Brick Underground

First-time NYC co-op buyers need to understand that every co-op building is different and comes with its own rules about financing, renovations, subletting, and more, say attorney James Woods of Woods Lonergan.

In deciding whether you negotiate collectively or independently, consider the minimum buyout amount you will accept, the amount of time you are willing to stay put, and how much it matters to you that the last tenant in the building often gets the highest buyout figure.

Given the robust NYC sales market, consulting with an attorney before finalizing a deal sheet can be advantageous for both buyers and sellers, says James Woods, Esq., managing partner at Woods Lonergan PLLC.

Bolster, a NYC renovation company, helped Harlem homeowners gut renovate their brownstone to create an owner's triplex with a garden-level rental apartment.

“The co-op bylaws relate to the authority of the board so it’s important they are reviewed and amended to reflect changes in the law as well as protect the co-op from unwanted litigation,” says Niki Khindri, a real estate attorney at Adam Leitman Bailey.

Bolster, a NYC renovation company, kept the gut renovation of badly neglected Morningside Heights co-op on budget.