Articles

Air Rights – What Are They?

Air Rights or development rights refer to the building/selling rights a lot owner in NYC has for the maximum buildable area they haven’t utilized yet.

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What Is An HVAC?

An HVAC system is responsible for circulating hot and cold air inside a building and maintaining the indoor temperature at comfortable levels.

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What Is An Exclusive Listing?

An exclusive listing in NYC is when only one broker has the exclusive rights to list and market a property. This gives them the surety of earning the commission.

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What Is A Gut Renovation?

Compared to partial or cosmetic renovations, a gut renovation project can be costly, challenging, and time-consuming, but it allows you to recreate your home interior almost from scratch.

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What Is Amortized or Net Rent?

Net effective rent or amortized rent is calculated by dividing the total rent you have to pay (after discount) over the term of the lease by total months in the lease.

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What Is A Mortgage Recording Tax?

Property buyers in NYC need to pay a Mortgage Recording Tax when taking out a mortgage to buy a property or refinance an existing property.

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