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What Is A Condop?

A condop is a co-op building with both commercial units (usually on the ground floor) and residential units, each governed by separate boards, unlike a typical co-op building that only has one board looking over the whole building. A condop basically consists of two condos – One consisting of all the commercial space, while the […]

What Is A Tax Abatement?

A tax abatement is a financial benefit that may reduce the amount of property tax you have to pay in NYC. Abatements reduce the taxes after they have been calculated, and the condo owners may qualify for these tax abatements directly and get a smaller property tax bill. Since co-op buildings are taxed as a […]

What Are Post-War and Pre-War Buildings?

What Are Post-War Buildings In NYC? Any commercial or residential building constructed after the Second World War is essentially post-war. However, most sources put the exact timeline between the 1950s and 1990s, though some start the post-war architecture period in 1945. Buildings built before that time are pre-war and buildings constructed after the 90s are […]

What Are Inspections?

An inspection or a home inspection is a detailed examination of a property by a licensed professional that checks a property’s structure, condition, appliances, and heating, cooling, plumbing, and electrical systems to see if there are any problems. These inspections are quite common before buying a property.  They are more common in single-family homes than […]

What Is A Gut Renovation?

Any renovation or remodeling of an apartment or another structure that requires stripping away the walls and flooring to expose the “guts” of the structure is called a gut renovation. A full building or apartment gut renovation sometimes also includes tearing down walls, which leaves you with just the outer structure (shell) and load bearing […]