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How to Buy

A New York City Apartment

After your offer is accepted, a good real estate attorney will conduct a thorough analysis of your prospective building’s financial situation. (Remember, we mean a good attorney; if you pick one unfamiliar with NYC real estate, or who runs an assembly-line chop-shop practice,  or who receives a steady stream of referrals from someone who stands to gain from your sale--such as a broker or developer--your attorney may not give this critical process the attention it needs.)

Some things to keep in mind: If a building hasn’t raised its monthly charges in years, this is likely a sign of bad management in that important projects are probably being deferred.  Similarly, while some higher-end buildings make a practice of “running lean” and levying assessments for emergencies and improvement projects, a reserve fund of less than 3 months may mean this building is struggling.