Filing Your Tax Return After Selling Property in a 1031 Like Kind Exchange: A Hidden Landmine in a Safe Harbor

Amanda: “Can you elaborate as to what constitutes “like-kind” properties ? That is, can a coop seller (where it’s been rented for 3 years) buy a condo? Or a house?” Jerry Feeney: “Good question Armanda. IRS guidelines interpret “like-kind” broadly with respect to real estate, and include coops held in productive use as an investment …

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Looking Into Due Diligence, Coop Boards, and the Financing Process

Looking Into Due Diligence, Coop Boards, and the Financing Process

I was recently featured in an article by Murray Hill’s real estate brokerage, The Bamberger Group. We discussed the mortgage pre-approval process, the value of an attorney, and how to talk to your new co-op board. You can find the full article on their blog, Bamberger Answers, and excerpts of our discussion below:   [The …

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Fair Housing in the Age of Social Media

Social Media Fair Housing

I teach a lot of subjects to the real estate sales community in the metropolitan New York area, and without question the course I enjoy presenting the most is fair housing. It’s refreshing to see how committed my students (brokers and agents) are to principles of housing equality. It’s good business, and it’s the right …

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Understanding NYC Real Estate Taxes: How Do I Know When a Tax Benefit Will End?

Real Estate Tax Benefit

This week we analyze a property receiving a 421a tax benefit and see how it “rolls back” with the passage of time.  Clients often ask,  “what would my taxes be if this tax benefit were not in place?”  Let’s see how to figure this out. Consider a condominium apartment at 200 Chambers Street.  The apartment …

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Understanding the Fundamentals of New York City Real Estate Taxes: What Any Real Estate Expert Needs to Know

NYC real estate taxes are an important component of value, and can be a source of confusion for even the most seasoned broker.  Here are some basics that should help clear up the mystery. Abatements and Exemptions:  NYC has various tax programs that operate to reduce the tax burden on certain real estate.  Depending on …

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When Do You Need a Building Permit in NYC?

Real Estate Newspaper

Apartment renovations generally require two separate approvals.  First, management of the building must approve the alteration and grant permission for work to begin.  Second, if required, the NYC Department of Buildings (the “DOB”) must also approve the work and grant the construction permit.   Management approval generally starts with the completion of an alteration application.  …

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5 Rules to Make the Walkthrough Much Smoother

The final inspection — or walk through — should simply be one more pleasant meeting with the buyer to welcome them to their new home, before heading over to the closing to finish the deal and convey title.  But too often, the walk through can be the source of dispute, and fodder for the buyer …

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Reading Co-op Financials

Reading Co-Op Financials

OK I know.  Let the lawyer handle the financials.  But in today’s ever-increasing competitive environment, super brokers are conversant in all issues affecting their clients’ purchases.  Understanding all aspects of the deal, makes clients loyal and your advice to buyers and sellers all the more valuable.  This is part 1 of a continuing series to …

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Shooting Your Seller in the Foot

It’s easier to borrow less money than more…  Right?  The answer, like so many answers in NYC real estate, is not so simple.  Consider the following.  You have a listing and multiple offers are coming in.  The seller prefers one bidder far more than the rest, and wants to pursue their offer.  But they need …

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Success in 2015: Build on What We Learned In 2014

Home on Money

Santayana famously said “[t]hose who do not learn history are doomed to repeat it.” With that admonition, let’s take a look at what we learned from real estate in 2014 and use it to build an even more successful 2015. It’s All About The Team: Buyers spend months searching for the perfect apartment. They miss …

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