Fernando Branco, Lic. Real Estate Broker
c: 212-321-0115 - e: firstname.lastname@example.org
Fernando Branco Realty - 162 Huntington St, Brooklyn NY 11231
Looking for the best deal in Manhattan, New York? As an active member of the Real Estate Board of New York, I can help you.
I also help Brazilians relocate to Manhattan, New York!
Get in touch with me!
I will post interesting news, helpful information, comments, videos, and more about the current Real Estate markets of Manhattan, and Brooklyn, NY.
Does every building have ‘house rules’ and how do they differ from bylaws?
The vast majority of NYC condos and co-ops will have house rules—it's possible but unusual to find a building without them. After all, house rules are there to help owners live together without conflict.
Typically, they deal with issues like where bikes should be stored, where stroller and umbrellas can live, how a recycling program is managed, or what the rules are on takeout deliveries and flyers.
House rules are different from a co-op's proprietary lease and bylaws, which focus on corporate governance and how the board operates. A condo also has bylaws addressing how the building operates.
What happens if you break a house rule?
There can be consequences for violating the bylaws of a building—the most serious will be eviction from a co-op. In a condo, violation of the rules can result in fines. House rules, however, are more accurately a set of guidelines for residents. A bylaw might say it's against the rules to obstruct the hallways. The house rules might say strollers and umbrellas should be folded if they are stored outside the apartment.
"It's not that house rules are less enforceable, but they drill down on various aspects of living together," says Barry Margolis, co-chair of the law firm Abrams Garfinkel Margolis Bergson. He points out there can be bylaws about not creating a nuisance and then house rules that address late-night noise or marijuana smoke.
Just as every building in NYC is different, so too are house rules. Aleksandra Scepanovic, managing director of Ideal Properties Group, points out some co-ops take their rules to an extreme, attempting to regulate or even restrict virtually every aspect of the shareholders' tenancy.
"There are buildings that specifically prohibit decorations of any kind on apartment doors. Most co-ops disallow adult children from residing in the co-op unit while parents are away [and] some co-ops will not allow the residents to have a bike in the elevator, even though the building itself may have a bike storage facility on-site," she says.
Can you change house rules?
If you are buying from a sponsor in a new condo building, there will still be house rules but they may change over time. "As more and more residents take control of the board, they can begin to fashion rules that are more geared for their community," says Margolis.
Making changes to the house rules is usually easier than changing the terms of the proprietary lease and/or bylaws. Margolis points out "the proprietary lease typically requires two-thirds of the shareholders to vote on the change, whereas the board has the discretion to amend the house rules from time to time."
Co-ops may be notorious when it comes to rules and restrictions over shareholders but in buyer markets, Scepanovic says co-ops tend to relax the rules "in order to attract the picky purchaser presented with a flood of competing choices."
The strangest house rules
The current market might be an opportunity for some co-ops to do away with more archaic or prohibitive rules. Matthew Cohen, an agent at Halstead says one of the "strangest house rules" he's come across is a building on the Upper East Side that said residents were only allowed to speak with the doormen "for up to 10 minutes at a time as to allow them adequate time for everyone else.” Another co-op owner vowed to change the culture of his co-op, which prevented take-out deliveries to his door and banned in-window air conditioner units.
Getting a look at the house rules before you buy isn't always easy. As part of your due diligence you'll want to ask the managing agent for the governing documents of the building but "if you don’t ask for something, you don’t get it," says Margolis and sometimes it can be hard to get your hands on them, leaving buyers to do some detective work on how the co-op or condo is run.
April Market Reports: 3 Important Takeaways to Share With Your Clients May 30, 2019 OVER 1,000 MANHATTAN HOMES ENTERED CONTRACT IN APRIL. According to the StreetEasy April 2019 Market Reports, the New York City sales market may be strengthening. This news comes after months of weakening prices across the city, rising share of price cuts and growing days on market. Read on for three takeaways from our most recent report that will offer you and your seller encouraging signs. Nearly 1,200 Homes Entered Contract in Manhattan This April The context: The number of pending sales in Manhattan rose by 26.6% year-over-year to 1,193 in April. That marks an annual increase of more than 250 and the most homes to enter contract since 2015. Upper Manhattan saw a lot of contact activity with pending sales doubling to 132 from 66 the year before. Washington Heights and Central Harlem led the charge with 53 and 29 homes entering contract, up by 104% and 53%, respectively. The takeaway: M
A design revolution in New York City is taking place, as the Chelsea neighborhood transforms from a derelict wasteland to a thriving nexus of art and architecture. The Hotel Americano, the first U.S. outpost of the splashy Mexican hotel chain Grupo Habita, recently materialized on Manhattan’s West 27th Street. It’s situated between 10th and 11th Avenues, at the northern frontier of the Chelsea art district, in the middle of a block best known for its cacophonous, warehouse-scale nightclubs. Why, you might wonder, would anyone want to build a hotel here? But the unpromising appearance of the location is part of the allure. “It’s gritty,” says owner Carlos Couturier, “and I like that grittiness. It feels like what the Meatpacking District was ten years ago. Very authentic.” Yes, Way-West-27th is authentic—some of the nearest residents are in a cluster of city-owned housing projects—but here, as elsewhere in Manhattan, grit is an endangered species. Just down the block from the
Legal Line Question of the Week - REBNY Transfer Taxes and Grossed up Consideration I represent the prospective purchaser of a new construction condominium unit. In speaking with the sales office for the sponsor, I was informed that my purchaser is responsible for paying both the New York City and New York State transfer taxes. I thought that the obligation to pay transfer taxes was the r esponsibility of the seller. Can you please explain? Generally, when real property (or a co-op apartment) is sold in New York City, the seller is responsible for paying both the New York State and New York City transfer taxes. In residential real estate transactions where the purchase price is greater than $500,000, the New York City transfer tax equals 1.425% of the purchase price (and where the purchase price is $500,000 or below, the New York City transfer tax is 1% of the purchase price). The New York State transfer tax is .4% of the purchase price. New Yo