Embed Size (px)
DESCRIPTION
Â
Citation preview
MEIERTEAM
THE
at The Corcoran Group
ABOUT OUR TEAM
Working with The Meier Team at The Corcoran Group
Who We Are
Our Track Record
Finding a Real Estate Lawyer
Financing
BUYER’S GUIDE
Why Buy with Us?
Purchasing Plan
Buying Condos & Co–ops
Our Buyer’s Pledge to You
The Home Buying Process:
An Order of Events
Purchaser’s Closing Costs
Buyer Weapons
SELLER’S GUIDE
Marketing Plan
Walking You Through the Process
How We Release Your Apartment to the Market
Online Marketing Exposure
Our Seller’s Pledge to You
Seller’s Closing Costs
LEASING
A Snapshot to Renting Success
CONTENTS
ABOUT THE CORCORAN GROUP
• The Corcoran Group was founded in 1973 as New York City began a historic transition from being a market predominately composed of rentals to one of individual ownership.
• Beginning in 2003 Corcoran started expanding our reach into other key luxury markets, acquiring leading firms in both the East End and South Florida.
• Today, Corcoran boasts a total of 25 offices and almost 2,000 independent agents.
• Corcoran sales reached a record $18.5 billion in 2014.
• As a member of the Cartus Mobility Broker Network, Corcoran agents have access to more than 100,000 agents at the top real estate firms across the country. Cartus Mobility operates six international service centers on four continents assisting more than 2,000 companies in 160 countries across the globe.
• Corcoran agents are known as the most knowledgeable, ethical, and experienced professionals in the industry.
WHERE IT COUNTS, CORCORAN LEADS THE WAY
• $18.5 Billion Corcoran’s total sales in one year1
• 102% Percentage increase in traffic to Corcoran.com year over year, more than any other New York City brokerage website.2•
• $360 Million Dollar volume in Brooklyn listings, more than any other firm.3
• 3,796 Closed sales in Manhattan and Brooklyn, more than any other brokerage.4
• 46% Percentage of sales above $20M since 2007, making Corcoran the leader in high-end real estate.5
• 4.6 Million Average sale price in new development represented by Corcoran and Corcoran Sunshine Marketing Group, the highest of any firm.6
THE COMPANY
1Source: Corcoran 2014 sales data. 2Source: Hitwise Feb 2014–Feb 2015 data comparing Corcoran.com to Sothebys, Douglas Elliman, Brown Harris Stevens & Nest Seekers Intl websites. 3Source: The Real Deal August 2014 issue. 4Source: Corcoran Market Research June 2015 - Data represents all closed sales from June 1, 2014 to May 31, 2015 in Manhattan and Brooklyn. 5Source: Corcoran Sales data from 2007-2014. 6Source: Corcoran Sunshine Market Research April 2015- Data represents Manhattan new development average until price reported and sold in 2014 represented by marketing firms and in-house sales.
We established our team to provide a
real estate sales platform that provides
our clients with a competitive edge in
the New York City market. Overcoming
perceived established limits, we adapt
to the ever-changing market to stay
ahead of current trends. We excel at
keeping our clients well-informed,
while maintaining a pleasant process
and experience for both our buyers
and sellers.
By continually developing and honing
our skills with ongoing programs and
strategies, we ensure that our team is
made up of only the most experienced,
reputable brokers. A successful
transaction and satisfied clients are
our primary and greatest motivations.
Working with The
Meier Team at
The Corcoran Group
Real Estate
our team
Whether working with buyers or sellers, Brian Meier has proven himself
as one of the most knowledgeable and detail oriented brokers in the
business. Whether your needs are as complicated as a 1031 tax exchange
or as simple as being able to fit your three piece sectional into the living
room, Brian will assist you. From movers, painters, locksmiths or the
cable guy’s phone number, Brian can take care of it all. He takes pride
in knowing that he is a complete service provider to all his clients. Buyer
and sellers receive the best customer service from beginning to end. His
buyers and sellers know that the engine behind his marketing cannot be
outdone. Brian started to work in real estate 15 years ago after spending
10 years in the New York restaurant industry, where Brian held positions
such as the Sous Chef of Café des Artistes and the Chef de Party of Union
Square Café and One if By Land.
Outside of real estate, Brian is active in volunteer work. He contributes his
time to such organizations as the Variety Children’s Charity, the National
Multiple Sclerosis Society, and the American Heart Association. He is an
amateur photographer and enjoys carpentry and cooking.
Brian MeierTeam LeaderLicensed Associate Real Estate Broker
Awarded “best in customer service”Diamond chairman circle awardPinnacle club award
Led by Brian Meier, The
Meier Team at
The Corcoran Group
strives to consistently
sell properties for higher
than the market average,
and in less time than the
market average.
Approachable, knowledgeable, competent and fun are just a few of the
ways clients describe Jamie. Jamie excels at helping first time homebuyers
navigate the often confusing New York real estate market. Whether working
with buyers or sellers, she has a knack for cutting to the chase, reducing
stress and making transactions as smooth as possible.
Jamie moved to New York over 20 years ago to be an actor, and has been
carrying on a love affair with this fascinating and diverse city ever since.
Starting part-time in commercial development and management, she
quickly discovered an affinity for residential real estate and a sincere desire
to match the right apartment with the right person. Her passion for New
York and enthusiasm for its real estate market is infectious. You can still
find Jamie in the theater in her spare time, or on the road to remote travel
destinations. Distant shores or urban hiking, Jamie possess an insatiable
appetite for exploration, adventure and fun. Whether you are buying or
selling, looking for an investment or your first (or fifth!) home, Jamie will be
with you every step of the way, working tirelessly to help you through every
step, both financial and emotional, of your transaction.
Jamie Heinlein Licensed Associate Real Estate Broker
Matthew Pucker has a strong reputation for top results selling and purchasing
property in New York City. His in-depth knowledge of the real estate market,
attention to timing and marketing and his high-level of service have earned
him the loyalty of his clients and their trusted referrals.
Matthew entered real estate after more than 10 years in the financial services
industry. His experience and expertise are invaluable to clients. His ability to
work through complex negotiations, manage the intricacies of real estate
transactions and collaborate with the many people involved in the process
provide his clients with a strong advocate and sense of security.
Matthew has firsthand real estate experience that includes purchasing
condos and coops, fully renovating properties, working with property
management companies and navigating coop and condo boards, having
held various positions on boards himself.
His service extends beyond finding or selling a property; he also connects clients
with the right service providers at every stage – from lenders, accountants,
attorneys and financial advisors to the best contractors and designers.
Matthew Pucker Licensed Associate Real Estate Broker
Scott Savory is a residential real estate expert committed to providing true
value in every aspect of the real estate process. After nearly a decade of
experience facilitating luxury residential sales throughout Manhattan and
Brooklyn, Scott has developed an industry-wide reputation for his exceptional
service, strategic negotiation skills, sharp attention to detail, and rock solid
client relationships.
Originally from South America, Scott has called New York home for almost ten
years. Prior to real estate, Scott traveled the world as a professional cyclist with
the Guyanese national team. The experience led to a deep appreciation for
beautiful architecture that would eventually inspire his entry into real estate. It
also supplied him with an excellent eye for aesthetics, and an ability to relate
to all types of people and cultures.
Regardless of the client, neighborhood, or property, Scott’s biggest priority
is to ensure that his clients’ specific needs are validated and met. This means
approaching every buyer, seller, and deal with an open mind so that he can
advise on the best possible path to fulfill his clients’ needs. “Real estate is a
wonderful, fulfilling profession and I take great pride in what I do. One of the
greatest rewards is the feeling of overwhelming joy and excitement I witness
when my clients and I walk into the apartment that they dreamed of, and
realize, “This is the one!”
Scott also maintains a staunch commitment to staying on top of market
conditions and in command of the latest technology. His market savvy and
technological adeptness are complemented by outstanding communication
and negotiating skills that ensure smooth, successful deals.
Scott Savory Licensed Real Estate Salesperson
Zac is a native New Yorker and an industry veteran who has never done
anything but real estate. His parents bought and sold real estate in Westchester
since he was young, and in high school, he worked as a construction manager
on those properties. While attending Arizona State University, Zac not only
pursued a degree in Urban Planning/Development and Business; he spent
40 hours a week selling commercial properties.
Right after college, Zac headed back to New York and worked for one of the
top brokerage firms. He later joined the top team in the city who he followed
to Corcoran – The Meier Team, which sells more real estate than any other
team in New York City. Specializing in the Brooklyn and Manhattan markets,
Zac is a seasoned pro who knows which locations are hot for they become
hot, which neighborhoods are overextended, and where the deals are. This
coupled with the extensive resources available to him at Corcoran give him
the ability to advise clients better than any other agent.
Zac has always been someone who gets the job done, whether it be working
on a board package, negotiating a deal, or following up on the many details
that get clients to the closing table. As a property owner himself, he personally
relates to the emotions and financial implications that real estate investing
involves.
Zachary RothsteinMeier Team Director of OperationsLicensed Associate Real Estate Broker
Kate lends her expertise to a respected group of industry leaders who
provide comprehensive client service, and outstanding results from
beginning to end.
Eleven years as an interior designer, several gut renovations of her own
property investments, and board membership at her current co-op give
Kate Stewart well rounded experience that is invaluable to clients and
developers alike. They value her meticulous attention to detail, whilst her
keen eye for design gives her the ability to help buyers fully recognize and
visualize the potential in raw or unfurnished spaces, thereby increasing
value.
While Kate has spent years living in Tribeca and has an extensive knowledge
of the Downtown market, she has also conducted transactions all over
Manhattan and Brooklyn. She has a strong understanding of a quality
investment, and access to some of the best resources in the business.
Kate Stewart Licensed Real Estate Salesperson
“Expect the exceptional from Alana Fried. She won’t deliver anything less,” are
words spoken from the heart by Alana’s clients and co-workers. Throughout
her career, Alana has held different service roles that involved communicating
with clients on a daily basis, listening to their needs, and trying to fulfill them.
It’s no wonder her transition to residential rentals and sales came so naturally.
Her success in real estate makes even more sense when you consider her
family background. With both parents in the business for the past four
decades, it was a true calling for Alana to follow in their footsteps. She’s also
gained valuable personal experience over the years having bought and sold
residential and commercial foreclosure properties in the five boroughs of NYC,
and owned an investment condominium in Hollywood, Florida.
Alana believes that besides knowing your product well, listening and paying
close attention to each customer’s needs are the main keys of selling. “My
ability to relate to people is a direct result of my personal credibility and
professional integrity.” Alana is also extremely creative and detail oriented, as
evidenced in her previous position managing operations, events, inventory and
marketing for a New York-based rental service company that offers custom-
designed furniture, lighting and accessories.
Originally from Westchester County, Alana graduated from the University of
Miami’s School of Communications with a double major in Public Relations
and Sociology. She currently resides on East 39th Street, and enjoys taking
advantage of the endless options of things to do around the city. In spare time,
Alana also volunteers to raise funds for various charitable groups.
Alana Fried Licensed Real Estate Salesperson
An experienced real estate professional, Jillian Jensen has a background
overseeing luxury new development construction, sales and marketing in
Manhattan. Her wide range of knowledge spans the entire New York City
real estate market.
She enjoys assisting all of her clientele from walking first time buyers through
their first home purchase, to advising seasoned International investors on
their next acquisition. Her background in marketing and passion for real
estate makes her the perfect person to work with when looking to buy or sell
your next home.
Jillian JensenExecutive Assistant to Brian MeierLicensed Real Estate Salesperson
Born in New York City, Geoffrey Gottlieb has always had a lifelong passion
for Real Estate.
Being a part of over 75 closed transactions since 2013, Geoffrey has become
an expert in all aspects of buying and selling Real Estate in New York City.
Working for The Meier team at the Corcoran Group provides Geoffrey access
to all available listings on the market, in addition to superior resources,
marketing material, and customer service.
Geoffrey’s greatest asset is his ability to understand his clients’ particular
needs and to work relentlessly to meet those needs.
Geoffrey takes a tremendous amount of pride in his exceptional work ethic,
organization, attention to detail and his ever expanding knowledge of the
New York City Real Estate Market.
Geoffrey, an Indiana University graduate, spends his free time with family
and friends and enjoys playing hockey.
“I am accessible to my clients twenty four hours a day, seven days a week. I
strive to build relationships that will last a lifetime.”
Geoffrey GottliebLicensed Real Estate Salesperson
Almost every real estate transaction in New
York City is facilitated by a real estate attorney.
Attorneys provide the contract of sale, negotiate
contract terms and provide due diligence
regarding the transaction. Protecting clients
from anything that may go wrong during the
transaction, your attorney will be in your corner
throughout the sale.
It is imperative to have an experienced New York
City-based attorney work on your transaction.
You need an attorney that understands the
complexities and ever-changing laws and
business practices of New York City real estate.
Furthermore, your attorney must be familiar with
property managing agents and other real estate
attorneys in the city.
The attorneys we work with and recommend
have conducted thousands of sales and each
have over ten years of experience. In addition,
their outstanding levels of customer support,
professionalism, and competence make them the
best in their field.
FINDING A REAL ESTATE LAWYER
Through our extensive network of national
lending institutions, we are able to offer a
comprehensive array of financial products
to meet the current mortgage and long-term
financial goals of each client. While there are
many attributes that differentiate mortgage
brokers, our team always ensures our
recommendation will offer lending capabilities
and expertise to assist you in making smart
financing decisions. We understand the
importance of tailoring terms of loans to fit our
clients’ needs.
We are confident the job will get done quickly
and correctly because we work with the best
loan officers in the business. Through the
relationships that we have made, we are free
to refer the purchaser of your property to the
mortgage institution that is right for them and
their situation.
How does this help you as the seller? If the
purchaser is able to spend less on monthly
mortgage interest, they can spend more on
the sale of your property, earning you a higher
sales price. Our connection with several lenders
assures that we are kept continuously informed
until the loan closes. We can work with them
to resolve any potential snags along the way.
This is one of the many ways The Meier Team
at The Corcoran Group ensures your property
gets sold quickly, at the right price, and without
any headaches.
FINANCING RESOURCES
1 Plaza Street West
290 Sixth Avenue
80 Central Park West
247 West 46 Street
104 Bedford Street
3 Sheridan Square
82 Horatio Street
438 West 49 Street
105 Vanderbilt Street
30 St Felix Street
84 Horatio Street
417 East 90 Street
110 East 36 Street
301 East 63 Street
86 Horatio Street
425 East 63 Street
111 East 2 Street
304 West 89 Street
88 Horatio Street
1619 Third Avenue
120 Gramercy Hill
305 West 18 Street
915 President Street
440 Kent Avenue
120 East 29 Street
307 West 20 Street
993 Amsterdam Avenue
446 Kent Avenue
122 Ashland Place
31 Eighth Avenue
245 West 74 Street
225 Lafayette Street
133 Essex Street
31 St Felix Street
34 Crooke Avenue
70 East 10 Street
137 East 13 Street
315 West 86 Street
27-28 Thomson Avenue
635 West 42 Street
139 St Felix Street
320 West 84 Street
100 Riverside Boulevard
245 East 54 Street
141 Fifth Avenue
323 West 11 Street
18 West 48 Street
2 Charlton Street
142 West 82 Street
327 East 3 Street
18 West 48 Street
251 West 19 Street
144 West 27 Street
350 East 77 Street
365 West 20 Street
170 West 23 Street
150 Joralemon Street
359 Ft Washington Ave
252 Seventh Avenue
127 West 79 Street
160 East 3 Street
362 Myrtle Avenue
101 West 24 Street
215 Avenue B
160 East 91 Street
400 West 58 Street
150 West 56 Street
448 West 37 Street
160 Ninth Avenue
430 Sterling Place
209 Clinton Avenue
54 West 16 Street
1600 Broadway
435 East 65 Street
430 West 34 Street
54 West 16 Street
165 Clinton Avenue
435 East 65 Street
121 East 23 Street
263 Ninth Avenue
167 East 67 Street
449 9 Street
525 East 11 Street
200 West 20 Street
170 Claremont Avenue
454 15 Street
1160 Third Avenue
121 West 19 Street
170 West 89 Street
454 15 Street
1160 Third Avenue
520 West 23 Street
175 Willoughby Street
46 Park Place
520 East 90 Street
161 Adelphi Street
178 Suffolk Street
509 2 Street
145 East 15 Street
1 Central Park South
18 East 12 Street
519 West 135 Street
235 East 22 Street
21 South End Avenue
1831 Madison Avenue
55 East 9 Street
130 East 18 Street
360 Riverside Drive
20 Pine Street
555 West 23 Street
142 East 16 Street
120 East 90 Street
210 Central Park South
555 West 23 Street
88 Greenwich Street
407 East 12 Street
212 16 Street
555 West 23 Street
130 Jane Street
405 East 63 Street
215 Parkville Avenue
56 West 82 Street
500 Grand Street
245 East 24 Street
215 West 29 Street
59 John Street
161 West 15 Street
200 Riverside Boulevard
22 Mercer Street
62 Rivington Street
403 East 62 Street
200 Riverside Boulevard
“This is a great apartment. The rooms are enormous and the location is perfect. Thank you for finding it for us and expediting the process.” – Danny Devito
Below is a sample of the buildings we sold in the last year
OUR TRACK RECORD
222 Riverside Drive
660 Eastern Parkway
260 Linden Boulevard
2 Tudor City Place
229 East 29 Street
68 Barrow Street
350 West 53 Street
310 East 46 Street
230 East 71 Street
718 Broadway
345 East 93 Street
372 Central Park West
24 Fifth Avenue
754 East 6 Street
199 Bowery
350 West 50 Street
260 Park Avenue South
754 East 6 Street
201 West 70 Street
393 West 49 Street
260 Park Avenue South
759 President Street
350 West 42 Street
88 Wyckoff Street
281 18 Street
8 West 13 Street
210 East 15 Street
170 John Street
15 Williams Street
48 Bond Street
70 Little West Street
107 West 25 Street
418 East 59 Street
1595 Lexington Avenue
24-15 Queens Plaza North
44-27 Purves Street
10-50 Jackson Avenue
Unlike many real estate teams, we sell properties in every
neighborhood. We will not let you waste time searching for a price
or size that does not fit your budget. Through our comprehensive
knowledge of the entire city, current market conditions and
property values, we will find you a home at your desired price point,
location and apartment specifications.
“There are several reasons I recommend Brian with nothing but enthusiasm: he rightly considers himself to be a transaction facilitator and dream provider, he approaches each new situation with a unique ‘think outside the box’ attitude, his expertise and quiet confidence married with an aggressive and hardworking attitude is the perfect combination and finally, he broke the record in my building for two bedroom apartments with the sale of my unit!”
–Stephanie Loubere Product Manager, Sungard
“Brian Meier did what can only be called an outstanding job of selling our home in SoHo. He is an intelligent, hardworking agent who knows his field and every market very well.”
– –Michael B. Capilouto Partner, Ernst & Young LLP
“Brian is an excellent leader complemented by a phenomenal support staff. With their unstoppable attitude, positive networking skills and high regard in the community, anyone would be well-served to choose their team.”
—Dr. Mark K. Bryant
O.D., MyOptics
“Brian’s advice during the offer stage was invaluable, allowing me to negotiate an excellent price for my unit. I found them extremely knowledgeable, professional, efficient and truthful throughout my entire buyer experience. I would strongly recommend them to anyone buying a home.”
“Most of all, I appreciated your low-key selling style. You were a tremendous help in finding me a home and a lawyer in Manhattan. I will recommend you in the future. It was a pleasure working with you!”
—Meredith A. Majesty Vice President of Corporate
Banking, RBC Capital Markets
—Michelle Israel Operating Vice President,
Divisional Manager, Bloomingdale’s
“Brian took all of the stress out of what is a naturally stressful process and for that I would recommend them to anyone who is considering buying or selling a home in Manhattan. In the 10 years that I have lived in New York and have gone through the real estate process, I have never encountered a team who was as professional, efficient, and knowledgeable. I will be relying on their expertise for every sale that I am involved in moving forward.”
—John Campanella
Partner and Management Supervisor,
Ogilvy & Mather
“Throughout the sale of our apartment you have been so thorough, it has been a real treat. We know we are being taken care of and appreciate you taking care of all of the details in the sale of our home.”
“Brian, you stood by us during all of the ups and downs. You found us the perfect short-term rental, then found us our dream cottage in the middle of New York City. You have been amazing.”
“The sale of my apartment and purchase of the new one was a pleasant and effortless process, as Brian went above and beyond his role as a real estate broker. I am very happy with my sale and purchase and would recommend Brian for any and all future real estate moves.”
—Sharon Corr Grammy nominated ‘The Corrs’
—Gavin Bonnar Barrister of the British Courts
—Ilana Angeliades M.A. Angeliades Inc.
This is the Meier Team at The Corcoran Group buying plan. After
you have become an exclusive buyer with our team, we will create
a customized plan featuring strategies personalized for you.
1. Locating Your Dream Apartment”
Currently, we are finding that the majority
of properties on the market are posted on
websites frequented by everyday consumers.
However, this does not include “obscure”
listings, which are not advertised on the
aforementioned websites. Often, these are
a better buy for the consumer for that very
reason. Our team has access to these elusive
apartments and we will lead you to them,
giving you a better opportunity to buy a New
York City home on your terms.
2. Your Purchasing Team
Choosing specialized professionals to work
with you, who are legally required and
professionally bound to protect your interests,
can be the surest way to care for your rights as
a buyer. When these relationships are forged,
they can be priceless assets in the purchase
process.
3. Paying a Lower Price
With our help, you can obtain your new property
for a better price and with a smoother process.
We are able to understand the leverage of
current market pricing and identify factors
that will effect sales negotiations. The strong
relationships we have with the broker or owner
directly assist us in negotiations. We often
anticipate what the seller will accept even
before you see the apartment. Once you have
found your new home, but before you sign
contracts, we will act aggressively to locate any
apartments coming available in the building or
surrounding area for a lower price.
4. Taking Care of the Problems
Buying real estate can be difficult. Sometimes
even the easiest transactions encounter
bumps along the way. Our team has the
experience to navigate through this obstacle
course because we have been through it
many times before.
5. The Access
We utilize a host of search engines and
unconventional means to find apartments you
would otherwise not be privy to. With over 30
years of combined experience and expertise,
we have developed a solid relationship with
The
10 simple reasons why
Why buy with
The Meier Team
at The Corcoran
Group?
every real estate company in Manhattan. This
allows us to gain access to a plethora of homes
all over the city.
6. Relationships
The New York City real estate community is
small. We have always prided ourselves on
maintaining solid relationships in our close-
knit community. Brokers recognize our team
as fair and honest, giving you an immeasurable
advantage when making a last minute
appointment or gaining leverage during the
negotiations process.
7. Experience
We are consistently rated number one for
number of transactions. This wealth of
experience helps you get the apartment you
want at the price that fits your budget. Due
to our experience, we can foresee potential
problems that may arise and often resolve
them before they occur.
8. The Back Office
After years in the business, we have created an
amazing team to handle your purchase from
start to finish. We are not just here to help you
find a home, we are here to help you manage
and protect your investment throughout the
life of your ownership. With our full staff at
your disposal, we will always be here for you.
Whether it’s completing your board package
or recommending a contractor, notarizing
documents or helping you find a great real
estate attorney, we are constantly working
with your needs in mind.
9. We Are On It
Real estate is a twenty-four hour, seven-day-a-
week industry. The Meier Team at The Corcoran
Group is on top of all market trends and is
constantly active. The reputation we have
worked so hard to craft benefits our clients in
many ways. We are always privy to the hottest
new developments, key price adjustments and
all of the market news you will need to know
in order to make the most important decision
with sound judgment and confidence.
10. It Is Free
The broker’s commission is paid by the seller.
Contact us
The Meier Team at The Corcoran Group
Union Square Office
30 Irving Place
New York, New York 10003
(o) 212.500.7054
We look forward to
working with you.
A housing cooperative is a legal entity—usually a
corporation—that owns real estate, consisting of
one or more residential buildings. Each shareholder
in the legal entity is granted the right to occupy one
housing unit, sometimes subject to an occupancy
agreement, which is similar to a lease. The
occupancy agreement specifies the co-op’s rules.
Cooperatives are not a new concept, although
they are more prevalent in New York City than
anywhere else. The New York sales market is made
up, predominately, of co-ops. Also, many buyers
exclude cooperatives from their search due to their
in-depth approval process and limited subletting
abilities. These facts mean two simple things to
potential buyers in New York City:
1. There is more inventory to choose from if the
buyer includes co-ops in their search.
2. In general, prices are more attractive for
cooperatives – this is simple supply and demand.
An apartment corporation owns cooperatives.
Individual tenants do not actually “own” their
BUYING CONDOS AND CO–OPS apartment as they would in the case of “real”
property. One owns “shares” in the corporation,
which entitles them to a long-term “proprietary
lease.” The corporation pays the total amount of
the building’s mortgage. An important distinction,
a cooperative may have an underlying mortgage
on the entire building, whereas a condominium
must be owned outright. Corporations in charge
of cooperatives also pay real estate taxes,
employee salaries, and other expenses for the
upkeep of the building. The tenant-owner, in turn,
pays a share of these expenses as determined
by the number of shares the tenant owns in the
corporation. The apartment size and floor level
dictates share amounts.
Before beginning a search for a cooperative
apartment, consider the financing limitations,
the application and interview process.
BUYING A CO–OP
This is a guide to help you navigate
the maze of finding an apartment
in New York City. We hope that
the following will be of help. The
rules are different here! Some of
the information in the following
pages may seem cumbersome;
however, we can guarantee that
if you do your homework, the
process will proceed far more
smoothly. Our job is to help
you determine which type of
apartment is suitable for you,
assist in neighborhood selection
and educate you regarding
pricing of prospective properties
that are of interest.
The tenant-owners have the right to “approve” or “deny” any potential owner. The Board of
Directors, elected by all of the tenant-owners of the co-op, interviews all prospective owners.
They hold the responsibility of protecting the interests of their fellow tenant-owners by
selecting well-qualified candidates.
Due to the rigorous qualification process, the quality of services and security of the building are
kept to high standards.
Portions of the monthly maintenance are tax deductible. While each building has its own
tax structure, all co-ops offer a tax advantage. Shareholders can deduct their portion of the
building’s real estate taxes, as well as their interest on the building’s mortgage.
The amount of money that may be financed is determined by each cooperative. Some buildings
require a substantial down payment. Generally speaking, in Manhattan, prospective purchasers
should be prepared to pay at least 20 to 25% of the purchase price. It is important to note, the
price may be higher based on the building.
The Board of Directors of a cooperative must approve a sublease. Each corporation has their
own rules, and they should be examined if a potential owner ever intends to sublet.
a.
b.
c.
d.
e.
With this in mind,
it is important to
remember that
co-ops are the norm
in New York City,
not the exception.
While condominiums are quite common throughout
the country, they are a rather new concept for New
York City. A condominium apartment in Manhattan
is real property. Just like purchasing a house, the
buyer receives a deed. Since this is real property,
there is a separate tax lot for each apartment, and
each owner pays his or her own real estate taxes.
An owner also pays common charges, similar to
maintenance in a cooperative, on a monthly basis.
However, the common charges do not include real
estate taxes, nor will they include the building’s
mortgage and interest given that a condominium,
by law, cannot have an underlying mortgage.
1. Financing the purchase of a condominium
apartment is far more flexible than a cooperative.
Generally, a buyer can finance up to 90% of the
purchase price.
2. While there is an application process, it is not
as formal as the one you complete for a co-op,
reducing the likelihood of rejection.
3. There is greater flexibility in subleasing
your apartment. As an investment property,
condominiums are the best choice.
4. Condos are the ideal choice for non-U.S.
citizens, whose assets are held outside of the
United States, given that co-ops are unlikely
to approve a buyer whose funds are not in the
U.S. Since there are fewer condominiums than
cooperatives and the process to purchase them
is easier, they are generally more expensive than
co-ops. Additionally, monthly combined common
charges and real estate taxes in a condo are
typically less than a co-op’s monthly maintenance
charges, resulting in higher purchase prices.
BUYING CONDOS
our buyer pledge
We will work with every seller and brokerage we can in New York City. We will use every
platform available to search for your new home. Whether the sellers are working for
themselves, advertising in the local penny saver or working with the largest firms
in the city, we will bring their listing to you. We will hunt for your new home using
both conventional and unconventional means. To bring you the best property, we
will utilize our relationships with the brokers and sellers we know, while forging
new relationships with determination. We will use all of our facilities to acquire the
complete background information on the properties that interest you. Clients always
come first; we will always keep your best interest and protection in mind. We truly
appreciate your business. We are aware of the vast amount of real estate resources
at your disposal and are honored you are considering working with us. You are the
reason for our success. We thank you for your business.
We have designed this brief prospective timeline to help you understand the step-by-step process needed in buying a new property. While every
purchase is different, we will ensure you stay on course and do not miss any details, no matter how diverse the transaction.
DAY 1
Call The Meier Team at
The Corcoran Group
DAY 2
Analyze your needs and desires
DAY 3
Have a consultation with a bank and become
pre-qualified to purchase — Analyze your liquidi-
ty and income for the purchase
Retain your local real estate attorney
DAY 2–16
Search and select your property
DAY 16
Submit offer
— Prepare your 10% contract deposit
DAY 16–19
Negotiate and Counteroffer
DAY 19–26
Attorney works on your contract due diligence
DAY 26
You sign your contract
DAY 26–29
Complete your loan application
and obtain your bank commitment
DAY 26–31
Complete your building application
and prepare for the interview
(if purchasing a co-op).
DAY 55
Interview with the board (if purchasing a co-op)
DAY 60–70
Prepare for Closing
DAY 75
Close and celebrate
THE HOME BUYING PROCESS: AN ORDER OF EVENTS
CO–OPS
• Counsel fees (typically $2,000-$3,000)
• Move-in fees and deposits (approximately $1,000)
• Financing bank fees: varies depending on loan product
• Mansion tax: Flat 1% of entire transaction price (only applies to a transaction at $1,000,000 or over) If the building is mixed-use and total price is $1,000,000 or more, pay a mansion tax only on the residential portion, even if the residential portion allocation is less than $1,000,000
• Recognition Agreement (up to $300)
• Application fees (up to $1,000)
• Co-op report fees (up to $3,000)
CONDO NEW CONSTRUCTION
• Counsel fees (typically $2,000-$3,000)
• Move-in fees and deposits (approximately $1,000)
• Financing bank fees: varies depending on loan product
• Mansion tax: Flat 1% of the entire transaction price (only applies to transaction at $1,000,000 or over) If the building is mixed-use and the total price is $1,000,000 or more, pay the mansion tax only on the residential portion, even if the residential portion allocation is less than $1,000,000
• Mortgage recording tax:
- 1.80% if the mortgage is less than $500,000
- 1.925% of the entire mortgage if $500,000 or more
• Title fees: Approximately $500 per $100,000 regulated by statue, no variance among title companies on the insurance charges
• Real estate tax adjustment: Purchaser must reimburse for pre-paid taxes
• Sponsor legal fees (up to $3,000)
• Sponsor transfer taxes: based on adjusted price
- Calculate NYS and NYC transfer taxes on base price, that add to purchase price, then calculate NYS and NYC transfer taxes again (including mansion tax if applicable)
- New York City Real Property Transfer Tax – Residential
- 1% of purchase price if sale is $500,000 or less
- 1.425% of purchase price if the sale is greater than $500,000
• Working Capital Fund contribution (up to two months common charges)
• Reserve fund contribution (up to two months common charges)
• Share of resident managers unit (depends on percentage of common interest)
CONDOS
• Counsel fees (typically $2,000-$3,000)
• Move-in fees and deposits (approximately $1,000)
• Financing bank fees: varies depending on the loan product
• Mansion tax: Flat 1% of the entire transaction price (only applies transaction at $1,000,000 or over.) If the building is mixed-use and the total price is $1,000,000 or more, pay the mansion tax only on the residential portion, even if the residential portion allocation is less than $1,000,000
• Mortgage recording tax:
- 1.8% if the mortgage is less than $500,000
- 1.92% of the entire mortgage if $500,000 or more
• Title fees: Approximately $500 per $100,000 regulated by statue, and no variance among title companies on insurance charges
• Real estate tax adjustment: Purchaser must reimburse for pre-paid taxes
PURCHASER’S CLOSING COSTS
DO YOU HAVE...
The Meier Team
at The Corcoran Group
30 Irving Place
New York, NY 10003
212.500.7054
YOUR
REAL ESTATE BROKER
YOUR
REAL ESTATE ATTORNEY
YOUR
MORTGAGE PROFESSIONAL
Pre–approval letter 10% deposit available REBNY assets and income statement Excitement about your new property
BUYER WEAPONS: FIRST LINE OF ATTACK
Script
The written description of your property is
created by our team and thoroughly revised
before it is taken to our professional copywriter.
This ensures you have the best, most marketable
and engaging script for your home. The script is
featured on every website we advertise on and
throughout the video tour.
Brochures
For each property we market, we create an
individual, multi-page brochure custom-
tailored to showcase each property’s most
distinct and compelling features.This collateral
fully informs each potential buyer about your
property in a concise manner.
Photography
Our own professional photographer will take the
highest quality photos. We have been working
with the same photographer for seven years
now, and just by looking at our current ads, it is
clearly evident that the photos we use stand out
in the market.
Floor Plans
We use only high-quality architectural floor
plans by bringing in a trained professional to
measure your entire home. The measurements
are then published in a high-resolution, user-
friendly format, giving all buyers a comprehensive
view of your property from any computer, while
keeping the advertised size accurate.
Video Tour
The video tours we create are like no
other, featuring soaring wide angle views
that roam through your property, while a
professional narrator reads your property
script accompanied by music. This, without
question, separates your property from
the rest, ushering in a prospective buyer
to a unique, immersive experience of
your property from wherever they are.
THE SETUPThe Marketing PlanThis is our unique marketing plan. Once you become one of our exclusive clients, we will create a customized plan, featuring more personalized strategies.
Overseas Advertising
In addition to the all of the websites, we also
advertise on many international platforms that
attract buyers who would otherwise have less
exposure to the New York market.
Broker Exposure
We have access to brokers’ back office websites,
where brokers search for properties for their
clients. We advertise on all of these websites with
the same high-quality photos, floor plans, script
and video tour.
Top 350
We contact every broker from a list of the top 350
brokers in the industry to personally invite each of
them to view properties either by themselves or
with their clients.
Mailings
We mail your building and many others to announce
the marketing of your home to the neighborhood.
Broker Mailings
We virtually mail a vast amount of brokers in the
industry inviting them to look online and see the
newest addition to the sales market – your property.
Appearance
Once the photography, script, floor plans and
video tour are complete, we set up the web
advertisements. All of your web advertisements
will be designed with the same template and
approach, giving your property a unique brand on
the Internet. Each website will be fresh, crisp, and
fully informative.
Advertising
We advertise on over 40 different national
websites. When you advertise across many different
websites, prospective buyers become more
familiarized with your property by encountering
your property through the multiple websites they
search. In any market, the more you advertise,
the more attention and interest you garner.
The more turnouts you have, the more offers you
will receive, expediting the amount of time your
property is on the market.
The Report
For the past twelve years, we have been mailing
out our monthly newsletter boasting a circulation
of 10,000, and your property will be featured with
photos in this newsletter.
Action Open Houses
Our team takes a proactive approach to selling
your property. We train, role play and plan together
to bring superior exposure to your property
through our unrivaled open houses. We engage,
bond, and build a relationship with the customer. To
comprehend the full experience, please visit any of
our open houses.
Past Client List
Our system collects a list of all of our previous
clients and organizes the data by which type of
property was of interest to each client. When we
list a new property that matches those points of
interest, our previous clients receive a dedicated
email announcing your unique property. This email
is beautifully formatted to showcase professional
photography and a compelling description of your
apartment exclusively.
Prospect Updates
Every week we will update previous clients and
brokers on the status of your property by email.
THE EXPOSURE
Information
Buyers and brokers will have questions about your
building or property. Typically, brokers will need to
research these answers and call the broker back.
We prepare ahead of time. We anticipate the
questions buyers’ brokers will ask and start the
marketing process for your property by researching
and collecting information. We educate everyone
on our team with the answers so when a buyer
or broker calls us, we have all of the relevant
information at our fingertips. By providing the
correct information on the first call, buyers and
brokers never have to look beyond our team for
answers.
Weekly Updates
Every Monday you will receive an email from us
updating you on the past week’s progress. This
email will contain two parts. First, we will inform you
of the total exposure we received the week prior,
from the number of web hits and phone calls we
received, to the interest generated in the showings.
The second half will include our thoughts and
feedback from current prospects.
Offers
All of the offers your property generates come to
you in a consistent, formal format. This format has
been developed to highlight the information that
you need to know in order to qualify your potential
buyer for the purchase of your property.
Mortgages
Most real estate transactions involve a lender in
order for a buyer to purchase. We will be in constant
communication with the purchaser’s lender to make
sure they receive all of the information necessary
to close the sale.
Appraisals
When a lender is involved in your sale, we will be in
constant contact with the appraiser to ensure your
property appraises appropriately.
Scheduling
To ensure the entire process of your sale
commences smoothly, our office administrators
are well-educated on your property and trained on
how to answer calls and emails and book showings
during the times you deem desirable.
Weekly Activity Reports
We monitor every click we receive on the internet
because it is critical for us to know the origin of the
interest we generate and the amount of exposure
we are actually receiving. We use this information
to indicate where we should advertise and what
changes might be needed to increase the exposure
of your property. When offers don’t come right
away, most brokers first push to drop the price. We
use data tracking and analysis to evaluate what
changes are needed; price reduction is used only
as a last resort.
MANAGEMENT
How we
release your
apartment
to the market
Our goal has always been to show your property at its best. Now we have the opportunity to reach the
largest pool of prospects with our brand new marketing strategy. Once we accomplish the highest standard
of presentation, we then advertise on the largest, most well-trafficked websites. This is our newest and most
successful campaign to date. We will uniquely advertise your property so that it is clearly differentiated from
the rest of the properties on the market. Your property will not only come up in searches, but will also be
pitched to appear in various publications as a featured property, property of the week, deal of the week, or in
other banner and spot presentations. When a property is first released into the market, it is imperative to reach
the widest group of buyers possible. With so many properties on the market right now, it is important to stand
out. In addition to our standard marketing exposure platform, we will use the following initial release package
for added exposure.
Your first month’s targeted online advertising is aimed to reach consumers while they are researching real
estate on the seven websites listed below.
www.nytimes.com• 57.1M average monthly unique visitors• Position: Real estate section homepage• Audience: Global affluent, finance-minded,
includes international visitors
www.streeteasy.com• 1.8M average monthly unique visitors• Position: Sales homepage, sales search
results,mobile site, featured listings• Audience: Prospective consumers actively looking
to purchase a home
www.wsj.com• 31.8M average monthly unique visitors• Position: Real estate section front, iPhone app• Audience: Finance-minded domestic US and
international audience
www.ny.curbed.com• 3.5M average monthly unique visitors• Position: Featured property on homepage and
mobile site• Audience: Educated professional audience interest in
New York real estate news
www.zillow.com• 86M average monthly unique visitors• Position: Mobile devices• Audience: Prospective consumers actively looking to
purchase a home
ONLINE MARKETING EXPOSUREWe strive to have the broadest reach so your
property attains the highest profile. To ensure
this occurs, we advertise on approximately 40
websites, all of which we update daily. When
promoting an open house or a special buyer’s
incentive, the campaign will be entered onto
each website simultaneously. Collecting data
from calls and emails coupled with the ability to
track the amount of prospective buyers who look
at your apartment, gives us precise statistics
about your property’s traffic and where to focus
or improve ongoing marketing. We know that
buyers come from many different areas and look
for properties many different ways. To ensure
coverage of the entire market and every category
of buyer, we advertise on the best websites.
WHERE WE ADVERTISE
REPUTABLE WEBSITES
www.corcoran.com
www.streeteasy.com
INDEPENDENT WEBSITES
www.nytimes.com
www.propertyshark.com
www.trulia.com
www.zillow.com
www.realestate.yahoo.com
www.homefinder.com
www.nymag.com
www.blocksy.com
www.brownstoner.com
www.luxuryestate.com
www.frontdoor.com
ROLLING CLASSIFIEDS
www.craigslist.org
www.backpage.com
BROKERAGE BACK OFFICE
SEARCH ENGINES
Taxi
OLR
Real Plus
Limo
ADDITIONAL SITES
www.ny.curbed.com
www.realtor.com
www.google.com
www.millersamuel.com
CAPTURED CLIENTS
The Power of The Meier Team at The Corcoran Group
The first thing a seller asks when interviewing a
broker to sell their property is “Do you have any
buyers for me right now?” The best broker will
have a multitude of buyers already lined up, and
that is exactly what we have for you.
How do we do that you may ask?
Our team’s lead capture program:
Our team sells approximately 200 apartments
each year. Every time we market an apartment,
we collect all of the leads generated from that
campaign. Each property we sell brings us about
65 leads on average. Once the property is sold,
these buyers go back into the market searching
for another home or investment and we utilize
these leads for our next property.
Let’s say you are selling a two-bedroom, two-
bathroom condo in a doorman building on the
Upper West Side, and we may have sold seven
similar properties in the past five months. This,
on average, will bring us approximately 448
leads that did not purchase our previous listings.
Knowing that many of these will be duplicate leads
and some will be out of the market already, we can
expect to have approximately 150 leads that are
already on the market looking at properties very
similar to your property.
Corcoran.com Client Capture Program:
Corcoran.com is the number 1 real estate
brokerage website in New York City, highly utilized
by interested buyers. The website was designed
to be as informative and easy-to use as possible,
while engaging the audience to remain on the site.
In fact, visitors spend an average of 52% more
time on corcoran.com than on competitor sites.1
At Corcoran, we look into properties comparable
to yours, identify buyers who are searching and
viewing these properties and market to those
prospective buyers directly.
When you sign up with us we will have, in most
cases, hundreds of buyers who are already on the
market looking for a property just like yours. The
power, size, track record, technology, and skill our
team possesses are crucial to the success of your
transaction.
OUR SOCIAL NETWORK
We connect with multitudes of New Yorkers and countless potential buyers outside of NYC through our Facebook, Instagram, LinkedIn and Twitter accounts.
How does social media help us sell your property?
Unlike traditional marketing platforms, our social media network is a private network. Potential buyers
see your property in their own personal setting where they feel most comfortable and are far more prone
to react. Social media is a tool that enriches the reach of traditional forms of marketing and consistently
delivers increased interest and inquiries.
1. We promote your property through articles we write on our blog www.realestate-report.com.
These articles are featured directly through all of our social media platforms.
2. All of our events associated with your property (its release, open house, etc.) will also be promoted on our
blog and various social media platforms.
3. Using our media connections and 9th Street Communications, our PR company, we work to have other
media sources create content regarding your property and its sale. We then use that content, referencing
the established media source it came from, and promote it throughout our social media platforms.
The Meier
Team at The
Corcoran
Group Seller
Pledge
We promise to work with every licensed broker we can in the state of New York. Whether the agent
is a member of the Real Estate Board of New York (REBNY), is licensed with a small non-member
brokerage or is an independent broker, we will promote your property to all of them and their
clients. Regardless of their location, we will work with agents to bring their clients to us through a
referral program. We will list your property on all backend broker listing systems and expose your
property to the brokerage community in every way.
We will offer outside brokers every courtesy and afford their clients all opportunities to view your
property and place offers.
We understand that the best way to bring in the highest sales value is to expose it to an open market,
garnering as many offers as possible. For that reason, we go the extra mile to incorporate all brokers
into our campaign.
Many brokers are already aware of this, as well as our reputation for our knowledge, creativity and
collaboration, and for that reason, our listings become their priority.
• Brokerage commission
• Counsel fees (typically $2,000 - $3,000)
• Move out fees and deposits (approximately
$1,000)
• Deed tax (co-op also): $2 for every $500 of the
price, or portion thereof
• NYS Estimated Capital Gain Withholding:
7.7% of the estimated gain withheld
Exemptions if:
• The seller is a New York State resident at
the time of sale, or
• The property was the seller’s primary
residence for two of the last five years
under Internal Revenue Code Section 121, or
• 1031 Exchange
• Federal Withholding: Purchaser withholds 10%
of the purchase price of escrow if seller is not
exempt individual (most sales are exempt)
• New York City Real Property Transfer Tax –
Residential
• 1% of purchase price if sale is $500,000
or less
• 1.425% of purchase price if sale is greater
than $500,000
• New York City Real Property Transfer Tax –
Commercial/Bulk Rate
• This applies if two or more units are
conveyed from the same buyer to
the same seller, and the units are not
physically combined into a single unit
• 1.425% of the purchase price if the sale is
greater than $500,000 or less
• 2.625% of the purchase price if the sale is
greater than $500,000
• Co-ops Only
• Transfer agent fees (up to $1,000)
• Flip Tax (varies depending on building)
• Payoff bank fees ($400 per payoff bank)
• Condominiums Only
• Waiver application fees (typically less than
$1,000 but some buildings have “flip tax-
like” fees)
• Pickup fee to title closer ($200 per
outstanding mortgage)
• Filing fees (up to $500)
We have prepared a brief description on the prospective closing costs associated with the sale of your property.
SELLER’S CLOSING COSTS
YOUR LEASING
PLAN
1. Keeping your property rented. We make sure that your property is marketed to the fullest, using the
same platform we utilize for sales listings. Our two agents dedicated exclusively to rentals focus solely
on leasing our clients’ property. In most cases, we are able to beat market prices and the time it takes to
rent. To ensure a new tenant is found before your residence is vacant, we start marketing your property
60 days before your current tenant vacates the premises.
2. Tenant relationship. We have great experience working with tenants. Whether discussing a rent increase,
or fixing a problem, we are here to work for you. Before you have to speak with a lawyer and potentially
accrue legal fees, let us attempt to smooth out the issue. We’ve successfully prevented many legal issues
by simply working cooperatively with the current tenant.
3. Know the market value of the property. Annually, we send a value estimate of the rent and sale of your
property so you are always up to date on your finances. We also provide yearly reports of the property
net return so you can see what your property is bringing you in income and cost.
4. Management. We do not directly manage properties, but if you are managing your own investment, we
are here to help carry some of the burden for you. Whether it’s writing leases, finding vendors or speaking
with your tenant, we are here to assist you. Should you need full-time management services, we can offer
a recommendation from our network of professionals.
5. Our Network. We have an immense network of lawyers, bankers and vendors. Our strong relationships
will often bring you a discounted rate and the best service. Armed with countless years in the real
estate business, we are able to connect our clients with the service provider that will best suit their
needs. Our continued success is a result of the vital relationships we have formed with key players in
the industry, our reputation earned us those relationships, and our loyal clients fuel our need to be the
best in our field. We look forward to working with you and proving what we can do for you.
Whether you are starting your real
estate empire or looking to make
sure that your personal investment
makes sense, we are here for you.
We currently oversee over 200
individual properties in New York
City and intimately understand the
difficulties that will arise with this
type of ownership.
We pride ourselves in protecting our
clients from any unforeseen problems
or costs.
Here are a few.
The Meier Teamat The Corcoran GroupThe Corcoran Group
Union Square Office
30 Irving Place
New York, New York 10003
(o) 212.500.7054
Real estate agents affiliated with The Corcoran Group are independent contractor sales associates and are not employees of The Corcoran Group. The Corcoran Group is a licensed real estate broker. All material herein is intended for information purposes only and hase been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. This is not intended to solicit property already listed. Equal Housing Opportunity.
CONTACT US
