Showing posts with label cooperatives. Show all posts
Showing posts with label cooperatives. Show all posts

Feb 2, 2011

REBNY Succeeds in Flip Tax Effort

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Buildings with flip tax exempt from proposed FHFA ruling that would have restricted financing

Sigh of relief for NYC’s residential real estate industry
REBNY members warned legislators of proposed ruling’s crippling impact

With the help of hundreds of its members who delivered 629 letters to the Federal Housing Finance Agency – more than a quarter of the total responses received – The Real Estate Board of New York (REBNY), the city’s leading real estate trade association, has succeeded in its effort to fight a proposed ruling that would have barred lending in buildings with a flip tax. The proposed ruling could have had a crippling impact on property sales throughout New York City.

Addressing the concerns raised by REBNY and its members, the proposed FHFA rule announced Feb. 1, 2011 now excludes private transfer fees paid to homeowner associations, condominiums, cooperatives, and certain tax-exempt organizations that use private transfer fee proceeds to benefit the property.

When the ruling was first proposed last fall, REBNY and its membership launched the initiative through the REBNY Action Center. Members were encouraged to contact the FHFA and key officials to advocate for exempting the flip tax and acknowledging the long-standing beneficial practice in New York City housing.

Led by Congressman Anthony Weiner, the entire New York City House delegation
supported the New York City housing industry and swiftly signed and submitted a letter requesting that federal funds should continue to be available when transfer fees are paid to a cooperative or management to the benefit of a building.

The Real Estate Board of New York is the city’s leading real estate trade association with more than 12,000 members.

Feb 13, 2007

New York City Apartment Terminology A-Z

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Manhattan Condo, Condop, Coop and Rental Apartment Terminology


Alcove: an area adjoining the living room which can be used for a dining area or be separated or closed off to make a bedroom, den or office.

Classic: in a pre-war building, an apartment which has a formal dining room, and, in a larger apartment, one or two maids' rooms. A "classic 6", for example, is a six-room apartment in a pre-war building that has a living room, formal dining room, two bedrooms, kitchen, maid's room, and 1, 2, or 3 baths. In the larger classics, it is common to find the smaller maids' rooms combined into one larger room. Frequently, pre-war buildings have been gutted and "rehabbed," but room counts and layouts will usually be listed according to their original configuration.

Convertible, Flex or Junior: an apartment with an alcove off the living room which can be converted to another bedroom or used as a dining area. A "convertible two-bedroom" or "flex two" is a one-bedroom apartment with a large alcove and one or two bathrooms.

Duplex: Two floors in an apartment.


Flex: see "convertible" or "junior"


Floor Plan: Apartment layout

Floor-through: A whole floor of a building. Usually in brownstones and townhouses. 


Foyer: Entry Hallway    

Furnished Units: apartments, which are fully equipped with furniture and amenities. Such apartments are for long or short term lease.

Junior:  a "junior 4" would be a potential 4- room apartment: (original 3.5 rooms) living room, bedroom, kitchen, and alcove area (bathroom is not counted as a room). a"junior 1" would be a potential 3 -room apartment: living room with alcove (original 2.5 rooms)


Loft area: sometimes found in an apartment with high ceilings. It is typically an area, accessible by ladder or small staircase, which has been built for storage or as an extra sleeping or living area.

Loft: Large open space usually in a converted industrial building.


Maid's Room: Small Room for Maid. Can be used as office, small bedroom, laundry room.

Mini Loft: New millenium name for studio without an alocove.

One-bedroom: A one-bedroom is a three-room apartment (kitchen, living room, and bedroom). A one-bedroom with a windowed alcove large enough to be a bedroom is called a "junior 4 (4 rooms), "flex 2" or "convertible 2" (convertible to two bedrooms).

Penthouse: Top floor of building can be any size apartment, usually has outdoor space.

Pied-a-terre: An apartment in NYC that is not the owner's primary residence it is the owners NYC apartment.

Simplex: One floor in an apartment (flat)

Studio: a studio is a two-room apartment (the kitchen is considered one room). An "alcove studio" is a studio with an alcove for dining or sleeping. A studio with a windowed alcove large enough to be a bedroom can be referred to as a "junior one-bedroom" or "junior 3" (three rooms).

Triplex: Three floors in an apartment.

Two-bedroom: a two-bedroom can be a four, five or six-room apartment. A "flex 3" or "convertible 3" is a two-bedroom apartment with space for an additional room (third bedroom, dining room, den, maid's room, homeoffice, etc.)

Three -Bedroom and up: a three bedroom or four bedroom apartment.


New York City Building Terminology

 
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