The sponsor is selling 2 similar studio units for $565K and $575K, without Board approval. If you’re interested in purchasing an apartment in a condominium building and wondering how to do it, this comprehensive guide will walk you through the process. Glacier bought unsold sponsor units in nine co-op buildings, which was the equivalent of 255 apartments, 218 of which were not rent. How buying real estate in NYC is unlike anywhere else. For Residential 1-3 family homes, condos, and co-ops the New York State transfer tax rates are as follows: Let’s say you purchased a new development condo for $1,000,000. “This is mainly because New York City and New York State have transfer taxes that will be paid by a purchaser instead of the seller when buying from a sponsor,” says Halstead’s Liao. (Estimated Timeframe: 30-45 Days) Necessary: When buying in a New Development or a Sponsor Sale, please disregard this step. When buying a brand new condo or a co-op directly from the developer (also known as a sponsor), expect to pay a New York City transfer tax of 1% of the sales price on purchases greater than $500,000. The main difference to be aware of for sponsor unit purchases is that the developer or sponsor may trip to flip some of the seller's closing costs onto the buyer. 1 ba. Also, see our Legal Assistance page and our Primary Residence FAQ. It discusses what sponsor units are, who sponsors them, and the adv. How the home you purchase is classified can affect your taxes and the mortgage interest rate that you receive. licensed real estate brokers licensed to do. 9% of the purchase price on sales of $1 million or more. In addition to the New York City transfer tax, you will also be required to pay a . The exact time will depend on the property and whether you’re making an all-cash purchase or financing. For many New York buyers, so-called "sponsor units" are some of the most desirable options in the city, in part because buying directly from a building's sponsor generally allows you to skip the typical. Higher prices. With 40 years of lending to buyers in New York City, NCB is the bank for co-ops. A sponsor unit is an apartment in a co-op or condo that the developer or investor has retained after selling the other units. In either case, as far as a co-op or a condo is concerned, an outside party — the original sponsor or an investor who bought the unit — is the landlord of those apartments. 8 percent. WELL. ’s coal business, ending a months-long saga that transfixed the mining industry and setting the. LISTING BY: DOUGLAS ELLIMAN REAL ESTATE. Contract of Sale—Condominium Unit. The NYC Transfer Tax is between 1% to 1. Set Your Price Range. The first step in buying a condo in NYC will be setting a budget for your purchase. Not all co-ops require board approval for renting. 5 results. However, let's say for example there is a $3 million mortgage on the building, 20 apartments total with everyone owning an equal amount of shares, then each unit would have $150,000 of building. Listing by Redfin Real Estate. A buyer of a unit in a building or group of buildings that is under construction should first understand that the text of the offering plan governs the sponsor's obligation regarding the size and construction of the buildings, units and any ancillary spaces such as recreational facilities, parking spaces, or roof top cabanas, to name a few. Exceptions include sponsor units…This special risk to buying a new construction home in NYC is disclosed in the Special Risks section of the building’s offering plan. 4 percent transfer tax to New York State. Q. The new, conforming loan limit for mortgages that can be acquired in high-cost areas like New York City is $970,800, an increase from $822,375. Buyer Closing Credit; Search for Listings; Closed Transactions; Sell Menu Toggle. You should be aware of the fact that buying a sponsor unit does not necessarily guarantee that you won’t have to complete some sort of board application. With 40 years of lending to buyers in New York City, NCB is the bank for co-ops. 4%. The advantage of buying a sponsor unit in a co-op is that you get to bypass the board interview. licensed real estate brokers licensed to do business in. 1 Bath. Go! Manhattan Homes. A. 2 bds; 2 ba; 721 sqft - Condo for sale. The most significant difference between buying a co-op and a condo is the ownership structure, says James Woods, Esq. This can be a tedious process as some co-op boards will require potential sublessees to fill out the same lengthy co-op board application as prospective purchasers in the building. Note that the 90-day period can be extended, so you don’t have to rush the negotiation. Rent stabilized tenants are. . 4) transfer tax to New York state. NMLS #507535. As a result, you are buying a sponsor unit from the building’s original developer or company rather than the previous owner. 4% transfer tax to New York State. Inspection Contingency. 4% for homes sold under $500,000, 1. Tudor City homes for sale. Also, consider that most coops require that you show 24 months costs in cash post closing - if you pay all cash for the unit, you would still need to show 24x maintenance in a bank or brokerage account to get approval. Buyers will almost always request that the sponsor remove the second kitchen during the course of construction. Construction: Despite not having to pass the co-op board’s approval process to buy a sponsor unit, any. out this great listen on Audible. This flip tax is still under the average 1%-2% for most NYC co-ops over $500k. 4 percent transfer tax to New York. A sponsor unit is a type of apartment unit, typically found in condominiums (condos) and co-ops. 075%. — sq ft. Broker Fees in NYC: Do They Still Exist? In May 2021, New York State affirmed that broker fees were legal. The Pros and Cons of Buying a Sponsor Unit in NYC. Most Common Contingencies in NYC Real Estate Purchase Contracts. There are many types of apartments in NYC for home buyers and renters to choose from. . New York city Real Estate is made up with Co-ops, Condominiums, Townhouses and Rental Apartments. 107-40 Queens Boulevard UNIT PH 18A, Forest Hills, NY 11375. Map. Although a co-op will not reject your application for a sponsor unit, they may require the submission of an abbreviated board application for the purposes of verifying your assets and. The sponsor will still need to assess your finances but as long as your offer is accepted—and assuming you can get a mortgage—the apartment is yours. If you're buying a NYC apartment, there are basically three main types of situations that generally warrant a professional home inspection, says Stone. This will add a percentage of the purchase price to your closing costs. New York, NY Home for Sale. , 75 Wall Street, and Greenwich West at 110 Charlton Street. What is a sponsor unit? What are the advantages to buying a sponsor apartment in New York City? What are the negatives to buying a sponsor unit co op? What are some nuances to calculating transfer taxes owed for a sponsor sale coop? We'll teach you everything you need to know about buying a sponsor unit in NYC. Anyone with plans to purchase a sponsor-owned condo or co-op in NYC needs to understand an offering plan. You might be able to organize with the other tenants into buying the whole building and going co-op, but that’s a huge undertaking. A downside to buying a sponsor condo is that the buyer pays the New York State and New York City transfer taxes. A CO or certificate of occupancy specifies how a building may be used, how it's zoned, and how many residences are permitted. If you want to buy a co-op in New York City without the intrusive buying experience that they’re known for—a sponsor unit is your best bet. If price > $499,999 then 1. The downside is that there are additional costs to buying one. It's not the regulations of the co-op board, but rather it's the terms of the proprietary lease. 825% of the purchase price if the price is over $500K and 1. Due to a change in state law, the Cooperative and Condominium Property Tax Abatement has changed for tax year 2022-23 (which begins July 1, 2022) and subsequent tax years. For example, he said, if a sponsor who still owns 60 units in a 100-unit building sells half of his apartments and walks away from the rest, the building might still be better off. 175% on mortgages above $500,000, and that includes the tax for both NYC and NY State. In the 1980s, when many buildings were converted into co-ops, the original tenants had the option to purchase. Sponsor Unit No Board Approval Required. It makes sense to buy. How buying real estate in NYC is unlike anywhere else. 295 million for a spacious "studio" with private outdoor space in the East Village. If your buyer’s agent hasn’t already explained to you the differences in closing costs associated with buying a sponsor unit in NYC, then you should consider getting rid of your real estate agent after reading this article. it depends on what is written into the offering plan. This 688-square-foot, one-bedroom condo sponsor unit condo has an open kitchen with a breakfast bar, stained oak flooring, radiant heat flooring in the bathroom, and a washer and dryer. LISTING BY: R NEW YORK. But the range can be vast, depending on the co-op—anywhere from 10% down (rare) to 50% or more at higher-end buildings. 9 million. Each owner actually owns their own residential unit, but shares the real property that is known as the common. most of the time, you become like other unit owners. Below, see the insights we learned from the team based on their years of experience advising New Yorkers in the real estate market. The state passed new transfer taxes in April 2019. In condo buildings, a sponsor unit is one currently owned by the developer and being put up for sale for the first time. 175% of the initial mortgage principal (includes a 1. Homes for sale; Foreclosures; For sale by owner; Open houses; New construction; Coming soon; Recent home sales;. The fees & closing costs associated with buying a co-op in NYC are approximately 1-2% of the purchase price. Renters can expect to pay up to 15% of a unit’s first year’s lease to brokers. $550,000. Condo in Gramercy Park at 215 East 19th Street #15B for $3,995,000This includes a standard application, request for financial information (bank statements, W-2s from previous and current years, pay stubs, etc. E. No board approval required; Tend to be renovated; Cons of buying sponsor unit in NYC. The 421a tax exemption can bring your taxes down from 10-25 years. The new rates start at 1% beginning with properties of $1,000,000 or greater and gradually increase to a maximum of 3. The attraction of buying a furnished sponsor unit is that the furniture has been selected by a professional designer and has not been used by anyone else. Buying a sponsor unit in a converted co-op or condo means that the unit does not need to comply with co-op bylaws such as board approval or right of first refusal. Other perks of buying directly from a sponsor can be lower cost or a. Browse photos, see new properties, get open house info, and research neighborhoods on Trulia. Just note that while you save on the price, the monthly maintenance of $1,737 is on the high side. RE: Hefetz to Olivieri Apt. 1 Bed. 4%. - Condo for sale. Listing by EXP Realty. Before you buy a co-op or condo — PDF version. The NYC Mansion Tax consists of 8 individual tax brackets. 4% to 2. 814 Amsterdam Avenue, New York, NY. I said 50% of shares and OP said 50% of units. 84-70 -th Street #4S, Kew Gardens, NY 11415. I’m a stabilized renter in a co-op. The lowest rate of 1% applies to purchases at or above $1 million and less than $2 million. A timeline for buying a new development condo: From preparing your financing to closing. Manhattan Mini Storage offers access around the clock, 365 days a year, with no extra charge for bulky items. 405 215 E 24th Street New York, NY 10010. Billionaires’ Row is a bust. 7,052 Co-Ops For Sale in New York, NY. Blog; Forum; Calculators; Shop Menu Toggle. National Cooperative Bank offers competitive rates and easy pre-qualification. So if you're buying a new apartment from the sponsor, be prepared to cover the transfer tax. Negotiating the deposit. HDFC buildings were created in the 70s, and 80s to allow tenants to break free from their “slumlords” to form cooperative buildings. For mortgages of one to three family houses and individual residential condo units with initial loan balances of $500,000. A guide to using a no-fee renovation loan from a NYC real estate firm. Sales of cooperative and condominium units are made pursuant to the terms and conditions of an offering plan. All told, the transfer taxes in NYC can be between 1. Then go to the Location section and select the neighborhoods or boroughs you’d like to browse for homes in. This is the reverse of a traditional private resale where sellers pay the Transfer Taxes and cover their attorney fees. 65% on sales by $3m. You must also pay RPTT for the sale or transfer of at least 50% of ownership in a corporation, partnership, trust, or other entity that owns/leases property and transfers of cooperative housing stock. A “The tenant/shareholders in a housing cooperative are bound by the proprietary lease, bylaws, rules and regulations,” says Albert Pennisi of the law firm of Pennisi Daniels Norelli in Rego Park, Queens. $225,000--bds; 1 ba--sqft - Coming soon. For sponsor sales, the flip tax is usually paid for by the buyer. Pay a premium price for the. Managing agents and boards must obtain primary residency information from unit owners and shareholders and submit the. Other perks of buying directly from a sponsor can be lower cost or a. “Buying in a sponsor-owned co-op allows you to finance as much as the banks will allow you,” says Melissa Cohn, executive mortgage banker at William Raveis Mortgage. 00 shall be certified checks of Purchaser or official bank checks payable to Seller or as Seller. You’ll need to know how much you can afford or want to spend before starting your search. Using the figures above, the transfer. These are the kind of deals developers are making in order to sell apartments in brand new buildingsOffering Plans for Co-ops and Condos in NYC. 72% per year, or $7,200 per year according to average NYC property tax rates discussed in our article on NYC real estate taxes. A few are. 9% for sale prices of $25 million or more. The New York City transfer tax sits at 1% of the sales price for homes worth $500,000 or less. The lower rate applies to sales of $500k and below. The apartment is located in a prewar co-op building with a 24-hour doorman, a resident super, a laundry room, a bike. Price Cuts: One57 penthouse gets $11 million reduction; Upper West Side condop discounts 3- and 4-bed sponsor units (Jun 27, 2023) When, why, and how to negotiate the purchase of a furnished apartment + Fully furnished New York City apartments (May 24, 2023) Waterline Square penthouse leads Manhattan sales at $25. Mansion tax. You may want to contact one of the following tenant groups who can also advise you on finding an attorney if necessary. This Clinton Hill two-bedroom sponsor co-op, 451 Clinton Ave. After all, Cooperative is our middle name! Call us at (202) 349-7455 or email Ryan Greer [email protected] you want to buy a sponsor unit in NYC, there are two main steps: finding a sponsor (the person who owns the apartment) and going through their broker’s office as your. Both were sponsor units and have been on the market for months despite being fairly priced for the neighborhood. coop . By virtue of the fact that these are sponsor units, no board approval is required for these co-ops. $2,300,000. If a tenant didn’t buy, the sponsor of the co-op conversion, usually the building owner, retained ownership of the apartment and continued renting it to the tenant. Department of Housing and Urban Development’s AMI, set to create affordable housing options in specific areas. 825% of the purchase price onto your closing costs if the property is priced over $500,000, or 1. For transactions that are $500,000 and higher, that rate goes up to 1. The New York Times, 620 Eighth Avenue, New York, N. It seems too good to be true but you wonder what is a sponsor apartment, do I own it the sam. ” The chance to buy a condo or co-op sponsor unit enables. See more ideas about nyc, home buying, closing costs. The apartment, which is in a 31-unit building that is still selling sponsor units, has steadily improved in value. 075%. REALTY QUEST NEW YORK INC. Regardless of whether you buy from the sponsor or from someone selling a unit, what you get in a coop is the same. New York City co-op buyers who want to skip the board approval process have more sponsor co-op listings to choose from these days. The sponsor units fall under the Emergency Tenant Protection Act (ETPA) of 1974. com; Magazine. Title Insurance: $0. By CityRealty Staff Thursday, August 26, 2021. 75% New York. This is one of the many reasons it’s always ideal for comparing pricing within a building. Associated with Compass. ) And they’re right. given I did like the unit, I initially offered to renogitate on the price given the greater than 5% discrepancy in sqft, yet when I pointed out this discovery to them, they immediately got quite annoyed and said no to negotiation. View property. 05% of the initial mortgage principal (includes a 1% New York City tax). Escucha 50 Sponsor Apartments: Pros and Cons por The Real Estate Broads of New York instantáneamente en tu tablet, teléfono o navegador - no necesita descargas. However, case law suggests that a real estate buyer’s broker in NYC must show a “ direct and proximate link between the bare introduction of the purchaser and seller and the transaction . Deal of the Week; Most Popular; Open Houses. The New York State transfer tax is . 1 bath. You’ll need to know how much you can afford or want to spend before starting your search. But this apartment in Tudor City, 321 East 43rd St. It's not the regulations of the co-op board, but rather it's the terms of the proprietary lease. Although a co-op will not reject your application for a sponsor unit, they may require the submission of an abbreviated board application for the purposes of verifying your assets. Liquidity refers to the cash you have on hand, and co-ops typically do have liquidity requirements for people who want to buy a unit. buying Co-ops family retiree sponsor unit. You’ll need to know how much you can afford or want to spend before starting your search. The New York State Transfer Tax represents 0. And it is a mistake to sign on the dotted line unless you truly understand the particulars of buying here, such as tax abatements, sponsor units, and the big one: The difference between a co-op and a condo. If buying a new construction unit, the Offering Plan (with any amendments) may be your sole source of diligence. Top podcasts; Episodios; Podcasts; Iniciar Contraseña; Registrarse;. This is the reverse of a traditional private resale where sellers pay the Transfer Taxes and cover their own attorney fees. LISTING BY: E REALTY INTERNATIONAL CORP. Yes, you can avoid all of the trouble by buying a sponsor unit. If you’ve been shopping for real estate in NYC, you may have encountered the phrase “sponsor unit. NYC Transfer Tax Calculator; Capital Gains Tax Calculator; Co-op Flip Tax Calculator; Rent Menu Toggle. Buying a Sponsor Unit in NYC. We recently reported here that there has been an uptick in sales of sponsor-owned apartments in New York City co-ops and condos, driven largely by the renter-friendly Tenant Protection Act of 2019. In my coop the rule is the Sponsor must sell the unit upon the death or voluntary move out of the Non-eviction tenant. We have 41 properties for sale listed as sponsor unit rego park, from just $285,000. Negotiating with a sponsor. See floor plan and full details here. Purchasing a sponsor unit in a co-op, in particular, is a much different experience than buying a. It can also mean higher closing costs, however, and, in the case of. The transfer tax is based on the purchase price of the property. An Accessory Dwelling Unit (ADU) is a small, independent residential dwelling unit located on the same lot as your home. . Close to shopping, bus to main street, LIRR station and Bell Boulevard. Subscribe to The Real Estate Broads of New York on Apple Podcasts, Google Podcasts, Stitcher, Spotify, or wherever you listen so that you. 4% of the sales price on all properties valued below $3 million and 0. They range from outright prohibitions on all subletting at one end to unlimited subletting at the other end. it depends on what is written into the offering plan. 5 Sadore Lane, Unit 6E, Yonkers, NY 10710 is a co-op not currently listed. You will also be subject to New York State transfer taxes, which is 0. )The Penthouse at The Wales, a new condo conversion of a 1905 loft building, has outdoor space on two levels and Central Park views. There are a number of different types of coop sublet policies in NYC. $440,000 Last Sold Price. Those making a purchase in NYC should allocate money for both local and state transfer taxes. 425 percent on purchases of $500,000 or more, plus a . Capital contribution fees. $360,000. 004 percent of the purchase price (which equals $4 per $1,000 of purchase price). Most Common Contingencies in NYC Real Estate Purchase Contracts. Nowadays alot of Coops are requiring 20% down to protect themselves and make sure only. For buyers, sponsor-owned apartments usually carry a higher price tag than resale units, despite the wear and tear they might. If there is no "owner" and you are either dealing with a sponsor or with a lawyer if it is being sold by an estate, then you can start much lower. The sponsor is selling 2 similar studio units for $565K and $575K, without Board approval. Rising interest from overseas investors should put homegrown NYC buyers on alert. View 7030 homes for sale in Queens, NY at a median listing home price of $699,000. LISTING BY: SOTHEBY'S INTERNATIONAL REALTY. This means that buyers of new housing developments. You’ll need to know how much you can afford or want to spend before starting your search. NMLS #507535. Post A Rental Listing. Today we are talking about sponsor apartments. 2. It often indicates a user profile. Simple answer -- when they were sold to an individual buyer, they were no longer sponsor units. S. The system was enacted in 1969 when rents were rising sharply in many post-war buildings. This one-bedroom, one-bath sponsor co-op, 211 West 10th St. Renovated, it includes wood floors, plentiful cabinets, a kitchen island, and recessed lighting. “Buying in a sponsor-owned co-op allows you to finance as much as the banks will allow you,” says Melissa Cohn, executive mortgage banker at William Raveis Mortgage. Repair Allowance. For mortgages of one to three family houses and individual residential condo units with initial loan balances of $500,000. 25th St. The Epic Journey of Building Construction in NYC: From Idea to Topping Out. 4, 2013. 425% for those $500,000 and up. 65% for properties over $3 million. Here are articles about sponsor unit in the New York City area. for a total of $34 million, including this three bedroom with views of Central Park. Buying a sponsor unit means that prospective purchasers can dodge the entire board application process, which can be arduous and stressful. 1 Bath. Also, some co-ops and condos management boards will not let a unit go for under what they deem an exceptable threshhold (they have the option to buy the unit themselves and then resell it). However, when a sponsor unit is purchased, the buyer is traditionally responsible for paying the transfer taxes. During the 1970s and 1980s, the City of New York acquired many residential buildings that were abandoned by their landlords and were in financial distress. 36 million for three-bedrooms. Sponsor units are a special category of apartments unique to New York City. According to attorney Aaron Shmulewitz, a partner with the New York City-based law firm of Belkin Burden Wenig & Goldman, LLP, a sponsor unit is an. Other negative aspects of buying a sponsor unit. It’s Energy Star certified and has a dBA of 50. RECOMMENDED IN BUY. Spacious 1 bedroom 1 bathroom apartment at Rock Hill Terrace in Bayside. For a $1 million home, this would equate to $4,000 – $6,000. The pandemic upended New York City’s real estate market,. Any residential sale below $3 million will remain at the already established 0. and filed with the New York City Register. The Business Corporation Law (BCL) is the main New York State law which governs how most co-ops must operate, with court decisions providing the case law which interprets the statute. 1 ba. For instance, if you're buying a $1 million dollar property and taking out an $800,000 mortgage, you'd be taxed on the full amount of the loan at a rate of 1. $749,210. Subletting a sponsor-owned apartment is much simpler. A sponsor co-op apartment is one that is owned by a building's original owner or the corporation responsible for converting the building from a rental into a co-op. They didn't give a reason but I was told by the seller it was my proposed renovations (ventless washer/dryer combo unit, jacuzzi, ventless fireplace). Moving to NYC after college? Here's how to do it . 📅 Stay informed and up to date with what is going on in your city - whether or not you are ready to start a real estate transaction, the information we provide can help you make smart decisions. Financing Contingency. Why buying a co-op directly from the sponsor may be worth every extra penny. “ Procuring cause” does not get defined precisely anywhere. At [a unit purchase price of] $600,000, it's about $12,000; at $1 million, it's roughly $20,000. . Taxes are $497 a month. National Cooperative Bank offers competitive rates and easy pre-qualification. According to the StreetEasy Data Dashboard, as of November 2022, the median asking price for a home in each. Compass Exclusives. NYC Mansion Tax: $17,500. NORWOOD, BRONX: We like the look of the kitchen in this fully renovated one-bedroom co-op—note, a sponsor unit—which boasts cherry wood cabinetry, granite countertops, and a dishwasher. . When purchasing these types of units, buyers can completely skip over the (sometimes harrowing) board interview portion of the process. Buy Open Buy sub-menu. With fewer residences, these co-ops or condos offer greater community involvement and decision-making power. First time home buyers will often be confused by the term ‘sponsor’ as it relates to buying a sponsor unit in NYC. A condo or condominium is real property unlike a co-op. Shares in IFF are down more than 40% since it. Basically the sponsor waives their right to evict on these grounds for themselves and their successors and assigns and in return stabilized tenants are incentivized to vote for the plan to convert. Anyone deemed worthy by the sponsor and a mortgage lender qualifies to buy the apartment, and the co-op has no control over who moves in. 2. Sponsor apartments tend to cost about 5-10% more than comparable non-sponsor units, but for many people who might not be approved by a co-op board (such as freelancers, foreign citizens, and the unemployed or retired) the alternative is buying a condo, which is much more expensive on average than a co-op. The condo is a sponsor unit, so the builder hasn't sold it yet. For more information, call 347-846-2421. The purchase price for new development may include: Sponsor’s attorney fees. What is a Sponsor Unit? It's important to understand the definition of a sponsor unit and how it's somewhat different from a brand-new co-op or condo apartment that becomes available on the market. This is why you see bellow that there would be a flip tax of $7k for this unit (350 shares by $20/share). Although you current income reflects own position and the region of the country he living in, his new job will pay $120,000 per year. For example, a couple agrees to buy adja-cent units 1A and 1B from the same sponsor, each unit priced at over $1,000,000. 425% for sales of condos, co-ops and one- to three-family houses. Updated March 8, 2022. The 'personal use' rule usually do not apply to units cooperatives that have a 'non-harassment' plan filed as part of the conversion. Sometime you can buy unsold shares from the sponsor and keep unit as an investment property (vs. branch and doing business in New York State; 1. New York City developers and investors are seeing an uptick in bulk condo deals, thanks to an already soft market and coronavirus-related distress. You must pay the Real Property Transfer Tax (RPTT) on sales, grants, assignments, transfers or surrenders of real property in New York City. Aren’t New Developments Technically Sponsor Units? New developments are technically sponsor units, but NYC brokers don’t refer to them as such – they’re just called new developments. Brooklyn Realty Specialists - Residential and Commercial Sales and Rentals, Condos and Co-Ops With Exceptional Service – Realty Collective. A guide to using a no-fee renovation loan from a NYC real estate firm. Often such problems can be resolved, ifBuying and renovating a sponsor unit in New York City offers the benefits of a simplified purchase approval process and extensive customization opportunities, while considerations include the potential need for significant renovations, absence of certain modern features, financial implications, and the importance of working with knowledgeable. What is a sponsor unit? What are the advantages to buying a sponsor apartment in New York City? What are the negatives to. 📅 Stay informed and up to date with what is going on in your city - whether or not you are ready to start a real estate transaction, the information we provide can help you make smart decisions. Investors often overlook this strategy, but it can be a powerful way to generate your multifamily property down payment funds. If you have any additional questions, please contact us after reading this NYC Mansion Tax guide!. Buy. Q Our building is 75 percent shareholders, 25 percent sponsor units (renters). 8% of the initial mortgage principal (includes a 1. As in many cities, it depends on where you look and the state of the local housing market. 3. 9% for sale prices of $25 million or more. Assisted FSBO Listing; Professional Photography; Virtual Staging; Custom Floor Plans; 3D Virtual. Buying a sponsor unit in a converted co-op or. Use the filtering options available (number of bedrooms and bathrooms, square footage, year built, etc.