New York City NYC

The successful purchase or sale of New York City real estate can be rewarding on many levels. Whether involving a home or an investment, it can also be challenging when undertaken without the right expertise. These guides are no substitute for having an experienced NYC advisor at your side, but they should help you to understand processes and products that are in many cases unique to the New York City market.

For Buyers

FOREIGN BUYERS
If you are a foreign national and are considering a purchase in the U.S., we are qualified to guide you. Buying practices in the U.S. generally, and in NYC specifically, may vary greatly from those in your home country. We will make sure that you understand those differences and are prepared for the process and requirements involved. For example, it is generally much easier to purchase townhouses or condominiums than co-ops, but purchasing a co-op is certainly possible and may be preferable in certain circumstances. Our advisors have assisted many foreign buyers with successful purchases in the NYC and they look forward to working with you. Please contact us if you would like to be paired with the right advisor for your circumstances.

UNDERSTANDING CO-OPS
Over 75% of the residential buildings in NYC are co-ops. On a cost per square foot basis, co-ops are generally less expensive than condominiums (condos). For example identical co-op and condo units might be priced at $1,250,000 and $1,450,000 respectively. Depending on your situation and goals, purchasing a co-op can be a great option that allows your budget to go further. To determine if it is likely to be the right choice for you, it is important to fully understand the nature of co-op ownership and the purchase process. Learn more

TYPICAL PURCHASE TIMELINE
Purchasing the home of your dreams in NYC is an exciting and rewarding process, but even with the very best broker representation it can take longer than you may expect. It can also vary greatly depending on whether you are purchasing a co-op, condo or new development unit. Our purchase timeline will give you a better idea of what to expect in your situation. See the timeline

For Sellers

STEPS IN THE SALES PROCESS
The first step in the process is always selecting the right real estate professional to assist you. In NYC this means a REBNY (Real Estate Board of New York) member with experience and up-to-the-minute knowledge of a market that changes from week to week and neighborhood to neighborhood. It also means a firm that will position your property effectively and broadly. For more about the advantages that Engel & Völkers NYC and our advisors offer, review our “Services” section.  To better understand the entire process, continue to review the steps.