Guide to Buying in a New Construction Condo, Part 3 + New developments offering buyer incentives

By Cait Etherington | From Future New York Thursday, August 22, 2024

Common roof deck at 77 Greenwich in the Financial District (Christies International Real Estate Group)

Condos currently under development present more risks to lenders than completed condos, coops, or other constructions. Typically, it is impossible to get a mortgage without an appraisal of the unit being purchased. If a condo is under construction, this is impossible since, depending on the stage of the project, there may be no unit to appraise. But this isn’t where the risks end. In addition, lenders have no certain way to determine when a project will reach completion nor how many units will end up selling in the unit and at what price. These factors combined make financing new construction condos, especially at the early stage of a project, far more risky than funding most other types of residential or commercial properties.

However, that is not to say that it is impossible to secure financing for the purchase of a new construction condo. This article looks at extra considerations these buyers must take, not to mention additional financial implications of buying in one of these buildings.

Guide to Buying in a New Construction Condo, Part 1

Guide to Buying in a New Construction Condo, Part 2

Guide to Buying in a New Construction Condo Part 4 +
Final sponsor availabilities in nearly sold-out buildings

Securing financing and getting preapproved

Securing financing for a new construction condo depends on several factors, including the stage of the development and the number of units sold.

Stage 1: When less than 15% of a development’s units are under contract, the development has not yet been declared effective (i.e., the development’s offering plan doesn’t yet include an effectiveness amendment, which is issued by the New York State Attorney General’s office). During this stage, most units are purchased as all-cash deals or with low financing using a preferred lender (keep reading to learn about preferred lenders).
Stage 2: After a development has been declared effective by the Attorney General’s office but before 50% of the units are under contract, potential buyers typically continue to face limited financing options since many lenders won’t finance new condos until at least 50% of the units have found buyers. Notably, this is also consistent with Fannie Mae regulations on financing for condos, which clearly states that Fannie Mae financing is only applicable when “At least 50% of the total units in the project or subject legal phase must have been conveyed or be under contract for sale to principal residence or second home purchaser.”
Stage 3: In the final stage, after at least half of the units are under contract, new construction condo buyers typically find far more financing options available but may still face restrictions not found when pursuing the purchase of a resale residential property.

Pros and cons of working with a preferred lender

Given the hesitance of lenders to finance new construction condos, for early-stage developments, developers must work with preferred lenders. A preferred lender is a bank that has agreed to finance units in the condo before the condo has sold at least half of its units. Working with a preferred lender is preferable since the lender has already decided in advance that they are confident in the developer’s project. For this reason, while the lender will still want to scrutinize any potential buyer’s finances, they won’t be assessing the development itself. In most cases, this accelerates the path to preapproval. However, working with a preferred lender can also limit a potential buyer’s ability to shop around for a more competitive rate.

Getting prequalified or preapproved

Like any other real estate purchase, the first step for buying in a new construction condo is to seek prequalification and preapproval.

Prequalification: Based on your declared income, a credit check, basic banking information, and the amount of money you plan to bring to the table, prequalification confirms your eligibility for a mortgage and gives you an estimate of how much financing you can likely acquire. This is typically the first step and may take just a few hours.
Preapproval: Preapproval, which often takes up to two weeks and can take longer, is a more complex process. The following section details the paperwork you should be prepared to share when seeking preapproval.

Preparing your required paperwork

While the actual list of documents required to be approved for a mortgage will vary depending on your sources of income and the lender, in most cases, anyone seeking financing for a new construction condo should be prepared to present the following documents to their potential lender:

Personal identification

Driver’s license, passport, Social Security card, and/or individual taxpayer identification number

Proof of income

Pay stubs from the past month

W-2 forms from the past two years

Two most recent bank statements (some lenders may ask for six months to a year’s worth of bank statements)

Personal tax returns from the past two years

Most recent end-of-year pay stub if you include bonuses and overtime into income

If you’re a freelancer, you’ll also need to provide 1099s (for one to three years) and a profit-and-loss statement for the current financial year

Investment accounts

If you have investment accounts, you’ll also need to be prepared to share these accounts with the lender

Credit report

You don’t have to provide your credit report, but be prepared to give the lender permission to pull your report

A list of monthly expenses, including:

Car loans

Credit cards

Home insurance

Homeowners association fees (HOAs)

Medical bills

Personal loans

Student loans

Gift letter

If you received any gifts to help cover your down payment, also be prepared to share a gift letter. This is a signed letter from the giver testifying the fact that the money has been gifted and not loaned to you and won’t need to be repaid now or at any point in the future.

Offering plan

Lenders will also want to see a copy of the development’s offering plan and/or to gain access to the address of the development, the sponsor or developer’s name, and the development’s file number. They can pull the offering plan and any applicable amendment from New York State’s Offering Plan Database.

The advantages of pursuing a cash-only purchase

Given the financing restrictions on new construction condos, there are many advantages to pursuing a cash-only purchase. The key advantages include the ability to get in earlier (even before the development has been declared effective), which may carry price advantages as well as attractive buyer concessions. Since cash-only purchases don’t require financing, they also typically take less time to close. Finally, in a high mortgage rate market, a cash-only deal will also offer massive savings over time.

New development condos offering buyer incentives

Asking $19.5M, the penthouse at The Wales recently sold in an all-cash deal earlier this AUgust

Considerations for foreign buyers

Foreign buyers nearly always face increased scrutiny from condo boards and coop boards. There are two reasons boards are often hesitant to approve foreign buyers. First, it is more difficult to assess the creditworthiness of a foreign buyer. Second, many condo and coop boards worry, albeit usually falsely, that foreign buyers may leave the country and fail to continue paying their HOA or coop fees. Fortunately, when you buy a sponsor unit in a new construction condo development, there is no board interview or approval process. For foreign buyers who don’t require financing, purchasing a sponsor unit in a new construction condo can also be a great investment. More information on buying and selling New York City real estate as a foreigner may be found here.

Making an Offer and Negotiating with Developers

There are several steps one must go through to make an offer on a new construction condo. There are also many potential points of negotiation that can help lower one’s cost, especially at closing.

The steps involved

File a REBNY Financial Statement: You can’t make an offer without first filing a REBNY Financial Statement.
Get prequalified or preapproved.
Make an offer: At the very least, your offer should include the offer price, down payment terms, contingencies, and desired closing date and outside date (an established date by which the unit must be ready for move-in).
Review the offering plan with your attorney.

What is negotiable when making an offer?

When you’re putting in an offer on a new construction condo, a lot can be negotiated. Since you’ll be negotiating with a sponsor or developer and not an individual seller, it is essential to have both an experienced real estate agent and a real estate attorney on your team. Common concessions on new construction condos include:

Deposit structure: When buying a new construction condo that may be many months or years away from occupancy, the deposit structure can occasionally be extended. That said, while this practice is common in many other cities, the ability to pay only a fraction of your deposit at the time of purchase and deliver the remaining down payment before the move-in date is still rare in New York City. Like most other factors, the ability to negotiate an atypical deposit structure depends on the current state of the market.

Fees: All condos have HOA (homeowners association) fees, but when purchasing a new construction condo that has not yet established a condo board, the fees are typically not yet set. This is why it is also important to at least establish thresholds for HOA fees in the offer.

Attorney fees: Attorney fees are typically higher on new condo closes than on closes for other types of residential properties. Fortunately, in some cases, the developer will agree to cover your attorney fees, though it’s not the norm when a buyer is purchasing a sponsor unit in a new or existing building.

Mortgage recording tax: If you’re relying on financing, you’ll need to pay a mortgage recording tax. In some cases, the buyer will cover this tax.

Mortgage points: In a market with high mortgage rates, buying mortgage points to lower your rate can be incredibly advantageous and lead to considerable savings over time. At least in a buyer’s market, some sponsors may be willing to pay for points.

Other closing costs: While sponsors are unlikely to cover all your closing costs, it never hurts to ask. Other closing costs you may want to download to the sponsor include the following:

New York State transfer taxes
Mansion taxes (for any condo worth $1 million or more)
Title insurance
Move-in deposit
Working capital fund (or reserve fund) fee
Move-in fees

Unit upgrades: Since the condo is still under development, you may be able to negotiate upgrades. Common upgrades include higher-quality countertops in kitchens, luxury appliances, and premium fixtures in the bathroom.

Access to storage: If the condo includes storage, it may be possible to negotiate storage at no cost or at a reduced monthly rate.

Access to parking: If the condo includes on-site or nearby parking, it is sometimes possible to negotiate a parking spot during the initial offer or to negotiate access to a parking spot at a lower cost.

Tax implications

Buying, financing, owning, and selling condos are all activities that are subject to different local and state taxes. This section covers them all.

Taxes on new condos vs. resale condos and coops

If you’re purchasing a condo in New York City directly from a sponsor, there are typically three taxes that you’ll need to pay at closing:

Transfer tax: If you buy a resale condo or coop, the seller, rather than the buyer, typically pays the transfer taxes. If you buy a sponsor unit, whether it is in a new construction condo or an older building, the transfer tax is typically the buyer’s responsibility unless a concession was agreed upon during contract negotiations. If the value is $500,000 or less, the transfer tax rate is 1.425% of the unit’s price; if the value of the condo is more than $500,000, the rate is 2.625%.
Mansion tax: If your condo is valued at $1 million or more, you’ll also pay a mansion tax, which starts at 1% for properties valued between $1 million and $1.999 million and can be as high as 3.9% for properties valued above $24 million.
Mortgage recording tax: If you’re relying on financing, you’ll also be responsible for paying a mortgage recording tax of 0.5%. Notably, while coops are exempt, both new and resale condo sales that require financing are subject to a mortgage recording tax.

Tax abatements

In 2022, 68,637 housing units in new buildings were issued permits, setting a new record for issued permits in New York City. The spike wasn’t simply due to increased demand for housing units but also due to the expiration of the longstanding 421A tax abatement. The program, which dates back to the early 1970s, was launched to encourage the development of underutilized or vacant properties. In exchange for building in underutilized areas, developers who qualified received tax abatements for anywhere from 10 and 25 years. In turn, these tax breaks are passed along to buyers of units in the developers’ buildings. Leading up to the expiration of 421A on June 15, 2022, developers rushed to take advantage of the program, which means there is now an unusually high percentage of new condos on the market that come with an attractive bonus—a long-term property tax break.

Condo taxes vs. fees

Condo taxes are paid by the owner to local tax authorities and are separate from HOA fees. By contrast, in coops, your fees cover both your building fees and taxes. As a result, if you’ve previously lived in a coop, be certain to factor in both your fees and taxes when buying a condo. Notably, one disadvantage of living in a condo versus a coop is that while some coops are able to absorb property tax increases by tapping into existing funds, if you live in a condo, when property taxes increase, the increase is your sole responsibility.

New Developments with Buyer Incentives

There's no question that the fees of buying a new construction condo can add up quickly on top of an already high sticker price. Fortunately, many developers recognize this and are prepared to offer incentives like mortgage buydowns, a year or two of free common charges, or the payment of mansion and/or transfer taxes to sweeten the deal.

77 Greenwich Street, Financial District

15 availabilities from $1.55M - $4.795M
Now Offering Limited-Time Incentive: 2 Year Complimentary Common Charges Credit

77 Greenwich Street, #24A
$3,250,000

Financial District | Condominium | 3 Bedrooms, 2.5 Baths | 1,721 ft²

77 Greenwich Street, #24A (Christies International Real Estate Group LLC)

From the Listing: The Sponsor is offering compensation to buyer's agents and incentives to Purchasers. This brand new three-bedroom, two and half bath, 1721 SF home includes floor-to-ceiling crystalline glass windows allowing for an abundance of natural light, stunning water views, and soaring ceilings of close to 11'.The gracious entryway features custom millwork and stone flooring. See floor plan and full details here.

One Wall Street, Financial District

1 Wall Street
16 availabilities from $895K - $9.75M
Sponsor paid transfer taxes and free common charges for 12 months

One Wall Street (One Wall Street Sales LLC)

Amenity roof terrace with harbor views

There is a newly-opened Whole Foods in the base

One Wall Street, #1507
$2,250,000

Financial District | Condominium | 2 Bedrooms, 2 Baths | 1,094 ft²

One Wall Street, #1507 (One Wall Street Sales LLC)

From the Listing: Move In Ready! Residence 1507 is a 1072 SF, two bedroom two bathroom apartment within One Wall Street. Located on the West side of the building, this home offers natural light, and ample closet space.Custom kitchens and baths pair seamless technology with classic elegance. The Kitchen features Oceanwood marble slabs which rests on custom Aran Cucine cabinetry, accented by white glass panels and satin nickel finishes and is the perfect blend of beauty and function.Warm stone primary bathrooms feature stall showers with thermostatic controls. Mirrored medicine cabinets are integrated with LED lighting and Bianco Dolomite marble surround.The building’s one-of-a-kind residences maintain the integrity and character of the 1930s scale, a modern take to art deco detailing, and boast ceiling heights over ten feet throughout with wide-plank French Oak hardwood floors underfoot.Nestled between the famed New York Stock Exchange and Trinity Church (Alexander Hamilton’s final resting place), One Wall Street rests in the heart of New York history.The base of the building houses the Financial District’s first Whole Foods and a sprawling Lifetime Fitness Resort.With full time door staff and porters, full time resident managers, and white-glove concierge service, One Wall Street is the Financial District’s first true luxury residential building. Residents will enjoy a complimentary membership to Lifetime Fitness Resort, as well as access to the building’s private gym on the 38th floor, which includes a 75 foot lap pool overlooking downtown Manhattan and harbor views. A restaurant private to building residents and their guests sits on the 39th floor and is flanked by a 4,000 square foot landscaped terrace with stunning views.A private coworking space, children’s playroom, a teen ‘s lounge, private storage, and bike storage all cement One Wall Street’s status as the ultimate Downtown luxury building. THE COMPLETE OFFERING TERMS ARE IN AN OFFERING PLAN AVAILABLE FROM SPONSOR. FILE NO.CD17-0216 SPONSOR: MIP ONE WALL STREET ACQUISITION LLC, 1 WALL STREET, NEW YORK, NY 10005. EQUAL HOUSING OPPORTUNITY.SPRING Sales Promotion; ask about Sponsor closing cost and common charge credits* *available for a limited time. See floor plan and full details here.

130 William, Financial District

130 William Street
12 availabilities from $1.926M - $20M
Buyers will receive a closing credit equal to the value of transfer tax, mansion tax, and one year of common charge

130 William (Credit: Michael Kleinberg)

130 William, #27E
$2,695,990

Financial District | Condominium | 2 Bedrooms, 2.5 Baths | 1,471 ft²

130 William, #27E (Corcoran Sunshine Marketing Group)

From the Listing: Residence 27E is a corner two bedroom, two and a half bathroom home with approximately 10 foot ceilings and oversized arched windows. Interior finishes include wide-plank white oak flooring and oil rubbed bronze fixtures custom designed by Sir David Adjaye. See floor plan and full details here.

One Manhattan Square, Lower East Side

252 South Street
26 availabilities from $1.159M - $6.5M
20-year tax abatement in effect

One Manhattan Square (Evan Joseph)

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One Manhattan Square, #27L
$2,319,000

Lower East Side | Condominium | 2 Bedrooms, 2 Baths | 1,123 ft²

One Manhattan Square, #27L (Corcoran Sunshine Marketing Group)

From the Listing: Residence 27L is a 1,123 square foot two bedroom, two bathroom with an open gourmet kitchen and breakfast bar. This spacious residence faces North East and North West, with expansive City and East River views. Warm, modern interiors are brought to life by the renowned design team at Meyer Davis Studio. This residence features imported stone and custom finishes, premium Miele appliance package, 5 wide stained oak flooring, master bath with custom wood cabinetry, marble tile walls and mosaic floors with radiant heat, under-mount Wetstyle sink with glass vanity top and Dornbracht polished chrome faucets and a washer and dryer. See floor plan and full details here.

One Essex Crossing, Lower East Side

202 Broome Street
6 availabilities from $1.395M - $2.015M
Final price reductions

One Essex Crossing (CityRealty)

One Essex Crossing, #7J
$1,395,000

Lower East Side | Condominium | 1 Bedroom, 1 Bath | 778 ft²

One Essex Crossing, #7J (Corcoran Group)

From the Listing: 12 Months Of Common Charges Paid By Seller Residence 7J is a MOVE IN READY spacious 778 SF 1-bedroom, 1 bathroom home and delivers sweeping southeastern views. This resale onE bedroom offers move-in ease and comfort with motorized shades, custom built-out closets, ceiling-mounted light fixtures in all rooms and wall-mounted TV setups. Perfect for primary or investor use.The thoughtful kitchen layout features a custom dining island functioning as a dining table. See floor plan and full details here.

Everly, Soho/Hudson Square

219 Hudson Street
3 availabilities from $2.395M - $4.899M
One year of tax and common charges for full ask penthouse contracts

Everly (Serhant LLC)

Everly, #PHA
$4,899,000

SoHo | Condominium | 3 Bedrooms, 3.5 Baths | 2,013 ft²

Everly, #PHA (Serhant LLC)

From the Listing: Penthouse A is a sun-splashed 3-bedroom plus additional home office, 3.5-bathroom home where residents enjoy modern lifestyle amenities. Oversized sound-reducing casement windows offer charming city views, and beautiful white oak hardwood floors sit beneath airy ceilings over 10 feet in height. The spacious south-facing balcony has gorgeous river and city views and is perfect for sun lounging, urban gardening, alfresco dining, and more. From their private windowed elevator landing, resident has access to separate living and sleeping quarters ideal for maintaining privacy and hosting guests. See floor plan and full details here.

75 First Avenue, East Village

5 availabilities from $1.29M - $2.495M
Offering Buyer's Agent Commissions

75 First Avenue (Serhant LLC)

75 First Avenue, #7A
$2,495,000 (-2.3%)

East Village | Condominium | 2 Bedrooms, 2 Baths | 1,152 ft²

75 First Avenue, #7A (Serhant LLC)

From the Listing: Buyer broker 4%! Welcome to this alluring 2-bedroom, 2-bathroom double exposure corner condo at 75 First Ave, one of the most luxurious residential boutique buildings in the East Village designed by star Italian architect Stefano Pasqualetti. 7A is a one-of-a-kind offering gorgeous views to the Empire State Building, a split bedroom layout, and a 192sf private terrace offering exciting indoor/outdoor lifestyle possibilities. See floor plan and full details here.

The Luminaire, Kips Bay/Flatiron District

128 East 28th Street
2 availabilities from $1.995M
$50,000 closing credit

The Luminaire (Reavis Partners LLC)

The Luminaire, #6A
$2,195,000

Flatiron/Union Square | Condominium | 2 Bedrooms, 2 Baths | 1,292 ft²

The Luminaire, #6A (REAVIS PARTNERS LLC)

From the Listing: Introducing this brand new floor-through condo where residents enjoy a private balcony, contemporary finishes, thoughtful tech and wellness features, low monthlies, and an exciting NoMad address close to restaurants, shops, grocery stores, and parks. This sterling 2-bedroom, 2-bathroom home begins with a sun-drenched open-concept living room, dining room, and kitchen imbued with northeastern light. Smart-home-enabled interiors were designed to enhance modern lifestyles and complement everyday living. See floor plan and full details here.

222 LES Tower + Lofts, Lower East Side

222 East Broadway
11 availabilities from $1.095M - $5.495M
Sponsor offering 5 years paid common charges for a LIMITED time

222 East Broadway (Corcoran Sunshine Marketing Group)

222 LES Tower + Lofts, #9A
$1,095,000

Lower East Side | Condominium | 1 Bedroom, 1 Bath | 564 ft²

222 LES Tower + Lofts, #9A (Corcoran Sunshine Marketing Group)

From the Listing: This light filled one-bedroom has open views to the South East with massive windows which give way to picture-perfect river views. The primary bedroom is nicely sized with a large closet and overlooks historic East Broadway. Kitchens are outfitted with top-of-the-line Miele, Bosch and Subzero appliances, Zellige tile backsplashes, and Ceppo Di Gre Greystone marble countertops. Custom cabinetry, a mix of matte finish and fluted glass fronts add interest to each residence and details that are unique to each home. See floor plan and full details here.

The Bryant, Midtown West

16 West 40th Street
5 availabilities from $1.95M
No common charges for 12 months
Reduced closing costs

The Bryant (Corcoran Group)

The Bryant, #25B
$4,650,000

Midtown West | Condominium | 2 Bedrooms, 2.5 Baths | 1,882 ft²

The Bryant, #25B (Corcoran Sunshine Marketing Group)

From the Listing: Located high above vibrant Bryant Park in the heart of New York City, and designed by Pritzker Prize-winning David Chipperfield, this floor-through two+ bedroom residence with a windowed home office boasts twenty-two floor-to-ceiling windows wrapping three exposures. At 1,882 square feet (174.8 sq. m.), this home offers an expansive layout with an abundance of natural light and incomparable views of Bryant Park and the Empire State Building through Vitrocsa sliding glass doors with Juliet balconies. The custom terrazzo facade transitions seamlessly to the interiors, creating crisp architectural frames to the windows and a border for the heated oak herringbone floors. See floor plan and full details here.

96+Broadway, Upper West Side

250 West 96th Street
13 availabilities from $1.915M
12-Months of Free Common Charges on Contracts Signed through 1/30/25

96+Broadway (Compass)

96+Broadway, #9D
$3,535,000

Broadway Corridor | Condominium | 3 Bedrooms, 3.5 Baths | 1,705 ft²

96+Broadway, #9D (Compass)

From the Listing: Introducing Residence 9D, a 1,705 square foot 3 bedroom, 3.5 bath east-facing home with 9’1” ceilings and floor-to-ceiling casement windows. A formal entry with a coat closet, leads to the 23’ ft living/dining area and top-of-the line open kitchen.All three bedrooms, complete with en-suite marble baths, have beautiful morning light through east-facing floor-to-ceiling windows. See floor plan and full details here.

The Rennie, Harlem

2351 Adam Clayton Powell Jr. Boulevard
5 availabilities from $550K - $945K
Interest rate buy down options
25-year tax abatement in effect

The Rennie (Brown Harris Stevens)

The Rennie, #614
$945,000

Harlem | Condominium | 2 Bedrooms, 2 Baths | 903 ft²

The Rennie, #614 (Brown Harris Stevens Development Marketing LLC)

From the Listing: Settle into the Harlem Beat with this bright, chic 2 bedroom home facing a quiet, landscaped courtyard. Gorgeous picturesque windows with lovely sills frame views of a historical Neo-Gothic limestone church, elevating the ambiance inside your home. Gray oak floors are featured throughout, complementing the natural light that fills the spacious home. See floor plan and full details here.

Brooklyn New Developments with Buyer Incentives

Brooklyn Point, Downtown Brooklyn

138 Willoughby Street
10 availabilities from $1.23M - $2.95M

25-year tax abatement in effect

Brooklyn Point (Evan Joseph)

Brooklyn Point, #66C
$2,549,600

Downtown Brooklyn | Condominium | 2 Bedrooms, 2 Baths | 1,146 ft²

Brooklyn Point, #66C (Serhant LLC)

From the Listing: A pristine residence nestled in the prestigious Brooklyn Point development, this stunning 2-bedroom, 2-bathroom home is a portrait of contemporary Brooklyn living. Features of this 1,146 sq. ft. home include beautiful wide plank stained oak floors, floor-to-ceiling windows with northern exposure and panoramic views of Manhattan, an in-home washer/dryer, and a harmonious light wood color palette with brushed nickel fixtures and finishes designed to accentuate space and natural light. See floor plan and full details here.

Oosten, Williamsburg

429 Kent Avenue
10 availabilities from $1M - $4.5M
421-A Tax Abatement in place until 2032

Oosten (Compass)

Oosten, #D725
$2,500,000

Williamsburg | Condominium | 4 Bedrooms, 4.5 Baths | 2,557 ft²

Oosten, #D725 (Compass)

From the Listing: Final Sponsor Sales! Situated on the vibrant South Williamsburg waterfront with endless amenities, Oosten brings luxury living in New York City to a whole new level. This spacious duplex home has double-height ceilings and oversized rooms throughout- Incredible space at a price per square foot you simply won't find anywhere else. See floor plan and full details here.

H70, Midwood

618 Avenue H
15 availabilities from $460K
Sponsor is offering to buy down your rate by up to 3%

H70 (Corcoran Group)

H70, #2E
$706,000 (-4.6%)

Midwood | Condominium | 2 Bedrooms, 2 Baths | 825 ft²

H70, #2E (Corcoran Group)

From the Listing: Welcome to H7O Condominium, an incomparable residential development that further cements luxury living in Midwood. H7O is a perfectly scaled collection of studios, one, two, and three-bedroom homes. It also carries one of the most wide-ranging amenity packages in the area with private indoor and outdoor facilities further exceeding expectations. Each unit within the H7O condominium features meticulous attention to detail, showcasing luxurious finishes and tasteful color palettes that accentuate the comprehensive and sophisticated design. Interior features include European oak hardwood floors, finished doors, and oversized windows and LED light fixtures. See floor plan and full details here.

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Contributing Writer Cait Etherington Cait Etherington has over twenty years of experience working as a journalist and communications consultant. Her articles and reviews have been published in newspapers and magazines across the United States and internationally. An experienced financial writer, Cait is committed to exposing the human side of stories about contemporary business, banking and workplace relations. She also enjoys writing about trends, lifestyles and real estate in New York City where she lives with her family in a cozy apartment on the twentieth floor of a Manhattan high rise.

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In this article:

Securing financing and getting preapproved

Pros and cons of working with a preferred lender

Getting prequalified or preapproved

Preparing your required paperwork

The advantages of pursuing a cash-only purchase

Considerations for foreign buyers

Making an Offer and Negotiating with Developers

The steps involved

What is negotiable when making an offer?

Tax implications

Taxes on new condos vs. resale condos and coops

Tax abatements

Condo taxes vs. fees

15 availabilities from $1.55M - $4.795M Now Offering Limited-Time Incentive: 2 Year Complimentary Common Charges Credit

1 Wall Street 16 availabilities from $895K - $9.75M Sponsor paid transfer taxes and free common charges for 12 months

130 William Street 12 availabilities from $1.926M - $20M Buyers will receive a closing credit equal to the value of transfer tax, mansion tax, and one year of common charge

252 South Street 26 availabilities from $1.159M - $6.5M 20-year tax abatement in effect

Select which properties are of interest to you:

202 Broome Street 6 availabilities from $1.395M - $2.015M Final price reductions

219 Hudson Street 3 availabilities from $2.395M - $4.899M One year of tax and common charges for full ask penthouse contracts

5 availabilities from $1.29M - $2.495M Offering Buyer's Agent Commissions

128 East 28th Street 2 availabilities from $1.995M $50,000 closing credit

222 East Broadway 11 availabilities from $1.095M - $5.495M Sponsor offering 5 years paid common charges for a LIMITED time

16 West 40th Street 5 availabilities from $1.95M No common charges for 12 months Reduced closing costs

250 West 96th Street 13 availabilities from $1.915M 12-Months of Free Common Charges on Contracts Signed through 1/30/25

2351 Adam Clayton Powell Jr. Boulevard 5 availabilities from $550K - $945K Interest rate buy down options 25-year tax abatement in effect

138 Willoughby Street 10 availabilities from $1.23M - $2.95M 25-year tax abatement in effect

429 Kent Avenue 10 availabilities from $1M - $4.5M 421-A Tax Abatement in place until 2032

618 Avenue H 15 availabilities from $460K Sponsor is offering to buy down your rate by up to 3%