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time to close for new condo in Brooklyn

Started by Brooklyn_Buyer
over 9 years ago
Posts: 1
Member since: Nov 2015
Discussion about
Hi, I've just had my offer accepted at a new construction, 8-unit condo in Brooklyn. The construction is basically complete; all that's left is to install appliances. My lawyer says that delays with the city in issuing tax lots mean that I might have to wait 6-9 months to actually close. Any insight into this?
Response by stevenlee21
over 9 years ago
Posts: 88
Member since: Mar 2013

I would say 4 months minimum.

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Response by uptown_joe
over 9 years ago
Posts: 293
Member since: Dec 2011

You can also check on DOB-related progress using BISWeb -- look up the building by address and there is a section where you can see whether certificates of occupancy have been issued (or if not, what open items remain). Even if it's built it has to get inspected and signed off in various ways to get at least a TCO (temporary certificate of occupancy) before you can move in. That combined with the other aspects -- do you need to arrange your financing, any NYC DoF items for the building to address, any offering plan finalization issues with NYS AG's office, and more -- definitely means 3-4 months minimum living elsewhere, and you should have at least a rough plan for what you might do in months 5, 6, 7 and beyond if you needed another place.

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Response by iemmathu
over 9 years ago
Posts: 7
Member since: Mar 2013

There are so many many things outside of your apt that need to be completed before you are able to close. Have you signed the contract and put down a deposit? As uptown_joe mentioned the CO/ TCO is very important you cannot move in without it. When I signed my contract on a similarly sized newly constructed condo in Brooklyn the construction was complete and the appliances were installed. I did not close until a year later.

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Response by fieldschester
over 9 years ago
Posts: 3525
Member since: Jul 2013

What part of Brooklyn?

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Response by Brooklyn_Buyer
over 9 years ago
Posts: 1
Member since: Nov 2015

Thanks, everyone. The building is in Clinton Hill. Yes, I've signed the contract and put down a deposit.

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Response by BedStuyCondo
almost 9 years ago
Posts: 6
Member since: Jan 2017

Sorry to revive this post but I'm now looking at a new construction condo in Brooklyn. The construction is complete and the offering plan is about to be approved by the AG. the CO is in process. iemmathu - what issues did you have that prevented you from closing a year later? Brooklyn_Buyer - its been a year and a half since you posted this, what was the timeline of your purchase? My attorney should be receiving the OP in the next week or two so any input that might help me before I go into contract would be great.

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