NYC Real Estate News by Fernando Branco, Real Estate Broker, GRI, ABR, CNE - Fernando Branco Realty

  Here's how much it costs to gut-renovate a brownstone in NYC The average cost is $300 to $500 per square foot, or $960,000 to $1.6 million for a 3,200-square-foot brownstone Upgrading mechanical, electrical, and plumbing systems increases the cost to $600 to $800 per square foot Embracing the task of renovating a New York City brownstone is a daunting but ultimately rewarding endeavor. One way to reduce the fear factor is to get a handle on how much it is going to cost you—and the potential issues unique to brownstones that can ramp those costs up.  Working with a design-build firm can also help by contracting with one company from the initial design phase right on through the build stage, which can translate into greater transparency around costs as well as the projected timeline. But for you to realize those results, the firm should have specific experience in brownstone renovations, which are unlike other renovations. The partners behind Mammoth —a full-service...

  Although free pre-K is guaranteed for all four-year-olds, not all public schools participate in the program A test is no longer required for the gifted and talented program, but the entrance process is still complicated The admissions process and tuition varies for each private school; all offer financial aid based on eligibility By Jennifer White Karp   | August 15, 2023 - 9:30AM    In most places, when you’re a parent searching for a place to live, you typically want to know how close is the elementary school your child(ren) will attend. But in New York City—like so many aspects of living here—getting into an elementary school can sometimes be very complicated. Living near an elementary school doesn’t necessarily mean your children will go to school there. The reason: NYC public elementary schools rely on a zoning system—and so you could live a few blocks from a school but still be outside of its geographic boundaries and zoned for a differe...

Credit: Rasto SK / Shutterstock   When it opened in 1930, Manhattan’s Chrysler Building became the first skyscraper to exceed 1,000 feet in height — surpassing the Eiffel Tower as the world’s tallest building, only to be bested by the Empire State Building in less than a year. Flash forward to 80 years year, when a certain skyscraper took the world’s-tallest crown, falling just 300 feet short of 3,000 (!) feet. Here, survey the 10 (currently) tallest buildings on the planet — incredible feats of engineering and stunning symbols of wealth and urban elegance. 10. Taipei 101 – Taipei, Taiwan Characterized by its distinctive pagoda-inspired shape, Taipei 101 rises to an impressive 1,667 feet above the streets of Taiwan’s capital. Symbolism played an important role in the design and naming of the emblematic landmark, situated in the Xinyi Special District commercial hub. The name is a reference to the 101 floors — the number 100 symbolizes perfection, and the number 1 re...

  What factors can affect your ability to get a mortgage? One key step in purchasing a home is qualifying for a mortgage, or the loan used to buy property. Although the application process can be overwhelming, it's a lot easier if you know what to expect. If you've ever applied for a loan in the past, you know that certain aspects of your financial history play into your ability to qualify and the rate and term for which you can qualify. A mortgage loan is similar, with certain elements playing a major role in the approval process. Explore what factors can affect getting a mortgage and how to prepare your finances before submitting an application. Credit score One of the first things a lender will look at is your  credit score , which reflects your history of repaying your debts. Various financial factors are included in your credit score, such as student and automotive loans, credit cards, and lines of credit. Some credit histories also include cell phone bills and rental pro...

  A Buyer recently informed me his Seller just offered him a 2-point concession…What does this mean and what are the buyer’s options?   A seller’s concession is a monetary contribution given by a home seller to a potential home buyer to use towards her closing expenses and prepaid items. Lenders allow the seller of a home to “credit” a portion of her proceeds to the home buyer but lenders have limits on the amount of seller’s concession they will permit. Generally, for “conventional” (non-jumbo and sold on the secondary market to Fannie Mae and Freddie Mac, among other investors) loans,  if the buyer’s down payment is less than 10%, the seller can contribute up to 3%. If the down payment is 10 – 25%, the Seller can contribute up to 6%. If the down payment is more than 25%, the Seller can contribute up to 9%. Many mortgage professionals will apply the seller funds to underwriting costs, escrow fees, and loan fees, but some deeper thinkers consider permanentl...