Skip Navigation
StreetEasy Logo

what constitutes the term new development?

Started by harryap
over 16 years ago
Posts: 12
Member since: Nov 2008
Discussion about
I know this sounds self explanatory, but what exactly is the definition of new development for condos. I am considering purchasing condo in a building that was completed 8 months ago. There is a renter that has been living there from the beginning. I would be purchasing the unit from the sponsor - do I still have to pay the NYC transfer tax even though I am not technically the first occupant? Does the seller (the sponsor) pick up this cost?? Thanks.
Response by nycbrokerdax
over 16 years ago
Posts: 180
Member since: Dec 2008

Harryap, regardless of if the sponsor still owns the unit, at this point I would certainly put your offer in with it spelled out that the sponsor is paying the transfer taxes.

Ignored comment. Unhide
Response by jimstreeteasy
over 16 years ago
Posts: 1967
Member since: Oct 2008

HARRYAR...what discount are you getting off the prices paid by the original early purchasers?...any new sales contracts in the last year? Why buy now?

Ignored comment. Unhide

Add Your Comment

Most popular

  1. 35 Sutton Place...coming soon
    81 Comments
  2. USB says NYC is one of least bubbly RE markets
    17 Comments
  3. Losses on Manhattan condos
    52 Comments
  4. Mamdani and rent control
    47 Comments
  5. Major appliances
    33 Comments