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The One NYC RE Buyer's Guide

Claim Your Very Own Piece of the Manhattan Skyline—Here’s How
1 – What Can I Afford?
The first step in finding the perfect Manhattan home is determining what you can spend. It’s highly advisable to obtain a mortgage pre-approval in advance and know what banks may be willing to lend you. Meet with a mortgage professional to evaluate what kind of interest rate you would qualify and how different purchase prices would translate into a monthly payment. Banks require higher down payments and more equity than in years past, so factor that in when evaluating your target budget. Don’t overlook closing costs—they are also a significant portion of your investment.

2 – What Type of Apartment Do I Want?
Manhattan is a city of infinite choices. With so many different neighborhoods and differing amenities among buildings, it’s imperative to narrow down your selections prior to apartment shopping. It may take a little research to determine which neighborhoods suit your lifestyle, as well as give you the amenities you want at an affordable price. How many bedrooms and bathrooms, as well as style, and other apartment features, such as a doorman, balcony, or rules concerning pets or subleasing might be crucial in helping you make a decision.

3 – Assemble Your Team.
Besides for your agent, hire a real estate lawyer who is familiar and seasoned in dealing with the NYC residential market. An informed buyer, a great ONE NYC RE agent, and a knowledgeable lawyer are the dream team to meeting apartment search success.

4 – Start Browsing.
Begin your search by browsing through the thousands of listing on our site, making a concise list of your favorites. Our agents can further help you by recommending comparable options that you might have overlooked, though this list is invaluable in giving us the best idea of what you’re looking for.

5 – Make an Offer.
Once you’re sure you’ve found the right place, you are ready to make an offer through your agent. At this point, negotiations will begin, a process which can take anywhere from a couple of days to a couple weeks. Review contract details with your attorney to ensure everything is clear and you agree to all stipulations. Once a sale price is agreed upon, a closing date is set and the board package (if purchasing a co-op) and your mortgage must be approved. Once this is complete and all transactions are final, you will be the owner of an amazing space in Manhattan.

Condo or Co-op? Which is Right for You?

Condo Co-Op
15% of Manhattan Apartments 85% of Manhattan Apartments
Buyer Purchases a Property and Receives Title to Deed and a Percentage of Common Areas Buyer Purchases a Share in the Stock of a Corporation, the Building
Buyer Pays Own Real Estate Taxes and a Smaller Condo Fee for Shared Building Costs Buyer Pays Monthly Fee to Property Owner’s Association. Fee Includes Utilities, Worker’s Salaries, Insurance, and Real Estate Taxes.
Monthly Fee is Not Tax Deductible, Real Estate Taxes Are Part of Monthly Fee is Tax Deductible as They Include Real Estate Taxes
Usually More Expensive Than Comparable Co-ops Usually Less Expensive Than Comparable Condos
Typical Down Payment as Required by Mortgage Bank Larger Down Payments Required by Condo Board
N/A Purchase Subject to Board Approval and Interview. Required Information May Include Your Fiscal History, Job and Salary History, References, and Tax Returns
More Flexible Sublet Rules Strict Sublet Rules
Gaining Popularity in Newer Residential Buildings and Condo Complexes N/A