What to Know About Living in the East Village (Video)
The East Village is arguably one of the city's most electric neighborhoods and should definitely be on your radar if you're into an artsy vibe and a bustling restaurant and nightlife scene. If there's a set of words that best describes the area, quirky, cool, eclectic, and edgy are undoubtedly among them. The neighborhood's rich cultural history remains a large influence over the present-day streetscape and continues to welcome creative expressions of all kinds. The East Village is credited as the birthplace of punk rock and even today, is beloved for its grit and spunk that's displayed in the form of dive bars, tattoo parlors, and funky vintage shops. On the real estate front, a lot has changed over the years, but you won't find a ton of high-rise buildings here. The housing stock remains mostly prewar apartments in low-rise walkup buildings; however, there have been some new developments offering amenities that rival what's offered in other parts of the city. According to the StreetEasy Data Dashboard, the median asking price in the East Village was $1.5 million as of May 2024, and the median asking rent was $4,500.Be sure to check out StreetEasy's search page to see what's currently for rent and for sale in the East Village. And read on to learn more about this vibrant neighborhood.Check out our Know the Neighborhood episode featuring the East Village to see the sights and sounds of the neighborhood and hear from a resident about what it’s really like to live there.Table of ContentsWhere is the East Village?The East Village starts at 14th Street (to the north) and spans southward to Houston Street. Its western boundary is the Bowery and Third Avenue, and its eastern boundary is the East River.The neighborhood is bordered by Gramercy to the north, NoHo to the west, and the Lower East Side to the south.There are many ways to get to the East Village by subway. You can take the 6 to Astor Place, the R to 8th Street-NYU, the L to Third Avenue or First Avenue, the B/D/F/M to Broadway-Lafayette Street, or the F to Second Avenue. The N/Q/W and 4/5 are also nearby at Union Square. East Village Homes Under $1M On StreetEasy Article continues below East Village 111 Fourth Avenue $750,000 beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 East Village 111 Fourth Avenue $899,000 beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 East Village 425 East 13th Street $825,000 beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 East Village 636 East 14th Street $399,000 beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 East Village 111 Third Avenue $735,000 beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 East Village 98 Avenue C $435,000 beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 East Village 425 East 13th Street $899,000 beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 East Village 229 East 2nd Street $999,999 beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 East Village 189 Avenue C $650,000 beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 East Village 102 First Avenue $925,000 beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 East Village 283 East Fourth Street $450,000 beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 East Village 226 East 12th Street $425,000 beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 History of the East VillageUnlike the corporate feel of Midtown or the upscale ambience of the Upper East Side, the East Village has a bohemian spirit that harkens back to its days as a haven for artists, musicians, and counterculture movements. Its storied past stretches as far back as the late 1800s, when it began to distinguish itself as its own neighborhood and no longer part of the Lower East Side, as it once was. Over the course of its existence, the East Village has served as a home to immigrants of many nationalities, a hub for the social movements of the 1960s and beyond, the birthplace of punk rock, and a home for all things alternative and avant-garde. Iconic figures like poet Allen Ginsberg, Jean-Michel Basquiat, and Blondie lead singer Debbie Harry were prominent in the East Village's art scene during the rise of their respective careers. While the neighborhood was less desirable in the 1960s and '70s, its growing arts scene quickly changed that and kicked off a heavy wave of gentrification that eventually resulted in tension and riots.The East Village continued to evolve amid gentrification during the 1980s and '90s but managed to hold on to much of its beloved arts scene and historical significance. In the 2010s, landmark efforts to preserve the neighborhood's architecture and distinct culture resulted in two historic districts and several individual buildings being designated as landmarks. Why is the East Village a Great Place to Live?From its wide variety of restaurants, coffee shops, bookstores, and community gardens to its welcoming vibes and bustling streetscape, the East Village oozes character and there's something for everyone. This makes people from all walks of life feel like they belong, and regular local events help foster a sense of community. You'll also find that many residents have been around for decades and take pride in being a part of the neighborhood's fascinating history.One of the best places to experience the vibes of the East Village is St. Mark's Place, which is the neighborhood's famed Bohemian street and one of its hubs of activity. A wide range of restaurants, bars, eccentric shops, and small entertainment venues populate the three-block-long strip of East 8th Street.The esteemed Cooper Union private college calls the East Village home, as does part of the NYU campus.During the day, the neighborhood slows down and has a tranquil feel before coming alive in the night time as its bars and restaurants open up shop. With that said, don't be surprised by the noise and foot traffic, as it's all part of what makes the neighborhood electric. Questions about buying a home in NYC? CONTACT STREETEASY CONCIERGE Buying in the East VillageThe East Village offers a mix of brownstones on beautiful tree-lined streets, prewar apartments in old tenement buildings, and newly developed condos with modern conveniences. The bulk of its homes for sale are in older buildings, which is something to consider if you're not keen on walk-ups. "The inventory mix is very skewed towards a lower price point, but you can also find luxury without it being seven figures," noted Compass real estate broker and StreetEasy Expert Heather Domi. "With mostly older tenement-style buildings, the East Village doesn't necessarily lend itself inventory-wise, but it's a great first-time homebuyer's market and people tend to be drawn to the neighborhood because of its value."The Christodora House on Avenue B is one of the neighborhood's best-known historic buildings and one of its oldest, dating back to the 1920s. The building is the tallest on its street at 16 stories high, and its detailed past as everything from a settlement house to the national headquarters of the Black Panthers earned it a spot on the National Register of Historic Places. Today, the Christodra houses a diverse group of residents and community organizations. Newer buildings include the Stefano Pasqualetti-designed 75 First Ave, which offers 22 spacious homes; 14 Second Avenue where 10 full-floor residences are adorned with high-end finishes; and the five-residence boutique condo building La Botanica, located on East 6th Street.Renting in the East VillageAlthough rents have been on the rise, the neighborhood still has median rents that are at or just below Manhattan's averages, and with so many older buildings still around, there's opportunity to snag a prewar apartment for less. "There's a lot of rent-stabilized and rent-controlled apartments in the East Village, which is a large reason why the area has retained so much of its character," said Domi. East Village Rentals Under $3,400 On StreetEasy Article continues below East Village 84 East 3rd Street $2,900 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 East Village 223 Avenue B $3,150 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 East Village 101 Saint Mark’s Place $2,750 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 East Village 232 East 12th Street $2,995 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 East Village 624 E 11th Street $2,799 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 East Village 121 East 10th Street $3,200 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 East Village 225 East 5th Street $2,495 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 East Village 77 Second Avenue $2,800 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 East Village 440 East 9th Street $3,345 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 East Village 307 East 9th Street $2,600 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 East Village 185 Avenue C $2,995 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 East Village 209 East 4th Street $2,700 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Parks and Green SpacesTompkins Square Park sits at the center of the East Village and has served as one of its most important cultural hubs for decades. Locals and visitors alike head to Tompkins Square Park to do yoga, catch an impromptu jazz quartet, people watch, or shop at the Sunday farmer's market on Avenue A and East 7th Street. The park is also home to the Charlie Parker Jazz Festival and the annual Halloween Dog Parade, which is always a hit and always adorable. Lesser known green spaces in the East Village are the beautifully preserved community gardens hidden among the neighborhood. Tucked away between Avenue B and 6th Ave, and between East 5th and 6th Streets, is 6BC, a small community botanical garden with hundreds of native and immigrant plants. The garden is free, open year-round, and everyone is welcome.A colorful fall scene in the East Village’s Tompkins Square Park.What to Eat, Drink, and DoFood lovers will find a paradise in the East Village as it boasts an incredible range of dining options. You'll find trendy restaurants, decades-old eateries, hidden speakeasies, sophisticated cocktail lounges, and no-frills dive bars. Here are some notable spots:Boris & Horton: 195 Avenue A. Locals say: Only in this neighborhood would you expect to find a cafe that welcomes both dogs and their human owners (and the pastries are fab, too)!Café Mogador: 101 St. Marks Place. Locals say: Brunch is a delight, and picks such as the Middle Eastern breakfast or a stack of banana pancakes are definite winners.Veniero: 342 East 11th Street. Locals say: Since 1894, this has been the place to stop in for gelato, cakes, and biscotti.Veselka: 144 Second Avenue. Locals say: You can't go wrong with the borscht and blintzes made from scratch at this Ukrainian diner, serving locals since 1954.Miss Lily's 7A: 109 Avenue A. Locals say: Go for the Caribbean fare and tropical drinks, like the jerk chicken and rum punch. Stay for the laid-back beach shack vibes and the amazing island-inspired playlists.Additional attractions include The Bowery Ballroom, The Russian & Turkish Baths, Theatre for the New City, and Nuyorican Poets Café. Curious about the value of a buyer’s agent? Speak to our licensed StreetEasy Concierge for the details & get connected with a top agent.GET STARTED
Buying an Apartment in NYC - Beginner's Guide 2024
Staking a claim in the Big Apple is a feat anyone can be proud of.However, navigating the NYC real estate market can be demanding, even for the most seasoned home buyers. From building rules to specific layouts to city regulations about what you can and cannot do, the hoops to understand and jump through will give you a run for your money.Couple those challenges with New York City’s infamous price points, and you’re looking at a complex journey when buying an apartment in one of the world’s most legendary cities.Luckily, buying an apartment in NYC is not as herculean a feat as one might think, especially if you partner with an expert agent who can guide you through all the complexities of the market while utilizing all the necessary tools at your disposal.Below, the Prevu team will guide you through a step-by-step process for preparing to buy an apartment in New York City, from exploring neighborhoods and deciding on a budget to selecting the right property type and working with an agent who can help you save money.Buying an apartment in NYCHire an experienced buyer’s agentLeverage commission rebates to saveChoose the right neighborhoodDecide on a condo or co-opConsider new constructionGet a mortgage pre-approvalCreate a structured budgetPrepare for property tours and open housesMake an offerThe building application processClosing on your NYC apartmentHire an experienced buyer’s agentHats off to anyone deciding to tackle NYC’s intense real estate market on their own, but as much as you might like a challenge, this is one undertaking that can benefit from the help of a professional real estate agent.NYC’s housing market has a life of its own, largely due to the landscape of the metropolis and the various rules and regulations surrounding the apartment scene in the Big Apple. Working with a real estate agent who has seen the ins and outs of this real estate jungle will save you a ton of pressure during every step of your apartment-buying process.An expert NYC buyer’s agent will have experience with various New York City property types, including layouts, building rules, and where to find the apartment that best suits your needs.Professional agents also have unique access to multiple listing services (MLS), which gives them special insight into a wider range of available listings.An agent well-versed in negotiating will be an invaluable asset when it’s time to make an offer. This is especially the case when negotiating terms for new construction, securing you the best terms, and helping you make a comparative market analysis of similar property types.The right buyer’s agent will also be vital to saving money when you buy.Leverage commission rebates to save on your purchaseIf you’re going to shell out the funds to buy an apartment in one of the most expensive cities in the world, you’ll want to have every available tool at your disposal to help you save. Commission rebates, also known as buyer rebates, are among the most effective, but you’ll have to work with a brokerage that offers them.A rebate is a portion of your buyer’s agent’s commission fee given back to you after closing on a home. Brokerages that work with commission rebates invest heavily in technology to empower buyers and unlock these extra savings, helping to make homebuying more affordable. For instance, Prevu Real Estate offers the largest rebate in NYC, allowing buyers to potentially receive up to 1% of an apartment’s final purchase price once they close via the firm’s Smart Buyer Rebate.The brokerage also gives buyers access to a digital homebuying platform to give them more control over their search, including direct access to expert salaried agents. Combining these tools helps Prevu provide effective rebates for buyers.These savings can help offset expensive closing costs in NYC, replenish funds after a sizable down payment, or jumpstart a furnishing budget for your new apartment. Choose the right neighborhoodThe biggest challenge when deciding where to live in NYC is to avoid becoming overwhelmed by the variety of New York City apartments available.From the five boroughs to Manhattan itself, the selection of the best places to live in NYC is diverse and all-encompassing. Do you want to escape to the idyllic neighborhoods surrounding Prospect Park or the legendary areas that line the famous Central Park?Maybe you prefer the quaint streets of the Upper East Side or the famous brownstones that line the Upper West Side. And if Manhattan starts to feel overwhelming, the historic neighborhoods of Brooklyn and Queens offer an entire universe of diverse colors and vibes that can satisfy almost any lifestyle preference.Having enough options won’t be a problem, of course, but deciding which works best for you – and your wallet – will be the biggest challenge for any NYC homebuyer.Apartment prices skyrocket significantly the minute you cross the Hudson into the gridlock of NY’s most famous island. However, you may find more affordability by branching out into the boroughs, depending on the location and the apartment you want to buy.Location, especially in the city, is arguably the biggest factor that affects apartment prices. The closer you are to famous attractions and coveted neighborhoods, the higher the price tag. The next factor is space. City apartments can be notoriously small, so you may find yourself juggling between choosing a larger unit or a more pleasing locale.Decide on a condo or co-opOne of the critical decisions you’ll face when buying an apartment in NYC is whether to purchase a co-op or a condo. Each property type has unique quirks, benefits, and challenges; understanding these differences is key to making the right choice for your lifestyle.Condos, or condominiums, are the more straightforward option of the two.When you buy a condo, you own your unit outright and share common areas with other residents. This means you can renovate or rent out your space without jumping through too many hoops. The buying process is straightforward: get your mortgage pre-approval, make an offer, conduct an inspection, and proceed to closing if all goes well. Condos often come with condo associations (sometimes referred to as COAs or HOAs) that handle maintenance and amenities, overseen by a condo board. You’ll pay monthly common charges, which cover anything from building maintenance to fancy perks like a rooftop pool or a 24-hour doorman.Co-ops, or cooperatives, are where things get more interesting.When you buy a co-op apartment, you purchase shares in a corporation that owns the building. Instead of owning your unit, you own a share in the entire building and have a proprietary lease for your apartment. This communal ownership means a co-op board makes decisions about the building collectively. The buying process is more rigorous, requiring a thorough application, financial scrutiny, personal references, and a sometimes nerve-wracking interview with the co-op board. It’s like applying for college, but the stakes are your living situation.Co-ops tend to have stricter rules. Want to remodel your kitchen? You may have to get board approval. Thinking about subletting your place while you travel the world? The board may have a say in that, too.Co-ops and condos can vary widely in terms of layout. Co-ops, especially in older buildings, often feature charming, traditional layouts with separate kitchens and formal dining rooms that whisper tales of New York’s architectural past. Condos, especially those in newer developments, boast modern, open-concept designs with shiny new amenities like gyms, pools, and rooftop terraces.So, how do you decide? A condo might be your perfect match if you crave autonomy and fewer restrictions. But if you’re drawn to the idea of a close-knit community and potentially lower costs, a co-op could be your new home sweet home.Consider new constructionNew construction can be an enticing option when buying an apartment in NYC, offering a fresh start in a brand-new space. But, like everything in this city, it has its own pros and cons.One of the biggest perks of new construction is that you’re the first person to live in the unit. Everything is sparkling new, from the appliances to the fixtures, with no traces of past occupants. Modern designs, state-of-the-art amenities, and energy-efficient systems can make your life easier and more comfortable. Buildings often come with high-end perks like fitness centers, rooftop terraces, and concierge services that add a touch of luxury to everyday living.Of course, all these benefits come at a price. These units tend to come with a higher price tag than older properties. And, if the building is still under construction or newly completed, you might have to deal with ongoing construction noise and the occasional inconvenience. Navigating the world of new construction can be much smoother with an experienced buyer’s agent by your side. They know the ins and outs of these deals and can guide you through the complexities. An agent can help you assess the developer's reputation, the quality of construction, and the long-term prospects of the building and neighborhood. They can also give you the inside scoop on exclusive listings and early-bird opportunities you might otherwise miss.When negotiating new construction, there’s more on the table than just the price. While the unit's base price might be set in stone, many other aspects are up for discussion. Think upgrades or customization options to better suit your taste—like selecting premium finishes or requesting specific layout modifications. Developers might also be willing to cover some of your closing costs or throw in incentives like free storage units or parking spaces.It’s crucial to review the developer’s contract with a fine-tooth comb, however. These contracts can be long and detailed, often favoring the developer. Having your buyer’s agent and a real estate attorney review the terms can help you spot any potential pitfalls and ensure your interests are protected.Get a mortgage pre-approval with a mortgage brokerSecuring a pre-approval is crucial when buying an apartment in NYC. It clarifies your budget and signals to sellers that you are a serious and qualified buyer. Additionally, be aware of the mortgage recording tax, which is a percentage of the mortgage amount and part of the closing costs in NYC.The process starts with a lender reviewing your financial background. They’ll look at your credit score, income, and debt-to-income ratio to determine how much they will lend you. This results in a pre-approval letter stating the maximum loan amount you qualify for.For an even stronger position, consider going for a fully underwritten pre-approval. This step takes the basic pre-approval process and kicks it up a notch. The lender does a deep dive into your financials, verifying your documents—like tax returns, pay stubs, and bank statements—and fully underwriting your loan before you even make an offer.Why go through this extra hassle? Because it reduces the chances of any financing hiccups down the line. Sellers love the certainty that comes with a fully underwritten pre-approval. It shows you’re serious, prepared, and less likely to encounter issues that could derail the deal.To get started, shop around for lenders. Different lenders offer different rates and terms, so it’s worth comparing shopping to find the best fit for your financial situation. Be prepared to provide detailed information about your finances. Having all your documents organized and ready can speed up the process and get you that all-important pre-approval letter faster.Create a structured budgetYou can start this step by determining your maximum purchase price. This figure can be based on your mortgage pre-approval, which gives you a solid idea of the loan amount you qualify for. While it might be tempting to push to the top of your range, it’s wise to set your sights slightly lower to allow for flexibility and unexpected costs that might pop up along the way.Next, let’s talk about down payments. In NYC, down payments typically range from 10% to 20% of the purchase price, depending on the property and your lender’s requirements. Having these funds readily available is crucial, as this will be one of your largest upfront expenses.Closing costs in NYC are another significant expense to factor into your budget. These can include appraisal fees, inspection fees, title insurance, attorney fees, and mortgage origination fees. In New York City, closing costs can range from 2% to 5% of the purchase price. For a $1,000,000 apartment, for example, you might need an additional $20,000 to $50,000. Budgeting for these costs is essential to avoid any last-minute financial strain. Don't forget to factor in monthly maintenance fees if you're considering a co-op, as these cover the building's taxes and operating costs.Additionally, having a financial cushion for bidding wars is smart. Setting aside extra funds can allow you to increase your offer if you are in a competitive situation. This extra financial padding can make all the difference between securing your dream apartment and losing out to a higher bid.Lastly, don’t forget about an emergency fund. This is your safety net for any unexpected expenses arising after moving in. Think of immediate repairs or maintenance issues that weren’t apparent during the inspection. For instance, you might discover that the plumbing needs urgent attention or the heating system requires servicing.Prepare for property tours and open housesGetting ready for property tours and open houses is a key part of your NYC apartment-buying adventure. They allow you to see potential homes up close and personal, helping you decide which one feels just right. Research and shortlist apartments that tick your boxes and then work with your buyer’s agent to map a schedule that lets you hit multiple spots in one go. Since weekends are prime time for open houses, plan your days to maximize these opportunities.Bring along a checklist. Jot down the must-have features you’re looking for, like the number of bedrooms, the layout, building amenities, and proximity to the subway. As you tour each property, use this checklist to stay focused. Take notes and snap photos to capture the details that catch your eye.Keep an eye on the condition of the apartment and the building. Look for signs of wear and tear, potential maintenance issues, or recent renovations. Check the quality of fixtures, appliances, and finishes. And don’t be shy—chat with current residents to get the inside scoop on the building’s management and community vibe.Ask plenty of questions and gather all the information you can. Inquire about the building’s rules, fees, and any upcoming assessments or projects that might affect your living experience or financial commitment. The more you know, the better equipped you’ll be to make a smart decision.After making the rounds, take some time to review your notes and compare your options. Discuss your impressions with your buyer’s agent to narrow down your choices and figure out which apartments deserve a second look. Their insights can help you weigh the pros and cons and guide you toward the best fit.Make an offerThis step is where the excitement ramps up, but it's also where strategy and savvy negotiation skills come into play. Start by determining a competitive offer price. Work with your buyer's agent to analyze comparable sales in the building and neighborhood. This will ensure your offer is in line with current market conditions. Consider factors like the apartment’s condition, amenities, and unique features when setting your offer price.For condos, the offer process is fairly straightforward. You’ll submit a written offer that includes the proposed purchase price, desired closing date, and any contingencies, such as financing or inspection. Your agent will present this offer to the seller or their agent. Be prepared for potential counteroffers and be ready to negotiate terms until you reach a mutually acceptable agreement.Making an offer on a co-op has its own set of challenges. Besides the standard offer letter, you may need to provide a REBNY Financial Statement including details about your income, assets, and liabilities. Co-op boards are known for their rigorous application processes, so demonstrating financial stability is crucial. Once your offer is accepted, brace yourself for the infamous co-op board application and interview. Leverage your buyer’s agent expertise to help you prepare, and don’t shy away from asking the seller about what their experience was like when they bought the co-op and if they can offer any tips.Regardless of the property type, consider including contingencies in your offer to protect your interests. Common contingencies include financing (if you are obtaining a mortgage), inspection, and review of the building's financials and bylaws. These contingencies give you an exit strategy if any issues arise during the due diligence period.Negotiation is a critical part of the process. Sellers may counter your initial offer, and you’ll need to decide whether to accept their terms or counter again. Remember your maximum budget and priorities during this process to avoid overextending yourself.Once both parties agree on the terms, you’ll sign a purchase agreement, reviewed by both parties' attorneys. This legally binding contract outlines all the agreed-upon terms and conditions. The building application processIn the city that never sleeps, neither do the paperwork and regulations. The application process for condos and co-ops can be a formidable maze, packed with requirements that can test the patience of even the most seasoned homebuyers. From financial disclosures to personal references, the hoops you’ll need to jump through can make you feel like you’re training for an Olympic event. Be prepared to disclose ongoing costs such as property taxes, which are a significant part of your financial commitment when buying an apartment in NYC.Regarding condos, the process is slightly more straightforward but still no stroll in Central Park. You’ll need to submit a thorough application package, including financial statements, tax returns, and mortgage pre-approval. Condos typically have a board review, but it’s more of a formality compared to co-ops. They’ll want to ensure you’re financially stable and a good fit for the building, but they won’t grill you like an overzealous detective as condos only have right of first refusal.Co-ops, on the other hand, take the cake for rigorous scrutiny. Prepare yourself for an in-depth application that rivals a college admission process. Expect to provide detailed financial documents, personal and professional references, and a letter of introduction explaining why you’re the perfect addition to their community. Once your paperwork is in, brace yourself for the infamous co-op board interview.Both condos and co-ops will require you to adhere to building-specific rules and regulations. These can include renovations, subletting policies, and pet ownership guidelines. Familiarizing yourself with these rules early on is essential to ensure they align with your lifestyle and long-term plans.Partnering with an experienced buyer’s agent can make this process much smoother. They can help you compile your application, navigate the building’s specific requirements, and prepare you for the board interview if you’re aiming for a co-op. With their guidance, you’ll have a better chance of completing the application process and securing your new home in the city.Closing on your NYC apartmentThis last leg of your journey is a mix of excitement and a dash of paperwork frenzy, but at least you have the finish line in sight.Once you are cleared to close, it’s time for the final walkthrough. Check that all repairs have been made, appliances are functioning, and no new issues have popped up since your last visit.Next is the closing day, which typically includes the buyer, seller, real estate agents, attorneys, and a closing agent. You’ll review and sign a stack of forms, from the mortgage documents to the final closing disclosure, which outlines all your costs and loan terms.Speaking of costs, be ready to tackle the closing costs. These can include fees for the appraisal, inspection, title insurance, and any attorney fees. For some NYC apartments, you might also encounter the mysterious "flip tax," a fee some co-op boards charge when an apartment changes hands. Ensure your pockets are prepared for this, as it can be a surprise expense.Once all the signatures are in place and the funds are transferred, the deal is done—literally. The deed will be transferred to your name for condos, and you’ll officially be the owner. You’ll receive the stock certificates and proprietary lease for co-ops, symbolizing your ownership stake in the cooperative corporation.
10 Ways to Generate Real Estate Leads in NYC
Disclaimer: The contents of this article are industry best practices which were sourced from StreetEasy data and interviews with our Agent Advisory Board, unless noted otherwise. Any scripts provided are only meant to act as examples and are not required. Nothing in this presentation is intended to be legal advice. For specific questions about any duties or obligations arising out of a real estate transaction, check your local and state licensing laws and regulations, contact your broker, or an attorney.With its high real estate prices, New York City attracts many agents seeking a lucrative career - and for good reason. In May 2024, the median sale price of a home ranged from $575,000 in the Bronx to $1.2 million in Manhattan, representing sizable potential commissions. But don't forget, closing exciting deals starts with the not-as-fun task of generating leads, which can be tricky in NYC's highly competitive market. If you're looking for ways to generate real estate leads, here are 10 ideas to consider.1. Compare brokerages You may be surprised that an agency's size can impact how you find leads - from the level of training and ongoing support you receive, to the network you can access. For example, bigger brokerages tend to offer more freedom to build your own brand. Their name and reputation may also help boost your credibility with potential clients. On the other hand, smaller agencies may give you more opportunities to connect with experienced agents and make local connections to grow your book of business.So before joining a brokerage, consider taking a step back and thinking about your preferences. You may even want to chat with agents from boutique agencies and big-name brokerages to get a feel for the differences.2. Choose open houses over networking eventsReal estate networking events can be costly and time-consuming. Plus, many people are there to sell something rather than build long-term, mutually beneficial connections. Your time and marketing dollars are precious, so why not consider attending or hosting open houses instead? This allows you to see what's on the market, meet other agents, and connect with potential clients.3. Don't dismiss small commissionsThere's something to be said for avoiding deals that take up a lot of time and yield a small return - but be wary of taking that line of thinking too far. Overlooking a deal simply because of a small commission may cause you to miss out on future opportunities. You never know which deals could lead to a repeat client, referral, or bigger deal later on.4. Position yourself as a thought leaderNYC buyers and sellers are looking for agents who stand out from the competition. One way to do that is by establishing yourself as a thought leader. For many agents, this means staying up-to-date on the latest market trends and sharing your unique insights publicly. You can keep track of the NYC market with resources like market reports from StreetEasy® and our Data Dashboard. Then, all that's left is to showcase your expertise, perhaps by sharing your thoughts on LinkedIn, other social media platforms, or a newsletter.5. Start a newsletterAn agent newsletter is a great place to highlight your expertise. It also allows you to show up regularly in your prospects' inboxes without coming across as too salesy. If you fill your newsletter with high-quality content - like helpful buying and selling tips, market reports, and enticing listings - your readers will look forward to your emails and may think of you when they're ready to buy or sell. Not sure what to include in your newsletter? See our 10 content ideas for your real estate newsletter for inspiration.6. Lean into your expertise We won't lie to you - agent competition in NYC is fierce. To stand out, you'll want to showcase your NYC-specific real estate experience, from property types and neighborhoods to even certain buildings. You can highlight your knowledge and experience in places like your agent bio, social media, newsletter, and other marketing materials.You can also lean into your NYC real estate expertise by joining StreetEasy Experts. The program allows you to connect with prospects in need of your exact experience, while you receive support from a dedicated Business Advisor. Plus, you only pay when you close a deal!7. Advertise on the right platformsYou might be bombarded by real estate platforms urging you to advertise with them. But before you take the plunge, it's a good idea to do your research. We recommend checking the platform's audience size and quality, payment structure, and success rate.For example, StreetEasy and Zillow Group's other consumer brands have on average 70% of market share for the online real estate category in New York. This means you're accessing a large audience of potential leads when you join Experts or advertise with Featured Listings.8. Tap your current leads and clientsSometimes the best source of new leads are the ones you already have. Try reaching out to your current leads to see if they know anyone else who's in need of a real estate agent. And while you're at it, ask your existing clients if they're looking to buy or sell again, or know someone who is.9. Embrace social media According to a report by the National Association of REALTORS®, more than half of realtors say they get quality leads from social media, with the most popular platforms being Facebook (90%), Instagram (52%), and LinkedIn (48%). TikTok is quickly growing in popularity, too, so consider posting videos there featuring home tours, real estate tips, or NYC market updates. When choosing which social media platforms to use, it's a good idea to research which ones your ideal clients spend the most time on and the kind of content they enjoy consuming.10. Make local connections Some of the most valuable real estate connections are made organically. Consider engaging with the community by joining local organizations (even if they're not related to real estate), volunteering, and frequenting small businesses. These activities allow you to give back to the community and build long-lasting connections that may turn into deals later on.StreetEasy is an assumed name of Zillow, Inc. which has a real estate brokerage license in all 50 states and D.C. See real estate licenses. StreetEasy does not intend to interfere with any agency agreement you may have with a real estate professional or solicit your business if you are already under contract to purchase or sell property. StreetEasy Experts are third-party real estate agents (licensees/professionals, etc.) who are not licensed with Zillow, Inc.
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