All Forum Posts by: Andrew Steiker-Epstein

Hi Michael,

Definitely don't think you need a property manager for two months (also not sure you'd be able to find a real one anyway for that sort of term). As long as you're reachable there's not much you need to worry about and sounds like you have good people and systems in place. In the case of an emergency, you may want to consider giving your tenants the number to your super, family member, or friend and give one of those people permission to mobilize a crew in the event of an emergency. Though, odds of something needing immediate attention are extremely low.

Hope this helps.

Best,

Andrew

Hi Anthony,

It's difficult to find co-ops that will accept less than 20% down but not impossible. It can be done in HDFC co-ops but you'd have to qualify. Condos, on the other hand, typically have more flexibility there. Unfortunately, there's not an easy way to search specifically for that criteria but if you stick to condos you'll definitely have options at the 10% down range. 

As far as this changing in a bad economy, don't count on it. The last thing co-ops/condos and banks want to do in a struggling economy is take on more risk. 

Let me know if you have any further questions or want to discuss further. 

Best,

Andrew

You should speak to an attorney if you have any legal questions. From a practical standpoint, the lease would be the same as a standard residential agreement and governed the same way. I would suggest working with an attorney to add/change some language to reflect the relationship between company on the lease and the residing tenant. You way also want to consider requiring a personal guarantor for the lease.

Yes, absolutely. If you're a landlord, be wary that a corporate lease can come with additional risks. 

Hi Darren,

This type of fee is very common for co-ops in NYC. It’s more commonly known as a flip tax and typically ranges from 1 - 3% of the sales price. As long as the board imposes it legally (ie. with majority vote or as according to the co-op by-laws) then there’s no legal recourse unfortunately.

Hope this helps.

Hi Robyn,

Thanks for posting. I would definitely recommend that you replace the boiler. The max lifespan of a boiler is typically around 30 years so you're well overdue for an upgrade and it's amazing it's lasted this long. A new boiler should cost anywhere from $5k - 12k and won't require nearly as much maintenance. The extent of maintenance will depend on the type and size of boiler you replace with - oil, gas, steam, hot water, etc.

Hope this helps.

Hi Alex,

The cap is $20 per person for applications regardless of the size of the apartment or whether you are running the credit report vs if the applicant is paying directly. In addition, you have to provide a receipt to the applicant showing that the credit/background check actually costs at least $20. Applicants are also allowed to provide their own credit/background checks at no charge.

Hope this helps.

Not hard to do. Zoning and FAR are biggest constraints. 

In the range of 250 psf. We did The Jackson (73 unit luxury condo) in LIC for a bit more than that. In general, it depends on the details and quality of the project but you can use that as a baseline. 

Hi all,

New to the forum and looking forward to connecting. Recently moved into the development space and working with a mid-size developer with a great reputation. Aside from networking and connecting with tons of real estate agents, does anyone have any other strategies for finding development deals? Would love to build a database of existing owners to cold call but not sure of the best way to identify potential properties and track down numbers.

Any advice would be much appreciated. Thank you!

Best,

Andrew