Guide to Buying in a New Construction Condo, Part 3 + New developments offering buyer incentives

By Cait Etherington | From Future New York Wednesday, March 27, 2024

Condos currently under development present more risks to lenders than completed condos, coops, or other constructions. Typically, it is impossible to get a mortgage without an appraisal of the unit being purchased. If a condo is under construction, this is impossible since, depending on the stage of the project, there may be no unit to appraise. But this isn’t where the risks end. In addition, lenders have no certain way to determine when a project will reach completion nor how many units will end up selling in the unit and at what price. These factors combined make financing new construction condos, especially at the early stage of a project, far more risky than funding most other types of residential or commercial properties.

However, that is not to say that it is impossible to secure financing for the purchase of a new construction condo. This article looks at extra considerations these buyers must take, not to mention additional financial implications of buying in one of these buildings.

Guide to Buying in a New Construction Condo, Part 1

Guide to Buying in a New Construction Condo, Part 2

Securing financing and getting preapproved

Securing financing for a new construction condo depends on several factors, including the stage of the development and the number of units sold.

Stage 1: When less than 15% of a development’s units are under contract, the development has not yet been declared effective (i.e., the development’s offering plan doesn’t yet include an effectiveness amendment, which is issued by the New York State Attorney General’s office). During this stage, most units are purchased as all-cash deals or with low financing using a preferred lender (keep reading to learn about preferred lenders).
Stage 2: After a development has been declared effective by the Attorney General’s office but before 50% of the units are under contract, potential buyers typically continue to face limited financing options since many lenders won’t finance new condos until at least 50% of the units have found buyers. Notably, this is also consistent with Fannie Mae regulations on financing for condos, which clearly states that Fannie Mae financing is only applicable when “At least 50% of the total units in the project or subject legal phase must have been conveyed or be under contract for sale to principal residence or second home purchaser.”
Stage 3: In the final stage, after at least half of the units are under contract, new construction condo buyers typically find far more financing options available but may still face restrictions not found when pursuing the purchase of a resale residential property.

Pros and cons of working with a preferred lender

Given the hesitance of lenders to finance new construction condos, for early-stage developments, developers must work with preferred lenders. A preferred lender is a bank that has agreed to finance units in the condo before the condo has sold at least half of its units. Working with a preferred lender is preferable since the lender has already decided in advance that they are confident in the developer’s project. For this reason, while the lender will still want to scrutinize any potential buyer’s finances, they won’t be assessing the development itself. In most cases, this accelerates the path to preapproval. However, working with a preferred lender can also limit a potential buyer’s ability to shop around for a more competitive rate.

Getting prequalified or preapproved

Like any other real estate purchase, the first step for buying in a new construction condo is to seek prequalification and preapproval.

Prequalification: Based on your declared income, a credit check, basic banking information, and the amount of money you plan to bring to the table, prequalification confirms your eligibility for a mortgage and gives you an estimate of how much financing you can likely acquire. This is typically the first step and may take just a few hours.
Preapproval: Preapproval, which often takes up to two weeks and can take longer, is a more complex process. The following section details the paperwork you should be prepared to share when seeking preapproval.

Preparing your required paperwork

While the actual list of documents required to be approved for a mortgage will vary depending on your sources of income and the lender, in most cases, anyone seeking financing for a new construction condo should be prepared to present the following documents to their potential lender:

Personal identification

Driver’s license, passport, Social Security card, and/or individual taxpayer identification number

Proof of income

Pay stubs from the past month

W-2 forms from the past two years

Two most recent bank statements (some lenders may ask for six months to a year’s worth of bank statements)

Personal tax returns from the past two years

Most recent end-of-year pay stub if you include bonuses and overtime into income

If you’re a freelancer, you’ll also need to provide 1099s (for one to three years) and a profit-and-loss statement for the current financial year

Investment accounts

If you have investment accounts, you’ll also need to be prepared to share these accounts with the lender

Credit report

You don’t have to provide your credit report, but be prepared to give the lender permission to pull your report

A list of monthly expenses, including:

Car loans

Credit cards

Home insurance

Homeowners association fees (HOAs)

Medical bills

Personal loans

Student loans

Gift letter

If you received any gifts to help cover your down payment, also be prepared to share a gift letter. This is a signed letter from the giver testifying the fact that the money has been gifted and not loaned to you and won’t need to be repaid now or at any point in the future.

Offering plan

Lenders will also want to see a copy of the development’s offering plan and/or to gain access to the address of the development, the sponsor or developer’s name, and the development’s file number. They can pull the offering plan and any applicable amendment from New York State’s Offering Plan Database.

VU New York and the Midtown Manhattan skyline

The advantages of pursuing a cash-only purchase

Given the financing restrictions on new construction condos, there are many advantages to pursuing a cash-only purchase. The key advantages include the ability to get in earlier (even before the development has been declared effective), which may carry price advantages as well as attractive buyer concessions. Since cash-only purchases don’t require financing, they also typically take less time to close. Finally, in a high mortgage rate market, a cash-only deal will also offer massive savings over time.

Considerations for foreign buyers

Foreign buyers nearly always face increased scrutiny from condo boards and coop boards. There are two reasons boards are often hesitant to approve foreign buyers. First, it is more difficult to assess the creditworthiness of a foreign buyer. Second, many condo and coop boards worry, albeit usually falsely, that foreign buyers may leave the country and fail to continue paying their HOA or coop fees. Fortunately, when you buy a sponsor unit in a new construction condo development, there is no board interview or approval process. For foreign buyers who don’t require financing, purchasing a sponsor unit in a new construction condo can also be a great investment. More information on buying and selling New York City real estate as a foreigner may be found here.

Making an Offer and Negotiating with Developers

There are several steps one must go through to make an offer on a new construction condo. There are also many potential points of negotiation that can help lower one’s cost, especially at closing.

The steps involved

File a REBNY Financial Statement: You can’t make an offer without first filing a REBNY Financial Statement.
Get prequalified or preapproved.
Make an offer: At the very least, your offer should include the offer price, down payment terms, contingencies, and desired closing date and outside date (an established date by which the unit must be ready for move-in).
Review the offering plan with your attorney.

What is negotiable when making an offer?

When you’re putting in an offer on a new construction condo, a lot can be negotiated. Since you’ll be negotiating with a sponsor or developer and not an individual seller, it is essential to have both an experienced real estate agent and a real estate attorney on your team. Common concessions on new construction condos include:

Deposit structure: When buying a new construction condo that may be many months or years away from occupancy, the deposit structure can occasionally be extended. That said, while this practice is common in many other cities, the ability to pay only a fraction of your deposit at the time of purchase and deliver the remaining down payment before the move-in date is still rare in New York City. Like most other factors, the ability to negotiate an atypical deposit structure depends on the current state of the market.

Fees: All condos have HOA (homeowners association) fees, but when purchasing a new construction condo that has not yet established a condo board, the fees are typically not yet set. This is why it is also important to at least establish thresholds for HOA fees in the offer.

Attorney fees: Attorney fees are typically higher on new condo closes than on closes for other types of residential properties. Fortunately, in some cases, the developer will agree to cover your attorney fees, though it’s not the norm when a buyer is purchasing a sponsor unit in a new or existing building.

Mortgage recording tax: If you’re relying on financing, you’ll need to pay a mortgage recording tax. In some cases, the buyer will cover this tax.

Mortgage points: In a market with high mortgage rates, buying mortgage points to lower your rate can be incredibly advantageous and lead to considerable savings over time. At least in a buyer’s market, some sponsors may be willing to pay for points.

Other closing costs: While sponsors are unlikely to cover all your closing costs, it never hurts to ask. Other closing costs you may want to download to the sponsor include the following:

New York State transfer taxes
Mansion taxes (for any condo worth $1 million or more)
Title insurance
Move-in deposit
Working capital fund (or reserve fund) fee
Move-in fees

Unit upgrades: Since the condo is still under development, you may be able to negotiate upgrades. Common upgrades include higher-quality countertops in kitchens, luxury appliances, and premium fixtures in the bathroom.

Access to storage: If the condo includes storage, it may be possible to negotiate storage at no cost or at a reduced monthly rate.

Access to parking: If the condo includes on-site or nearby parking, it is sometimes possible to negotiate a parking spot during the initial offer or to negotiate access to a parking spot at a lower cost.

Tax implications

Buying, financing, owning, and selling condos are all activities that are subject to different local and state taxes. This section covers them all.

Taxes on new condos vs. resale condos and coops

If you’re purchasing a condo in New York City directly from a sponsor, there are typically three taxes that you’ll need to pay at closing:

Transfer tax: If you buy a resale condo or coop, the seller, rather than the buyer, typically pays the transfer taxes. If you buy a sponsor unit, whether it is in a new construction condo or an older building, the transfer tax is typically the buyer’s responsibility unless a concession was agreed upon during contract negotiations. If the value is $500,000 or less, the transfer tax rate is 1.425% of the unit’s price; if the value of the condo is more than $500,000, the rate is 2.625%.
Mansion tax: If your condo is valued at $1 million or more, you’ll also pay a mansion tax, which starts at 1% for properties valued between $1 million and $1.999 million and can be as high as 3.9% for properties valued above $24 million.
Mortgage recording tax: If you’re relying on financing, you’ll also be responsible for paying a mortgage recording tax of 0.5%. Notably, while coops are exempt, both new and resale condo sales that require financing are subject to a mortgage recording tax.

Tax abatements

In 2022, 68,637 housing units in new buildings were issued permits, setting a new record for issued permits in New York City. The spike wasn’t simply due to increased demand for housing units but also due to the expiration of the longstanding 421A tax abatement. The program, which dates back to the early 1970s, was launched to encourage the development of underutilized or vacant properties. In exchange for building in underutilized areas, developers who qualified received tax abatements for anywhere from 10 and 25 years. In turn, these tax breaks are passed along to buyers of units in the developers’ buildings. Leading up to the expiration of 421A on June 15, 2022, developers rushed to take advantage of the program, which means there is now an unusually high percentage of new condos on the market that come with an attractive bonus—a long-term property tax break.

Condo taxes vs. fees

Condo taxes are paid by the owner to local tax authorities and are separate from HOA fees. By contrast, in coops, your fees cover both your building fees and taxes. As a result, if you’ve previously lived in a coop, be certain to factor in both your fees and taxes when buying a condo. Notably, one disadvantage of living in a condo versus a coop is that while some coops are able to absorb property tax increases by tapping into existing funds, if you live in a condo, when property taxes increase, the increase is your sole responsibility.

Manhattan New Developments with Buyer Incentives

There's no question that the fees of buying a new construction condo can add up quickly on top of an already high sticker price. Fortunately, many developers recognize this and are prepared to offer incentives like mortgage buydowns, a year or two of free common charges, or the payment of mansion and/or transfer taxes to sweeten the deal.

One Wall Street, Financial District

1 Wall Street
6 availabilities from $1.15M
Limited time buyer incentives

One Wall Street (Compass)

One Wall Street, #1505
$1,775,000

Financial District | Condominium | 1 Bedroom, 1 Bath | 840 ft²

One Wall Street, #1505 (Compass)

From the Listing: Residence 1505 is a gracious one-bedroom, one-bathroom home with western views overlooking Broadway. The seamless floor plan features an L-shaped integrated kitchen, spacious great room, and bedroom with large dual windows. The building’s one-of-a-kind residences maintain the integrity and sprawling character of the 1930s scale, boasting ceiling heights over ten feet throughout and wide-plank French Oak hardwood floors. See floor plan and full details here.

130 William, Financial District

130 William Street
13 availabilities from $1.395M
Limited time buyer incentives

130 William (Credit: Michael Kleinberg)

130 William, #52D
$4,125,990

Financial District | Condominium | 3 Bedrooms, 3 Baths | 1,761 ft²

130 William, #52D (Corcoran Sunshine Marketing Group)

From the Listing: Residence 52D is a corner three-bedroom, three-bathroom home with approximately 10-foot ceilings and oversized arched windows with elegant bronze detailing framing expansive New York City skyline views. Interior finishes include wide-plank white oak flooring and oil rubbed bronze fixtures custom designed by Sir David Adjaye. The residence boasts an open kitchen with custom Pedini Italian textured blackened oak cabinetry, Salvatori Pietra Cardosa marble countertops and backsplash hand-selected from the Apuan Alps in Tuscany with a Salvatori Nero Marquina cantilever providing additional seating, and state-of-the-art appliances by Gaggenau, Bosch, and Thermador, including wine storage. The corner primary bedroom suite has a generous windowed walk-in closet and a luxuriously appointed windowed bathroom. See floor plan and full details here.

One Manhattan Square, Lower East Side

252 South Street
21 availabilities from $1.23M
Sponsor will buy down mortgage interest rate by 3% annually for first three years
20-year tax abatement in effect

One Manhattan Square (Evan Joseph)

One Manhattan Square, #9M
$2,085,000

Lower East Side | Condominium | 2 Bedrooms, 2 Baths | 1,123 ft²

One Manhattan Square, #9M (Corcoran Sunshine Marketing Group)

From the Listing: Residence 9M is a 1,123-square-foot two-bedroom, two-bathroom with an open gourmet kitchen and breakfast bar. This spacious corner residence faces northwest and southwest, with New York Harbor views and expansive city skyline. Warm, modern interiors are brought to life by the renowned design team at Meyer Davis Studio. This residence features imported stone and custom finishes, premium Miele appliance package, 5" wide stained oak flooring, master bath with custom wood cabinetry, marble tile walls and mosaic floors with radiant heat, undermount Wetstyle sink with glass vanity top and Dornbracht polished chrome faucets and a washer and dryer. See floor plan and full details here.

One Essex Crossing, Lower East Side

202 Broome Street
7 availabilities from $1.395M
24-month common charge incentive

One Essex Crossing (CityRealty)

One Essex Crossing, #9H
$1,595,000

Lower East Side | Condominium | 1 Bedroom, 1.5 Baths | 931 ft²

One Essex Crossing, #9H (Corcoran Sunshine Marketing Group)

From the Listing: Residence 9H is an over-scaled 931-square-foot 1-bedroom, 1.5-bath home that features light-filled eastern views. This residence features wide plank European Oak flooring with a warm custom stain, ceiling heights of up to 10 feet, and oversized windows which provide exceptional natural light and air. The thoughtful kitchen layout features a custom dining island offering exceptional utility custom in addition to the sleek design. Additional storage has been thoughtfully integrated into the backsplash with sliding metal screen doors that complete this elegant design feature. See floor plan and full details here.

Everly, Soho/Hudson Square

219 Hudson Street
4 availabilities from $2.395M
One year of tax and common charges for full ask penthouse contracts

Everly (Serhant LLC)

Everly, #PHA
$4,899,000

SoHo | Condominium | 3 Bedrooms, 3.5 Baths | 2,013 ft²

Everly, #PHA (Serhant LLC)

From the Listing: Penthouse A is a sun-splashed 3-bedroom plus additional home office, 3.5-bathroom home where residents enjoy modern lifestyle amenities. Oversized sound-reducing casement windows offer charming city views, and beautiful white oak hardwood floors sit beneath airy ceilings over 10 feet in height. The spacious south-facing balcony has gorgeous river and city views and is perfect for sun lounging, urban gardening, alfresco dining, and more. From their private windowed elevator landing, resident has access to separate living and sleeping quarters ideal for maintaining privacy and hosting guests. See floor plan and full details here.

75 First Avenue, East Village

6 availabilities from $1.29M
Sponsor will cover two years of common charges for all signed contracts before March 31, 2024

75 First Avenue (Serhant LLC)

75 First Avenue, #3D
$1,775,000

East Village | Condominium | 1 Bedroom, 2 Baths | 1,106 ft²

75 First Avenue, #3D (Serhant LLC)

From the Listing: Welcome to this alluring 1-bedroom plus home office, 2-bathroom condo at 75 First Avenue, one of the most luxurious residential boutiques in the East Village designed by star Italian architect Stefano Pasqualetti. Northern and southern light pours through floor-to-ceiling windows, accentuating beautiful wide plank cashmere oak floors and an airy open plan layout. A lovely foyer with a coat closet and full bathroom flows into a spacious living room and kitchen saturated with natural light. Just off the living area is a windowed dining alcove that can easily be used as a home office. See floor plan and full details here.

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The Luminaire, Kips Bay/Flatiron District

128 East 28th Street
2 availabilities from $1.995M
$50,000 closing credit for contracts signed by March 31, 2024

The Luminaire (Reavis Partners LLC)

The Luminaire, #3A
$1,995,000 (+2.3%)

Flatiron/Union Square | Condominium | 2 Bedrooms, 2 Baths | 1,290 ft²

The Luminaire, #3A (REAVIS PARTNERS LLC)

From the Listing: Introducing this brand new floor-through condo where residents enjoy a private balcony, contemporary finishes, thoughtful tech and wellness features, low monthlies, and an exciting address close to restaurants, shops, grocery stores, and parks. This sterling 2-bedroom, 2-bathroom home begins with a sun-drenched open-concept living room, dining room, and kitchen imbued with northeastern light. Smart-home-enabled interiors were designed to enhance modern lifestyles and complement everyday living. A dehumidification system with integrated ionization helps purify inside air, and high-efficiency multi-zone HVAC allows for precision temperature control. See floor plan and full details here.

VU New York, Kips Bay/Murray Hill

368 Third Avenue
12 availabilities from $1.939M
$50,000 closing credit for contracts signed by April 30, 2024

VU New York (Brown Harris Stevens)

VU New York, #12C
$1,969,000

Murray Hill | Condominium | 2 Bedrooms, 2 Baths | 997 ft²

VU New York, #12C (Brown Harris Stevens Development Marketing LLC)

From the Listing: Residence 12C is a corner 2-bed, 2-bath home that highlights a desirable split layout and a sun-drenched living space. The southern and western views overlook the city skyline which include the iconic Empire State Building. Living spaces in soothing neutral tones with handsome accents create a sophisticated aesthetic. Appointed in a sophisticated and light palette of natural materials such as marble, bleached oak, and white lacquer, outfitted with Miele appliances, the kitchen is a chef's dream. See floor plan and full details here.

The Bryant, Midtown West

16 West 40th Street
5 availabilities from $1.95M
No common charges for 12 months
Reduced closing costs

The Bryant (Corcoran Group)

The Bryant, #25A
$4,995,000

Midtown West | Condominium | 2 Bedrooms, 2.5 Baths | 1,650 ft²

The Bryant, #25A (Corcoran Group)

From the Listing: Located high above vibrant Bryant Park in the heart of New York City, this park-facing corner two bedroom residence, designed by Pritzker Prize-winning David Chipperfield Architects, wraps the northwest corner with eleven floor-to-ceiling windows. At 1,650 square feet, this home offers an expansive split bedroom floor plan with an abundance of natural light and incomparable views over Bryant Park through full-to-ceiling double-paned glass doors with Juliet balconies. The custom marble terrazzo facade transitions seamlessly into the interiors, creating crisp architectural frames to the windows and a border for the heated oak herringbone floors. See floor plan and full details here.

96+Broadway, Upper West Side

250 West 96th Street
13 availabilities from $1.915M
12 months of free common charges on contracts signed through May 31, 2024

96+Broadway (Compass)

96+Broadway, #5F
$1,915,000

Broadway Corridor | Condominium | 1 Bedroom, 2 Baths | 1,004 ft²

96+Broadway, #5F (Compass)

From the Listing: Welcome to Residence 5F, the perfect 1,000+ square foot 1-bedroom, 2-bath home with 9’7” ceilings and a substantial office/study—a perfect spot to work or watch TV, with an elegant marble full bath nearby. The open chef’s kitchen is separated from the living room by a beautiful island clad in Brazilian desert quartzite that provides storage and counter seating for four. The living room and bedroom are filled with light through south and east-facing floor-to-ceiling casement windows. See floor plan and full details here.

The Rennie, Harlem

2351 Adam Clayton Powell Jr. Boulevard
7 availabilities from $550K
Interest rate buy down options
25-year tax abatement in effect

The Rennie (Brown Harris Stevens)

The Rennie, #215
$775,000

Harlem | Condominium | 1 Bedroom, 1 Bath | 623 ft²

The Rennie, #215 (Brown Harris Stevens Development Marketing LLC)

From the Listing: Own your own zone with this chic and classic bright one-bedroom! This home is complete with your own spacious private terrace spanning the whole entirety of the home, perfect for entertaining! Plentiful storage awaits in this expertly designed layout with very spacious rooms throughout. The open classic kitchen complete with breakfast bar features modern Quartz countertops complete with a mosaic glass tile backsplash and a suite of stainless steel appliances by Fisher & Paykel. See floor plan and full details here.

Brooklyn New Developments with Buyer Incentives

Brooklyn Point, Downtown Brooklyn

138 Willoughby Street
12 availabilities from $1.23M
Sponsor will pay 5 years of common charges and real estate taxes for new contracts on 2- and 3-bedrooms before June 30
25-year tax abatement in effect

Brooklyn Point (Evan Joseph)

Brooklyn Point, #48B
$2,236,125

Downtown Brooklyn | Condominium | 2 Bedrooms, 2 Baths | 1,056 ft²

Brooklyn Point, #48B (Serhant LLC)

From the Listing: A pristine residence nestled in the prestigious Brooklyn Point development, this stunning 2-bedroom, 2-bathroom home is a portrait of contemporary Brooklyn living. Features of this 1,056-square-foot home include beautiful wide plank stained oak floors, floor-to-ceiling windows with northern exposure and panoramic views of Manhattan, an in-home washer/dryer, and a harmonious light wood color palette with satin copper fixtures and finishes designed to accentuate space and natural light. A welcoming foyer adorned with a coat closet and full bathroom flows into a spacious open-concept living room, dining room, and kitchen saturated with natural light. See floor plan and full details here.

Smith & Douglass, Boerum Hill

85 Douglass Street
1 availability for $1.67M
One year of common charges and taxes paid by sponsor

Smith & Douglass (Douglas Elliman)

Smith and Douglass, #PH
$1,670,000

Boerum Hill | Condominium | 2 Bedrooms, 2 Baths | 1,078 ft²

Smith and Douglass, #PH (Douglas Elliman Real Estate)

From the Listing: Residence PH is a luxuriously appointed 2-bedroom, 2-bathroom home with a private terrace off of the living room. The gracious living space unfolds into the custom-designed kitchen that features striking, hand-selected honed Arebescato D'Oro countertops and backsplashes. A state-of-the-art appliance package by Miele makes this a home chef's dream. The generously apportioned bedrooms have sizable closets and plenty of natural light streaming in from oversized windows. See floor plan and full details here.

Oosten, Williamsburg

429 Kent Avenue
8 availabilities from $1.43M
Sponsor offering tax abatement

Oosten (Compass)

Oosten, #PH5
$4,500,000 (-9.9%)

Williamsburg | Condominium | 6+ Bedrooms, 6+ Baths | 5,086 ft²

Oosten, #PH5 (Compass)

From the Listing: This spacious duplex home has double-height ceilings and oversized rooms throughout. Piet Boon’s design features calming colors and clean lines that perfectly accentuate the roomy, airy features of the homes. An indoor swimming pool, a children’s playroom with a bouncy-house, a 13,000+ square-foot lush green courtyard and much more – Oosten is known for having one of the best amenities package in Williamsburg, not to mention New York City. Parking included! See floor plan and full details here.

Parker House, Greenpoint

183 McGuinness Boulevard
2 availabilities from $1.075M
Sponsor will cover 2 years of common charges for all new signed contracts

Parker House (Serhant LLC)

Parker House, #2A
$1,075,000

Greenpoint | Condominium | 2 Bedrooms, 2 Baths | 890 ft²

Parker House, #2A (Serhant LLC)

From the Listing: Graced with a charming Juliet balcony and a collection of contemporary fixtures and finishes, this brand new 2-bedroom, 2-bathroom home combines urban elegance with relaxed Greenpoint living in the heart of one of Brooklyn's trendiest neighborhoods. The home begins enters into a gracious foyer with coat closet, leading into an open-concept living room, dining room, and kitchen. The kitchen is adorned with an eat-in peninsula, soft-close cabinets, sleek Calacatta quartz laza gold waterfall countertops, a matching backsplash, built-in shelving, and high-end stainless steel appliances. See floor plan and full details here.

The Eldertree, Bushwick

68 Eldert Street
1 availability for $1.195M
Sponsor will pay two years of taxes

The Eldertree (Corcoran Group)

The Eldertree, #2B
$1,195,000

Bushwick | Condominium | 3 Bedrooms, 2 Baths | 1,119 ft²

The Eldertree, #2B (Corcoran Group)

From the Listing: Residence #2B is a 1,119-square-foot 3-bedroom, 2-bathroom condo filled with sunshine from triple exposures. This apartment has a huge private terrace that faces southwest, plus you can enjoy the shared roof deck! The primary suite comes with a walk-through closet and en-suite bathroom. The home office space is located in the center of the home, so you can focus without distraction. The kitchen features a peninsula island, gas stove with a pot filler, microwave, dishwasher, a wine fridge and a French Door refrigerator. See floor plan and full details here.

341 13th Street, Park Slope

2 availabilities from $1.5M
Tax credit provided by sponsor

341 13th Street (Nest Seekers LLC)

341 13th Street, #PH
$1,500,000

Park Slope | Condominium | 2 Bedrooms, 2 Baths | 948 ft²

341 13th Street, #PH (Nest Seekers LLC)

From the Listing: A brand new condo nestled three blocks from Prospect Park, this stunning 2-bedroom, 2-bathroom penthouse combines urban elegance and refinement with bold finishes and private outdoor space. European white oak chevron floors adorn an open-concept living room, dining room, and kitchen. Soaring 12-foot ceilings add volume and depth and oversized windows let in an abundance of natural light. The living room leads onto a huge terrace spacious enough for grand alfresco meals, rooftop gardening, and outdoor yoga. See floor plan and full details here.

323 Lenox Road, Prospect Lefferts Gardens

3 availabilities from $550K
Storage unit included in purchase price
Sponsor-paid 2/1 rate buydown available

323 Lenox Road (Corcoran Group)

323 Lenox Road, #2F
$799,000 (-11.1%)

Prospect Lefferts Gardens | Condominium | 2 Bedrooms, 2 Baths | 809 ft²

323 Lenox Road, #2F (Corcoran Group)

From the Listing: Introducing 323 Lenox Road, the newest condominium offering on the Prospect Lefferts Gardens/Flatbush border. Interiors are framed by up to 10' exposed concrete ceilings, floor-to-ceiling sound attenuated windows, and ash gray, wide plank, European oak flooring. See floor plan and full details here.

H70, Midwood

618 Avenue H
15 availabilities from $460K
Sponsor will buy down mortgage rate for first two years

H70 (Corcoran Group)

H70, #6B
$1,100,000

Midwood | Condominium | 3 Bedrooms, 2 Baths | 1,107 ft²

H70, #6B (Corcoran Group)

From the Listing: Each unit within the H7O condominium features a meticulous attention to detail, showcasing luxurious finishes and tasteful color palettes that accentuate the comprehensive and sophisticated design. Interior features include European oak hardwood floors, finished doors, and oversized windows and LED light fixtures. The custom designed kitchens have Fulgini Contract Italian cabinetry with soft closing doors and drawers, engineered quartz Calaccatta design countertops and backsplash, trimmed with under-cabinet LED lighting. See floor plan and full details here.

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Contributing Writer Cait Etherington Cait Etherington has over twenty years of experience working as a journalist and communications consultant. Her articles and reviews have been published in newspapers and magazines across the United States and internationally. An experienced financial writer, Cait is committed to exposing the human side of stories about contemporary business, banking and workplace relations. She also enjoys writing about trends, lifestyles and real estate in New York City where she lives with her family in a cozy apartment on the twentieth floor of a Manhattan high rise.

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In this article:

Securing financing and getting preapproved

Pros and cons of working with a preferred lender

Getting prequalified or preapproved

Preparing your required paperwork

The advantages of pursuing a cash-only purchase

Considerations for foreign buyers

Making an Offer and Negotiating with Developers

The steps involved

What is negotiable when making an offer?

Tax implications

Taxes on new condos vs. resale condos and coops

Tax abatements

Condo taxes vs. fees

1 Wall Street 6 availabilities from $1.15M Limited time buyer incentives

130 William Street 13 availabilities from $1.395M Limited time buyer incentives

252 South Street 21 availabilities from $1.23M Sponsor will buy down mortgage interest rate by 3% annually for first three years 20-year tax abatement in effect

202 Broome Street 7 availabilities from $1.395M 24-month common charge incentive

219 Hudson Street 4 availabilities from $2.395M One year of tax and common charges for full ask penthouse contracts

6 availabilities from $1.29M Sponsor will cover two years of common charges for all signed contracts before March 31, 2024

Select which properties are of interest to you:

128 East 28th Street 2 availabilities from $1.995M $50,000 closing credit for contracts signed by March 31, 2024

368 Third Avenue 12 availabilities from $1.939M $50,000 closing credit for contracts signed by April 30, 2024

16 West 40th Street 5 availabilities from $1.95M No common charges for 12 months Reduced closing costs

250 West 96th Street 13 availabilities from $1.915M 12 months of free common charges on contracts signed through May 31, 2024

2351 Adam Clayton Powell Jr. Boulevard 7 availabilities from $550K Interest rate buy down options 25-year tax abatement in effect

138 Willoughby Street 12 availabilities from $1.23M Sponsor will pay 5 years of common charges and real estate taxes for new contracts on 2- and 3-bedrooms before June 30 25-year tax abatement in effect

85 Douglass Street 1 availability for $1.67M One year of common charges and taxes paid by sponsor

429 Kent Avenue 8 availabilities from $1.43M Sponsor offering tax abatement

183 McGuinness Boulevard 2 availabilities from $1.075M Sponsor will cover 2 years of common charges for all new signed contracts

68 Eldert Street 1 availability for $1.195M Sponsor will pay two years of taxes

2 availabilities from $1.5M Tax credit provided by sponsor

3 availabilities from $550K Storage unit included in purchase price Sponsor-paid 2/1 rate buydown available

618 Avenue H 15 availabilities from $460K Sponsor will buy down mortgage rate for first two years