purchasing condo in LLC name

Purchasing in the name of an LLC should not be a problem. You will most likely have to provide the incorporation docs and some resolution authorizing the LLC to be involved in the transaction.

Transferring to an LLC at a later date might be a bit more difficult and may require board approval and/or approval from your lender (if you are borrowing.)

Always easier to take care of everything at or before you get to the closing table as opposed to later down the line.

Getting a mortgage under an LLC is more difficult and usually the rate is higher because banks do not offer them. If you purchase under your name and then transfer to an LLC and the bank finds out, they can call the loan. Be careful.

csn makes a very good point.

I have however represented a client who borrowed in her own name and received permission from her bank to take ownership in the name of a trust. Not sure if it would be as easy with an LLC but you can always discuss with your lender.

wasn't there talk to make abatements or tax exemptions not apply also if you are an LLC? dunno if that ever came through or not.

"Always easier to take care of everything at or before you get to the closing table as opposed to later down the line." +1

We use C corps (all cash though). As AKSEL mentioned, make the decision before closing. Ask the condo via magmnt company. If you're financing, ask a mortgage banker/broker. And of course, speak with a RE attorney and accountant.

Highly recommend seeking professional advice.

Good luck with your purchase.

Snuffles, you are also correct. As of July 1, 2014, LLC's will most likely not be eligible to receive the coop/condo abatement since it goes against the notion that the owner must be the primary resident of the Unit.

I still want to know why primary residency should have anything to do with the abatement. how about, ownership?

One theory floating around is the City's incorrect assumption that LLCs are only used by more affluent individuals who don't really need the tax breaks.

http://www.nyc.gov/html/dof/html/property/coop_condo_abatement.shtml

You have to be the primary owner. LLC do not appear to get the tax break.