TCO question for new development

Its up to the city, so there's no telling. There are SEVERAL inspections to pass, you can track your building's progress on the DOB BISweb website (there's a checklist and when the building passes an inspection it gives the date that the item was "checked off").

Once all inspections are passed, it might take a month to get a CofO. Keep in mind, you should never close with a TCO. Once the builder has your money and has no responsibility for the building, converting your temporary CofO to a permanent CofO could essentially fall on the new owners. Until you have a final CofO you won't be able to get a mortgage and won't be able to sell your unit. Not a situation you want to be in.

Not sure what @bingbong is talking about relating to CofO versus TCO. A new development will only have a TCO when you first move in and the banks have no issues financing your unit or selling if you flip prior to the building getting a CofO. It is not uncommon for a TCO to be continuously renewed every quarter for a bit especially if there is more than just a residential piece to the building, ie commercial space. The Developer has the responsibility to get the CofO in place. While the new owners via the management company are responsible for keeping systems up to date and filing all inspection reports necessary, the Developer is responsible for the filing with the city.

I agree I can close on TCO. In my contract it says that the sponsor is required to get the C of O a year after the first move happen.

Sponsor told us that the inspection passed like a month ago. I have looked at the DOB site and it says that they have cleared up all the violations and they are up to date with their electrical/elevator/plumbing.

Once they submit the paperwork for the CofO, if everything is in order, probably 1-2 months (the DOB is perpetually back-logged). But that's with the idea that all i's are dotted and t's crossed.

You can obviously close with a TCO, but i guess it depends on the level of risk you're comfortable with, or the level of trust you put in your developer. If its Toll Brothers, then fine. If its some guy you've never heard of, and may never hear from again, i would either wait for the final CofO or put some money in escrow against it. Just my two cents. There are way too many horror stories about new construction and shady developers to just go on faith.

I do not really understand your point as I have not really seen a building begin closings with every single detail complete and a full CofO in place. So are you stating that no one should buy a new development condo?

Anything short of a final C of O is insufficient. Yes you can get financing with a TCO with some Banks, yes you can live at the premises temporarily at the leisure of DOB and whether they decide to keep renewing the TCO, but you take the risk of eventually being forced to hold the bag (and pay to finish the building and get the C of O, which may or may not be possible depending on how work was done up to that point) or suing the sponsor who may or may not be solvent or in the country at that point in time. I agree with Bingbong, if Tollbrothers or Douglaston Development I would trust them, if a small time player you must escrow some of the purchase price pending a final C of O.