How do you win as a buyer in the manhattan real estate market?
Purchasing in Manhattan can be a complicated process involving many different responsibilities that you need to have as a buyer
There are tried and true strategies to help you win as a buyer given the competitive nature and inefficiencies in the way Manhattan real estate is purchased.
Working with an experienced agent who understands all of these strategies and has the relationships can help you win in this market
Let’s take a look at some of the pillars of the successful purchasing process
Frequently Asked Questions
Why does working with a buyer's agent benefit you?
1) We save you time
2) We make you a more informed buyer.
3) We make you more competitive
4) We help you navigate through the complicated process of acquiring a home in New York City
5) We help you see the market through our expert lens.
6) We guide you through every step of the buying process from finding the right mortgage banker, to negotiating offers, assembling the board package, preparing for your board interview, and beyond.
Should you have one broker from each real estate company so that you don't miss any properties?
Douglas Elliman cooperates (co-brokes) with all of the major brokerages, sponsors, and often directly with owners in New York City One call to us can get you the information you need on all the properties in which you are interested, and we can take you to see any listing in the city.
How do I know my broker isn't going to miss any properties?
Douglas Elliman has one of the largest databases in New York, which is updated daily and includes properties from many different realty firms If you would like to be a part of the searching process, let us know. We would be happy to work with you as a team. Be sure to text or email us all of the listings you find online so we can research them further and make appointments for you.
If I am going to do the work, why do I need a broker?
Researching properties online is only the beginning You gain a huge advantage when you see the apartments through our eyes. It is truly a game-changer; skipping past the noise, knowing which questions to ask and what to look out for We know how to properly value a property and implement a negotiation strategy in order to help align you with the current market
Buying a home is expensive; do I have to pay a broker fee?
There is no cost to you as a buyer to have broker representation, as sales commissions are paid by the seller When a property is co-broked, the commission is shared between the selling broker’s company and the buying broker’s company.
TIMELINE FOR PURCHASING
1. Speak With a Mortgage Broker, Bank or Financial Advisor
Typical Timeframe: 1 - 2 days
If you are looking to finance your purchase, you need to be pre-approved by a bank and have a mortgage pre-approval letter
2. Hire a Real Estate Attorney
Typical Timeframe: 1 - 2 days
3. Finding the Right Property
Typical Timeframe: 1 day - 3 months
Depending on what you are looking for, it might take some time to find the perfect property. The average person sees 20-25 properties before deciding on the perfect one. If you are serious about purchasing, ask to see the building's financial statement to determine if the building is financially solid
4. Negotiations
Typical Timeframe: 3 days - 2 weeks
Everything is negotiable Inquire about assessments, fixtures, window replacements, air conditioners, rugs, floors, curtains, appliances, working fireplaces, washers/dryers, etc Apartments are typically delivered "swept clean".
5. Accepting an Offer
4. Signing a Contract
Typical Timeframe: 1 - 3 weeks
Generally, in a sales transaction both the buyer and the seller are represented by a New York City real estate attorney The seller's attorney draws up the contract for the buyer's attorney and upon receipt, the buyer's attorney performs a "due intelligence" – reading minutes, reviewing financial statements of the building, etc Once all terms are agreed to, the buyer signs the contract and returns it to the seller's attorney along with a 10% deposit. Once the deposit is received, the seller executes the contract. Possible contingencies may include financing, board approval, and closing dates. A contract is binding only after both parties have signed it.
5. Applying for a Mortgage & Receiving the Commitment Letter From Your Lender
Typical Timeframe: 3 - 6 weeks
Mortgage applications cannot be processed without a fully executed contract. If an apartment is being financed, the board requires a commitment letter from the lender. These letters are generally the last items to complete a board package/condo application
6. Completing Your Board Package or Condominium Application
Typical Timeframe: 1 - 4 weeks
Apartment buildings require board approval before a closing date can take place In order to review a potential purchaser, the building's Board of Directors will review extensive information from the buyer in a board package. Most boards typically request the following information: full financial disclosure (net worth) with supporting documentation, employment history, current salary, personal and business references, tax returns for the previous 2 years and credit history.
7. Submit Board Package or Condo Application for the Managing Agent’s Review
Typical Timeframe: 1 - 4 weeks
After we complete the board package, it will be forwarded to the building's managing agent The managing agent will review the package to ensure it is complete. The package will then be sent to the Board of Directors.
8. Meet the Co-op Board for an Interview
Typical Timeframe: 30 minutes - 1 hour
In the case of a co-op, once the board reviews a package, they will decide whether or not they'd like to meet the potential purchaser. Co-op boards typically meet once a month, and some boards do not meet in August. Every board is different, but generally a board meeting will be held in the evening on a week night. Although a board interview may be granted, this does not guarantee board approval
9. Receive Approval From the Board
Typical Timeframe: 1 day - 1 week after the board interview
The managing agent will generally alert the seller's broker whether a potential purchaser has been approved by the board.
10. Schedule a Closing
Typical Timeframe: 1 - 2 weeks after board approval
The managing agents generally set the closing date, and buyer's and seller's lawyers will coordinate with the appropriate banks for available dates and times.
Total Estimated Timeframe: 12 weeks
COOPERATIVEs & CONDOS
Cooperatives:
Cooperatives are a type of ownership that is more common in New York City than elsewhere in the United States. In New York City, 60% of apartments available for purchase are in cooperative buildings, whereas 40% are in condominiums
Cooperatives are owned by an apartment corporation Once you purchase within a cooperative building, you are known as a shareholder. You purchase shares within the cooperative corporation which entitles you (the shareholder) to a long term “proprietary lease ” Individual shareholders do not actually “ own ” their apartments, they own a percentage of the total shares within the cooperative.
The larger the apartment, the higher the percentage of ownership within the cooperative corporation Cooperative shareholders contribute a monthly maintenance fee to cover the expenses of the building. This fee covers heat, hot water, insurance, staff salaries, mortgage indebtedness, and real estate taxes Most cooperative corporations have underlying mortgages on the building.
Advantages of Co-Op Ownership
• All prospective purchasers are interviewed for approval or disapproval by a Board of Directors, ensuring that the quality of life and security of the building are supported.
• You know all of your neighbors, allowing for a heightened sense of community amongst residents
• Portions of the monthly maintenance fees are tax deductible due to the building’s underlying mortgage interest Shareholders can deduct their portion of the building’s real estate taxes, and lower closing costs by avoiding a mortgage recording tax.
Disadvantages of Co-Op Ownership
• There is a minimum down payment set by the Board of Directors It is usually a minimum of 20-25% in cash.
• Subleasing can be difficult Each cooperative has its own rules, and they need to be carefully reviewed prior to application for purchase.
• When you decide to sell, the prospective purchasers must be approved by the Board of Directors. The Board can disapprove without providing a reason
Condominiums:
A condominium apartment is real property The buyer receives a deed just as though he/she were buying a house or parcel of land. Since this is real property, there is a separate tax for each apartment. You are responsible for paying your own real estate taxes. In addition, there is a monthly common charge which is similar to the maintenance charges in a cooperative. These common charges are not tax deductible and do not include your real estate taxes. They are specifically for the running and maintenance of the condominium complex.
Advantages of Condo Ownership
• Financing is flexible, as condo boards tend to be less rigid in regard to financing. In some cases, you can finance up to 90%
• An interview is not required, streamlining the application process The likelihood of rejection is often minimal
• There is greater flexibility in sub-leasing the unit This makes condominiums the number one choice for investment properties.
Disadvantages of Condo Ownership
• Your neighbors change more frequently with greater flexibility in leasing, impacting how tightly knit the building’s community is.
• Closing cost may increase with the addition of a 2% mortgage recording tax, which is not required with a coop.
• With a higher investor concentration, fewer owner-occupiers are present to manage condo affairs.
Given that condominiums are easier to purchase and in higher demand, they are generally more expensive than cooperatives. Additionally, they are less expensive to carry than a cooperative apartment, as there is no underlying mortgage for a condominium building. The above gives you a brief overview of the essential differences between a cooperative and a condominium. We would be happy to provide you with additional information and assist you in choosing either of the options.
CONDOS
Buyer’s Attorney Consult your attorney
Bank Fees
Application Fee
Processing Fee
Appraisal Fee
Credit Report Fee
Bank Attorney
$750-$1,000
$350-$650
$330-$500
$500-$2,000
$45-$100+
$650-$1,000
Insurance & Tax Escrow 2-6mo & 1yr’s prepaid insurance premium at closing
Recording Fees ~$250-$750
Fee Title Insurance Variable by transaction
Mortgage Title Insurance Variable by transaction
Reserve Fund & Working Capital Fund Contribution
An amount equal to 1-2mo common charges each
Condominium Fees Varies by building, consult your agent
MORTGAGE TAX: CONDOS
Residential Condo Unit up to $499,999 99
Residential Condo Unit $500,000 and up 1
of loan amount
ADDITIONAL EXPENSES
Maintenance Adjustment
Pro-rates for the month closing
Short-term interest
Equal interest for the balance of month in which you close
Buyer’s Attorney Consult your attorney Bank Fees
$550-$1,000 Application Fee
$350-$650
Fee
$330-$500 Appraisal Fee
$500-$2,000
Credit Report Fee $45-$100+
Bank Attorney $650-$750 Lien Search $350-$450
UCC-1 Filing Fee
$20-$40 in all counties except for Nassau
ADDITIONAL EXPENSES
Miscellaneous Co-op Charges Varies by building
Recognition Agreement Fee Approx $250
Flip Tax
Maintenance Adjustment
Short-term interest
Please check with building
Pro-rates for the month closing
Equal interest for the balance of month in which you close
TOWNHOUSE & SINGLE FAMILY HOMES
Buyer’s Attorney Consult your attorney
Bank Fees
Application Fee
Processing Fee
Appraisal Fee
Credit Report Fee
Bank Attorney
$750+
$350+
$330+
$500-$2,000
$45-$100+
$750-$1,000
Insurance & Tax Escrow 2-6mo & 1yr’s prepaid insurance at closing
Recording Fees ~$250-750
Fee Title Insurance Variable by transaction, depends on purchase price
Mortgage Title Insurance Variable by transaction, depends on loan amount
Property Survey
PROPERTY TYPE
$750-$1,500
MORTGAGE TAX
MORTGAGE TAX
New York City
Single Family Residence $499,999 99 and below 1 8% of loan amount
Single Family Residence at $500,000 and up 1 925% of loan amount
*Mansion Tax is paid by purchaser on transactions that are residential or mixed-use and the purchase price is $1M or above *
Expert Advisory
One of the most valuable assets that we offer is our experience and in-depth knowledge of the Manhattan market, which we use to expertly guide you through the purchase process. Having successfully navigated through the various market conditions throughout the years, we are fit to counsel on the best strategy for your purchase. From crafting a negotiation strategy and preparing a winning offer to assembling a bulletproof board package and managing renovation projects, our team is prepared to make every effort to reach a successful outcome
Meet the Team
The Bacodari Team has been excelling in Manhattan brokerage for over 20 years That means two decades of curating our network, resources, and knowledge to bring you the best experience and the highest results We work seamlessly as one unit so that you receive four times the service, combining our individual expertise to execute a winning strategy for your purchase. Supporting our team of agents is a group of powerful advisors, strategists, and expert negotiators who ensure that each deal is executed with precision and success. With a combined fluency in five languages, a broad cultural background, and a shared passion for real estate, The Bacodari Team brings an unprecedented level of service, skill, and dedication to all of our customers
Iman Bacodari
Licensed Real Estate Associate Broker
A broker with over 20 years of experience and the leader of his eponymously named team since 2012. Iman spearheads the brokerage business with his dynamite energy and leadership approach that reflects who he is as a professional: dedicated, nimble, knowledgeable, and driven Iman always finds a way to deliver the most tailored experience for his clients
Gabrielle Corrao
Licensed Real Estate Salesperson
Gabrielle brings her years of experience in real estate and background in luxury hospitality to The Bacodari Team A native New Yorker, she started her real estate career in 2012 catering to high-net-worth clients, representing them in the sale and purchase of premium real estate in Manhattan. She expertly guides her clients through the property selection process with her natural affinity for design and quality to deliver exceptional service, guidance, and results
Cyrus Moaven
Licensed Real Estate Salesperson
Cyrus is a successful real estate agent, investor, businessman, and entrepreneur. He has extensive experience transacting properties in his own impressive investment portfolio both domestically and internationally. Being a longtime resident of Manhattan, he has extensive knowledge of the city and deep appreciation of its diverse landscape
Gabriela Bodkin
Licensed Real Estate Salesperson
Gabriela serves as Project Manager and Marketing Specialist for The Bacodari Team, overseeing operational efficiency, inventive marketing approaches and client satisfaction. Her adept product knowledge and market awareness facilitated a smooth shift to real estate.
OF
DOUGLAS ELLIMAN AGENTS NATIONWIDE
OF AMERICA'S BEST REAL ESTATE PROFESSIONALS MEET
How We Work Is How You Win
We invest the best of our resources and efforts to help buyers achieve their goals in the New York real estate market As an incredibly seasoned team, we know how to best approach our client's needs and orchestrate successful deals Our team works in a close-knit, collaborative environment that allows for each member to contribute to a deal with their expertise and extended network With a combined 30 years of practicing brokerage, our team offers an incomparable experience that is highly personalized and strategic. As your trusted advisors, we will guide you through the complex process of purchasing real estate in New York using our carefully curated resources and extensive market knowledge. From identifying the right property, to contract signing, to the closing table, we do not rest until our customers' real estate dreams are fulfilled.
CHAIRMAN'S PINNACLE CIRCLE AWARD
2018, 2019, 2021, 2022, 2023, 2024 2013 & 2017 2012 & 2014
CHAIRMAN'S DIAMOND CIRCLE AWARD
CHAIRMAN'S GOLD CIRCLE AWARD
The Bacodari Team
Our team works hand-in-hand with an expansive, multi-tiered support network. Our partners in mortgage banking, real estate law, design, and construction are at the cutting edge of their respective industries. The result is a curated list of contacts that are both trustworthy and engaged, allowing us to streamline every deal and offer solutions to potential roadblocks.
Alongside our everyday operations, we also keep a team of trusted advisors who we work with to develop strategy at every point of the negotiation process.
Lastly, at our foundation is the comprehensive support of our company, Douglas Elliman, the largest and most established residential real estate firm in Manhattan Our team is proud to consistently rank among the top 1% of real estate agents at our firm.
Iman Bacodari
Gabrielle Corrao
Working with us
Working with a seasoned broker like The Bacodari Team is a decision that is highly strategic and beneficial to any buyer in New York, as the purchasing process in Manhattan can be incredibly complex and nuanced Representation by our team means that you will have top experts on your side throughout the process from beginning to end prioritizing your interests, given that property listing agents have a fiduciary responsibility to represent the seller's interest. By collaborating with us, buyers save valuable time and will learn to see the market through our expert lens Our backing leverages your credibility as a buyer and prepares you to win in the ultra-competitive New York market.
PREFFERED PARTNERS
Real Estate Attorneys
Stephen W. Allen
Allen Law PC
463 7th Avenue, Suite 701
New York, New York 10018
D: (917) 945-0393
C: (203) 570-3673
Email: stephen@allenlawpc.net
Bruce M. Cohen
Cohen & Frankel, LLP
11 East 44th Street, Suite 1800
New York, NY 10017
Office: (212) 684-1919 ext. 11
Email: bruce@cohenandfrankel.com
Loan Providers
Ron Riemer
Home Lending Officer
Citibank
399 Park Avenue
New York, NY 10022
Phone: (212) 300-3739
Email: ron riemer@citi com
Sandor D. Krauss
Law Office of Sandor Krauss 1407 Broadway, Suite 4002
New York, NY 10018
Office: (212) 764-3377
Fax: (212) 656-1543
Email: sandor@krausslegal.com
Scott Vandermarck
Private Mortgage Banker
Citizens Bank
125 Park Avenue
New York, NY 10017
Mobile: (631) 836-1800
Email: scott vandermarck@citizensbank com
We
Thank You For Your Consideration
Iman Bacodari
Licensed Real Estate Associate Broker
Office: 212.891.7188
Mobile: 646 226 6084
Email: ibacodari@elliman.com
Cyrus Moaven
Licensed Real Estate Associate Broker
Mobile: 646.525.9464
Email: cyrus moaven@elliman com
Gabrielle Corrao
Licensed Real Estate Salesperson
Office: 212.891.7118
Mobile: 917 488 2261
Email: gcorrao@elliman.com
Licensed Real Estate Salesperson
Office: 212.702.4054
Mobile: 646.894.6490
Email: gbodkin@elliman.com
Gabriela Bodkin
