and mortgage broker involved, it is very important to get a mortgage person that can finance in a new building. Everything has to be quick. 

It is important to have an experienced buyer's broker represent you in New Developments. On-site sales agents represent the seller/sponsor/developer's interests.

Click here to receive new development listings or call me at 917-312-0924 or email me to schedule showings.
 
   

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©Mitchell Hall 2006-2016

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Blogging about Manhattan Real Estate since 2006

Mitchell Hall (Licensed as Mitchell J Hall)

Licensed Associate Real Estate Broker
Office (212) 877-6268 | iPhone (917) 312-0924
MHALL@Corcoran.com

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Comment balloon 0 commentsMitchell J Hall • February 23 2015 11:03AM

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