BUYERS GUIDE 2025

Buyer's Guide

2025

Table of Contents

I

Frequently Asked Questions

II

Timeline for Purchasing

pg. 4-5

III

Condo vs Coop

pg. 6-7

IV

Closing Costs

pg. 8-10

V

Expert Advisory

pg. 11

VI

Meet the Team

pg. 12-14

ViI

Preferred Partners

pg. 3

pg. 15

01

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.

02

FAQ

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.

03

TIMELINE FOR PURCHASING

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.

05 04

TIMELINE FOR PURCHASING

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

05 06

TIMELINE CONDO FOR VSPURCHASING COOP

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.

07

06

08

CONDO VS COOP

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.

William Burnbach

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.

07

CONDOS

CO-OPS

Buyer’s Attorney

Consult your attorney

Buyer’s Attorney

Consult your attorney

Bank Fees

$750-$1,000

Bank Fees

$550-$1,000

Application Fee

$350-$650

Application Fee

$350-$650

Processing Fee

$330-$500

Processing Fee

$330-$500

Appraisal Fee

$500-$2,000

Appraisal Fee

$500-$2,000

Credit Report Fee

$45-$100+

Credit Report Fee

$45-$100+

Bank Attorney

$650-$1,000

Bank Attorney

$650-$750

Insurance & Tax Escrow

2-6mo & 1yr’s prepaid insurance premium at closing

Lien Search

$350-$450

Recording Fees

~$250-$750

UCC-1 Filing Fee

$20-$40 in all counties except for Nassau

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

ADDITIONAL EXPENSES Miscellaneous Co-op Charges

Varies by building

Recognition Agreement Fee

Approx. $250

Flip Tax

Please check with building

Maintenance Adjustment

Pro-rates for the month closing

Short-term interest

Equal interest for the balance of month in which you close

MORTGAGE TAX: CONDOS PROPERTY TYPE

MORTGAGE TAX New York City

Residential Condo Unit up to $499,999.99

1.8% of loan amount

Residential Condo Unit $500,000 and up

1.925% 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 *Mansion Tax is paid by purchaser on transactions that are residential or mixed-use and the purchase price is $1M or above.* 08

TOWNHOUSE & SINGLE FAMILY HOMES Buyer’s Attorney

Consult your attorney

Bank Fees

$750+

Application Fee

$350+

Processing Fee

$330+

Appraisal Fee

$500-$2,000

Credit Report Fee

$45-$100+

Bank Attorney

$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

$750-$1,500

MORTGAGE TAX PROPERTY TYPE

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.*

09

10

EXPERT ADVISORY

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.

11

MEET THE TEAM

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.

12

MEET THE TEAM

TOP

1% $70MIL TOP100

OF DOUGLAS ELLIMAN AGENTS NATIONWIDE

OF PROPERTY SOLD IN THE PAST YEAR

OF AMERICA'S BEST REAL ESTATE PROFESSIONALS

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.

2018, 2019, 2021, 2022, 2023, 2024

02

CHAIRMAN'S PINNACLE CIRCLE AWARD

2013 & 2017 CHAIRMAN'S DIAMOND CIRCLE AWARD

2012 & 2014 CHAIRMAN'S GOLD CIRCLE AWARD 13

MEET THE TEAM

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.

1

2

3

The Bacodari Team

Support Network

Trusted Advisers

Iman Bacodari

Gabrielle Corrao

Cyrus Moaven

Gabriela Bodkin

Architects

Interior Decorators

Contractors

Property Managers

Mortgage Professionals Taxation Experts

Inspectors

Real Estate Lawyers

Trust & Estate Attorneys

Bankers Accountants

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.

14

PREFERRED PARTNERS

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

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

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

Scott Vandermarck Private Mortgage Banker Citizens Bank 125 Park Avenue New York, NY 10017 Mobile: (631) 836-1800 Email: scott.vandermarck@citizensbank.com

15

Thank You For Your Consideration We look forward to helping you achieve your New York real estate goals.

Iman Bacodari

Gabrielle Corrao

Licensed Real Estate Associate Broker

Licensed Real Estate Salesperson

Office: 212.891.7188​ Mobile: 646.226.6084​ Email: ibacodari@elliman.com​

Office: 212.891.7118​ Mobile: 917.488.2261​ Email: gcorrao@elliman.com​

Cyrus Moaven

Gabriela Bodkin

Licensed Real Estate Associate Broker

Licensed Real Estate Salesperson

Mobile: 646.525.9464 Email: cyrus.moaven@elliman.com​

Office: 212.702.4054 Mobile: 646.894.6490 Email: gbodkin@elliman.com​

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