Buying A Condo Conversion From A Sponsor

The ~1.1825% in taxes still seem to be mostly paid by the buyers. Here's one where the sponsor paid: http://streeteasy.com/nyc/sale/502407-condo-44-east-67th-st-lenox-hill-new-york

it's all negotiable lobster, but yes it is traditional for the buyer to pay the transfer taxes.

*when buying from the sponsor

Regardless of when the building was converted, if you're buying from the sponsor the onus of the transfer tax (1.825% of the purchase price) is on the buyer. I haven't seen too many recent buyers able to negotiate the sponsor paying the tax, but it's certainly not impossible.

Lobster: Careful with sponsor units.( and also the surrounding non-sponsor apartments ) The sponsor in my building is also on the Board. He gets away with doing renovations without the required permits, and uses unlicensed contractors. Leaks, mold, non-working ventilation systems; the problems that result!

Check www.propertyshark.com, to research DOB. violations, and open HPD. violations. Also look at the permits section.

I would think careful attention to the engineering reports would be prudent. What are the buyers walking into with regards to future repairs to the roof, boiler, pipes exterior, electrical work, etc. That the sponsor has provided you with new cabinets, sink and appliances would seem to be the least of it.

You said it, Riversider!

This has got to be a mistake for so many reasons unless they are putting a major discount such as 1/3rd off for insiders.

If nothing but for the peace of mind factor, go with new construction from a quality builder. Pre-War has be losing its luster these days considering WWII ended 65 years ago...I doubt most people looking at pre-war are looking at the Dakota or the San Remo.