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TCO and New Developments

Started by iluvappa
over 12 years ago
Posts: 49
Member since: Apr 2012
Discussion about
Does anyone know how long it takes to obtain a TCO for new developments in NYC? I have been waiting and waiting for this new building to get their TCO so I can apply for loan, but seem to be taking forever.
Response by ab_11218
over 12 years ago
Posts: 2017
Member since: May 2009

it depends... you are leaving out so many things and the developer is not telling you so many things, that it can be weeks or 6 months

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Response by semerun
over 12 years ago
Posts: 571
Member since: Feb 2008

In my case, the developer completed the project when they stated they would- but the TCO wasn't issued until a few months later leaving us in limbo while waiting for the Department of Buildings sign-off. In your case, where is the developer- is the building completed on schedule? Any outstanding violations or incomplete issues with the Dept of Buildings? Obviously the answer to these questions gives you insight as to expected time frame.

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Response by iluvappa
over 12 years ago
Posts: 49
Member since: Apr 2012

Thanks guys. The condo is actually 95% completed already with the exception of just adding furnitures on the rooftop and I guess cleaning up the place.

From previous research, I have learned that this condo was built in 2009 but had issues with their original broker and getting financing with their first bank. Now those issues have been taken care off and they are now with Nestseekers and are back in the market again this year. I've looked up the address from DOB website but I"m seeing violations that dated back in 1990s from previous developers. As for more recent violations 2012 and forward seem to be just work permit issues. Not sure if that's the holdup with the TCO. It doesn't look like they have any sort of structural violations.

The selling agent seem to be as frustrated as we are with getting the sign off. He's been very good with keeping us in the loop of things, however, seem like this DOB delay is not within his power.

It's been 3 months since I signed the contract and gave my downpayment. I need to move out by August and this delay is making me worried.

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Response by ANagin
over 12 years ago
Posts: 68
Member since: Dec 2010

It is up to the developer to get the final C of O. Admittedly DOB is difficult to work with, however it is the developers job to jump through the hoops in order to secure the document. If they are good they will get it done.

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