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Real Estate Definitions
Manhattan Apartments: Condos, Coops, and Lofts...
In Manhattan, there are a variety of terms to describe NYC apartments, whether it be one bedroom, two bedroom, etc. One will find that in most cases, similar terms can refer to two enormously differentapartments. What's a Duplex, a flex 2? A railroad versus a junior 4? The following terms currently usedin the Manhattan marketplace will make you a pro when dealing with apartments.
A one room apartment with bathroom and kitchen area. A convertible studio is a studio large enough to section off a separate sleeping area or bedroom. It canbe either a straight-line studio or an alcove studio. An alcove studio has an alcove, or distinct separate area or nook for dining or sleeping. Generally, alcove studio implies a larger apartment than a straight-line studio. Often they are configured in an L shape, orthey may have an area separated by an archway that can be sectioned off as a separate room.
Some have full separate kitchens; some do not. These apartments vary dramatically in size. Some bedrooms can fit only a twin-size bed or cot; otherscan accommodate a king-size bed and offer a sitting area. A junior 1-bedroom usually implies an extra-large studio or small loft, large enough to section off aseparate sleeping area or bedroom. Some one-bedrooms may have an eat-in kitchen and a separatecombined living/sleeping area. A "three-room" may be an apartment with a third room that is not conveniently situated to be practicalas a separate bedroom or full living room, such as in a railroad layout. A junior 4 is a large one-bedroom that usually has a full separate kitchen and a separate dining area,large foyer, or living room big enough to section off.
A full 2-Bedroom or "real 2-Bedroom" has two actual, separate bedrooms plus a living room, and may or may not have a separate kitchen. Bedroom sizes canvary widely, from a baby's room or small office to a sprawling master bedroom suite. Naturally any 2-bedroom is in fact converted from a large one-bedroom,due to the face that it makes the building process easier. In most cases the sight of 1 or 2 bathrooms was originally designed as a legitimate full 2-bedroom. A Convertible 2-Bedroom, or "flex 2" is a one-bedroom large enough and laid out in such a way that a wall could be put up to create a second bedroom.A wing apartment has two bedrooms and a small common area such as an eat-in kitchen, but no real living room. These apartments are commonly found inGreenwich Village and are good for students or roommates who don't require much in the way of common living space.
Common space, kitchen, and size of the bedrooms can vary widely, but it obvious these apartments are composed of the largest spaces. A convertible 3-bedroom is a 2-bedroom large enough and laid out in such a way that it can be converted into 3 bedrooms. A "classic 6" is a 3-bedroom apartment--usually found in turn-of-the-century luxury buildings--that was originally designed with two bedrooms, a maid'sroom, full dining room, living room and kitchen.
Additional Types of New York Apartments
An open space that usually results from a commercial building having been converted into residential units. These hard to find apartments tend to have highceilings and extra-large windows. Any prime Manhattan loft has premier wooden floors, and is usually situated in a walk-up building. The layout of any loftscan range from one to three bedrooms with a hefty living room.
This is an apartment with two levels. It could be a legitimate bi-level apartment with an enclosed upstairs and downstairs, or it could be an open space withan extra-high ceiling and a loft or mezzanine.
Same as above, but three levels.
One room leads into another, There are no separate hallways.
Live / Work Space
Usually refers to a commercial building where some residential tenancy is accepted. A live/work space has a kitchen and full bathroom with shower
Zoned for business use only. This loft usually has no kitchen and a small bathroom with no shower.
This is an add-on structure usually found in apartments with high ceilings (10 to 14 feet or more). Typically it's like the upper level of a bunk bed, with aladder leading up to it. It usually accommodates at least a double-size mattress, although some are larger. The space below is often used as a closet or deskspace, and the higher the ceiling, the more comfortable a sleep loft will be to sleep in.
Furnished Apartments (for rental)
Can include light furnishings (basic furniture) or "soup to nuts" (dishes, utensils, small appliances, etc.) SEE RENTALS HERE
Balcony or Terrace
Often used interchangeably to indicate an outdoor railed platform extending from the apartment. It can be small enough to accommodate one or twopersons standing or large enough for a picnic table, lounge chairs, and plants. It usually has a roof provided from the balcony/terrace of the apartment above.
Roof Terrace or Roof Deck
This implies a larger terrace or patio provided by the roof of the extended floor below. It usually has brick wall barriers around the perimeter, is open to thesun, and some wrap around the corners of the building.
Garden or Backyard
Many ground floor apartments offer private access to the backyard. It can be tiny or large, and in larger buildings with multiple rear exits, it may besemiprivate or shared.
Cooperatives also known as co-ops are the most common type of apartment in Manhattan. In NYC, 85%of all owned apartments are co-op and almost 100% of prewar apartments on Park Avenue, Madison Avenue, Fifth Avenue and Central Park West are in cooperative buildings. Co-ops are buildings thatfunction as a corporation. When you purchase a co-op apartment, you are indeed buying shares of acorporation which entitles you, as a shareholder, to a "proprietary lease" of the specific unit you areinterested in.
The larger the apartment, the higher the floor and view, the more shares within the corporation you willown. Co-op shareholders, have to pay a monthly maintenance fee to cover the building expenses whichinclude heat, hot water, insurance, staff salaries, real estate taxes and the mortgage on the building.
Part of the monthly maintenance fee is tax deductible due to the building's underlying mortgage interestand real estate taxes. Each co-op has a board of directors which determine the set of rules that will beapplied in the building. The board can decide how much of the purchase price may be financed, if pets,sublets, or washer/dryers will be permitted, increase in maintenance among other issues.
All building rules and regulations should be viewed carefully before a purchaser signs his/her contract.Additionally, the Board of Directors gives their approval or rejection of the sale to a potential buyerbased upon the purchase application or board package.
Provides you with a "fee simple" ownership of real property, the responsibilities include payment of all real estate taxes, maintenance and repairs of the property. Sale of a town house may be sold to any party without prior approval by anyone other than you, the homeowner.
There are two Types of Town Houses:
The property must only be occupied by one family, either owner or renter.
You can occupy or lease out one of the units while leasing out the other units as income producing units.
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