Buying a property in New York City
with Karen Kostiw & Ava Anz
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.
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)
OUTSIDE
Proximity to schools/ houses of worship
Light and views Neighborhood
Building amenities
Pet friendliness
Access to transportation
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:
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 governed 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.
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.
Once 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 attor ney 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.
closing the deal
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.
getting the keys
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.
Karen Kostiw & Ava Anz
Karen Kostiw’s extensive background in real estate and finance allows her to uniquely understand her clients’ needs and concerns in today’s fast-paced market. As a former financial services executive with extensive team-building and negotiation experience, Karen has the proven ability to meet and exceed her client’s goals. Karen utilizes a project management discipline to ensure all steps in the real estate transaction process move smoothly and stress free. Karen’s extensive professional and personal network, which includes bankers, contractors, and design professionals, allows her to assemble the perfect team for each of her clients.
Karen enjoys building relationships through increased understanding, honesty and trust to foster inclusion in all aspects of the buying and selling process. She is an empathetic listener, responsive to her clients’ inquiries and drives forward to achieve amicable solutions to real estate dilemmas.
Prior to residential real estate sales, Karen held a successful tenured position on Wall Street where she both analyzed residential mortgage debt offerings and managed client relationships.
Karen was raised on the North Fork of Long Island and has resided and worked in Manhattan since graduating college. Karen is currently living in the Chelsea neighborhood of Manhattan with her husband who is also in the real estate profession as a private lender and developer in the tri-state area. Karen currently volunteers at the NYU Career Services Center, is a New York Cares Kaplan SAT tutor, and a SIFMA Invest Write Essay Judge. She enjoys the arts, cooking, running, playing tennis in Central Park and exploring the neighborhoods and restaurants within the five boroughs.
Karen is a dual licensed salesperson in New York with CB Warburg and in New Jersey with Elite Realtors. She is a member of the Real Estate Board of New York (REBNY) with a board-certified designation of New York Residential Specialist (NYRS®), as well as a member of the National Association of Realtors and the Multiple Listing Service of Garden State, New Jersey and Hudson County. She is also a member of the Financial Executive Networking Group (FENG), Risk Management Association (RMA) and Society of Human Resource Managers (NY SHRM).
40 East 9th Street
200 East 16th Street
200 East 36th Street
300 East 54th Street (x2)
405 East 54th Street
136 East 56th Street
400 East 56th Street
200 East 66th Street
517 East 87th Street (x2)
200 East 94th Street
200 East 95th Street
111 East 115th Street
10 West 15th Street
16 West 16th Street
232 West 30th Street
36 West 35th Street
552 West 141st Street
100 Barclay Street (x2)
88 Bleecker Street
25 Broad Street (x2)
70 Charlton Street
207 East Houston Street
32 Gramercy Park South
130 Lenox Street
465 London Terrace
66 Madison Avenue
25 Park Row
480 Park Avenue
7 Park Avenue South
407 Park Avenue South
205 Third Avenue (x2)
57 Hamilton Avenue, Lodi (x2)
311 Franklin Street, Haworth (x2)
925 Woodland Avenue, Oradell
264 Gorden Drive, Paramus
168 Wayne Avenue, River Edge
186 Reservoir Avenue, River Edge
40 Gates Avenue, Montclair
65 McDougall Lane, Bogota
139 Clarken Drive, West Orange
4 Robert Court, Lodi
74 Sunrise Terrace, Cedar Grove
219 Dorchester Road, River Edge
677 Ray Avenue, Ridgefield
178 Reservoir Avenue, River Edge
124 Elmwood Avenue, Bogota
347 Varick Street, Jersey City
702 Pinehurst Court, Union
“ Karen was absolutely the greatest. It was a difficult time for my family and I, dealing with the passing of my sister. The process of handling her estate was not an easy task especially with traveling back and forth from Atlanta to New York. We needed someone patient and understanding, someone we could trust and that’s exactly what we got from Karen. Karen was always professional and stayed diligent in her business. As we were getting the property ready, Karen was there through the entire process, from beginning to end. She was focused and aimed at getting the best price possible. After the property was listed, it wasn’t very long before we had a buyer. I have to say that we believe Karen was an angel sent from God. The process was stressful at times, but Karen kept things in perspective for us. Always on top of things and keeping us well informed. My family and I couldn’t have done it without Karen and we can’t thank her enough, she is highly recommended.
“ Karen was very responsive and helpful throughout the home purchase process for my wife and I. She was readily available to chat when needed, took care of answering our questions (or pointing us in the right direction to another resource where applicable), and helped to keep our best interests in mind from beginning to end.
— Carl & Amy
“ Karen’s unique background in business and liberal arts distinguishes her from other real estate professionals we have worked with in the Tri-State area in general and Manhattan in particular. In addition to doing all the preparations for the listing, Karen sourced the contractors and personally oversaw the renovations we needed to do to get the place in move-in condition. After just open house, Karen secured us an offer at our full asking price. I highly recommend Karen for her expertise and professionalism.
— Vivian & Calvin
“ In October of 2014, my father was diagnosed with a severe medical condition. He passed away in May 2015. I started looking for options for my mother to deal with her real estate holdings, holdings that she and my father had built up over many years through hard work and perseverance. The true American Dream for Cuban immigrants who came to this country with NOTHING. In the search for someone to help, the only person that stepped up and took a chance with the older widow and her son was Karen. She was patient, supportive, knowledgeable and compassionate at one of the worst and sensitive times of our lives. To that end, she found the perfect fit for us, and worked (and continues to do so) on every aspect of our deal through its eventual closing and rental. She was a Godsend to us. We don’t know what we would have done without her during that difficult time. She is not our realtor. She is a trusted friend. You could not go wrong with Karen on your side.
“ Purchasing property in New York City is a tough endeavor, let alone for someone out of town. Having a real estate agent is just not enough to navigate the obstacles that seemingly arise at every corner. In today’s world you need an agent, advisor, mentor and all-around real estate guru to guide you through the process. Basically, that is Karen all wrapped-up in one. She is amazingly patient yet aggressive when needed, hands on, but not pushy, and goes above and beyond of what is expected of a traditional real estate agent. From locating the perfect apartment, to negotiating a great deal and recommending the perfect attorney, to taking care of the finishing details such as installation of custom closets and designer blinds, Karen made my arrival a seamless journey. So, if you are looking for a modern real estate agent, one that anticipates rather than reacts, then Karen should be your first call.
— Christa
“Karen completely changed my opinion of brokers. She is incredibly professional, mentored us through the process, is formal in a pleasant but warm way, and I’m going to make all of my friends go to her. She was a project manager, negotiator, and a therapist for us every day. Midway through the process, someone casually mentioned that Karen rarely does transactions as “small” as ours – literally had no idea. I always felt like Karen’s highest priority. She immediately responded to all communication, dealt with my first time anxiety, had all of our paperwork done *early*, and never once slipped up. I never thought I would be able to own a beautiful 2 bed in the Upper East Side, and I’m frankly still surprised. There is no way we could have done this without Karen – would recommend her endlessly. I’ll certainly be calling her when it’s time to move into something larger.
— JB & Erica
“ Karen is the best! Being new to the buying process, Karen graciously walked me through each step from the beginning to the closing. I wanted to see as many co-ops as I could to get a better understanding of what I wanted with what was available on the market. Karen’s knowledge and experience in Manhattan realty really helped me filter my list. She also made viewing appointments fast and organized them in the most efficient way so I could maximize my time. She gave me great advice throughout the process and was available 24/7 with answers to any questions I had. She was always very informative, endlessly helpful and a joy to work with throughout this process. She has great recommendations for everything from lawyers to contractors and has great intel about interior design. If you want a broker who goes above and beyond to help you purchase the perfect apartment, I would highly recommend Karen.
— Kim
“Karen and I were co-workers in the finance industry prior to her becoming a realtor. Choosing her as my realtor for a purchase of a condo in NYC was not a difficult decision, as I knew the quality of her work, albeit in another industry.
I was spot on! I went into the search thinking I knew exactly what I was looking for. Karen showed me numerous condos that fit my parameters but none of them “hit the spot”. However, from my comments, she was quietly taking notes on what I really wanted. One day she just took me to see a condo that wasn’t on my list, saying: I think you will like it. It hit the spot immediately and it is the one I purchased.
She is also extremely knowledgeable about the market and real estate negotiation. She is always timely, accurate in her responses, courteous and professional.
I would highly recommend her to anybody purchasing a home in NYC.
— Belinda & Gary
Originally from Austin, Texas, Ava Anz has established herself in Manhattan’s competitive real estate market, bringing a dynamic blend of sales expertise, relationship management, and a lifelong connection to the industry. Known for her drive, professionalism, and client-first approach, Ava thrives in the fast-paced energy of New York City real estate.
Her interest in real estate is deeply rooted in both personal and professional experiences. Hailing from a family involved in commercial development and brokerage coast to coast, she has always been drawn to this industry. Furthermore, her internship experience as a leasing agent with Greystar in Austin, Texas solidified her passion for real estate. Ava is confident in her ability to succeed as a real estate agent due to her strong interpersonal skills, ability to build relationships, and unwavering determination. She is dedicated to providing clients with a seamless, efficient, and trustworthy experience throughout the transaction process.
A graduate of the Sam M. Walton College of Business at the University of Arkansas, Ava holds a Bachelor of Science in Business Administration with a major in Marketing and a minor in Economics. Before transitioning into real estate, she built a strong foundation in business development and account management at Insight Global in New York, where she led strategic relationships with IT executives at major institutions including the London Stock Exchange and Citi Bank. This experience sharpened her ability to negotiate, manage complex transactions, and deliver results skills that now directly benefit her clients in real estate. Her drive, commitment to success, and genuine passion for real estate make her a valuable addition to Coldwell Banker Warburg.
In her free time, Ava enjoys exploring New York’s vibrant culinary scene, jogging along the West Side Highway, and walking through Central Park. She is often described by peers as a bold, inclusive team player who leads with initiative and integrity — whether closing deals or creating long-term client relationships.
400 E 70TH STREET, 1001 on the market — seller side
400 E 70TH STREET, 1001 sold — buyer side
325 W 52ND STREET, GARDEN D in contract — buyer side
521 W 158TH STREET, GARDEN rented ADDITIONAL CLOSED DEALS
233 E 82ND STREET
519 W 158TH STREET
330 E 39TH STREET
341 W 45TH STREET
295 PARK AVENUE SOUTH
STREET
STREET
Exceeding expectations and creating exceptional experiences.
Coldwell Banker Warburg has been recognized by The Real Deal as one of the top brokerages in NYC seven years in a row, highlighting exceptional performance and dedication in the real estate industry, despite its boutique size. This recognition underscores the firm’s ability to deliver outstanding results while maintaining the personalized touch that sets it apart.
7 YEARS
in a row as a Top-10 Brokerage in NYC 1
$268 MILLION
Listing Sales Volume in 2024
118
LISTINGS
No. of Listing Transactions in 2024
400+
PRESS MENTIONS
No. of Press Hits in 2024
Coldwell Banker Warburg is New York City’s leader in preparing and delivering board packages that lead to closed sales. With decades of experience in this area, and a support staff that understands all the nuances involved in the process, you are in the best possible hands when it comes to the complexities of the board package process. Buildings all over the city, real estate firm leaders, and competitors’ agents applaud the expertise with which Coldwell Banker Warburg prepares and submits board packages.
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45 Main Street, BK, NY 11201 cbwarburg.com