Introduction to Purchasing a Townhouse or Brownstone in NYC
Purchasing a Townhouse and/or a Brownstone is one of the most exciting acquisitions in New York City. Townhouse/Brownstones have existed since people first started coming into Bowling Green. However, because of their long history and the fact that many have existed for hundreds of years they have also become one of the most complicated acquisitions to navigate in New York City. Because of the numerous New York City Departments that oversee real estate in New York, Townhouses/Brownstones are very highly regulated in many aspects. Kishner & Miller, through its quarter of a century of experience, knows the various intricacies of dealing with Townhouses/Brownstones. It is important to understand where a Townhouse/Brownstone is located, the zoning involved, the various Departments such as the New York City Department of Buildings, the New York City Department of Finance, the New York City Department of Taxation and Finance, the Fire Department, the Bureau of Highways, the Environmental Protection Agency, etc. Due to this contemplated complex and intertwining relationship between Townhouses/Brownstones and New York City, it is imperative to have a very highly qualified Real Estate Attorney representing you.
While Cooperatives and Condominiums make up the bulk of residential real estate in New York City, Townhouses have always remained a hot commodity, especially recently, as the average price along with the number of sales of Townhouses have noticeably increased. In fact, Manhattan Townhouses are being traded at the fastest level seen in 17 years in 2013. This trend is being perpetuated by fundamental changes in the luxury property market. With modern conveniences having emerged as a major attraction to redefine the real estate world, the price tag on other real estate has shot up significantly. It is no longer uncommon to hear of condo units reaching upwards of 90 million dollars. Therefore, it should come as no surprise that the average price per square foot of a Manhattan Townhouse is rising fast. Given this price differential along with trend of condo boards’ increasing scrutiny of Purchasers’ finances, Townhouses have now increased in investment value. Nonetheless, the process of acquiring a Townhouse is not simple and demands legal representation. Unlike Condominiums and Cooperatives, the ownership structure of Townhouses can vary, especially when it is owned as a mixed use residence. The following briefly spell out the acquisition process for a Townhouse and how an Attorney effectively functions in this transaction on clients’ behalf.
Legal Representation – Kishner & Miller
Kishner & Miller will guide you through every step in the acquisition process. Given a cost-benefit analysis of an Attorney’s responsibility in a standard real estate purchase, it is clear that Purchasers of a Townhouse really must have an Attorney. In nearly every residential real estate transaction, of all the third-party individuals sitting around the Closing table (e.g. brokers, agents, insurers, etc.) it is the Attorney(s) who will have the largest workload, will take on the most responsibility for ensuring that all documents are in order, and many times get paid the least amount of money. Kishner & Miller will promptly return calls or emails and always willing to meet in person upon request. It is important to find an Attorney that will treat clients’ deals as if it were their own. Kishner & Miller treat you like family. There is no doubt that prospective Purchasers ought to hire a real estate Attorney prior to signing an agreement. The Attorney General highly recommends that this always be done and, from a financial standpoint, doing so eliminates much risk that is inherent in such transactions. For many people, purchasing property or a new home can be the most major financial decision in life. Legal protection and representation is essential to making purchase transactions sound. Ultimately, with an Attorney at service, terms and conditions of Contract of Sale can be carefully crafted to serve the best interests of a prospective Purchaser.
More more information on purchasing a Brownstone or Townhouse:
- The Verbal Offer and the Acceptance- Not a Legal Binding Contract!
- Transaction Summary/Deal Sheet
- Townhouse Ownership Structure
- Townhouse Contract Negotiations & Provisions
- Townhouse/Brownstone: Due Diligence & Bank Approval