The Market

Don't think about buying a new condo until you read this

By Lucy Cohen Blatter  | May 30, 2012 - 8:34AM

Sure, pre-war buildings are charming, but there's something about many new condos that feels, well, cooler...particularly to anyone who has endured the limitations of NYC's vintage real estate. 

We get it--even if we can't afford to live it. But for those of you who can, this week's SurvivalList is focused on new construction--in an effort to help you find the perfect condo.

Let's start with how to analyze a rendering (and avoid overpaying for some grossly overexaggerated or--gasp--non-existent feature) and how to understand tax abatements (including the 421a tax exemption program, which is kind of like winning a short-lived lottery).

Before you sign on any dotted lines, you'll want to check the developer's track record. Doing your research can diminish the chance of moving into a building with serious defects and becoming a new-construction cautionary tale.

Assuming the developers pass muster, it's time to make a deal. Check out our guide to negotiating concessionstips on getting the punch list finished and advice on how to take advantage of one insider's trick that can keep the developer happy while saving you a small fortune.

For those of you who wind up in a situation you live to regret, here are some signs that it's time to sue your developer and informtion on how to raise the money to do it.

For these, and more, posts on new construction, read our How to Buy a NYC Apartment guide, take a look below:

Finding the right new development

Potential problems

Learn from those who've gone before you

Dealing with the developer



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