The 772 units boast a combined value of just over $17 billion, with 39. tenants must be offered a six-month right of first refusal if the sponsor is going to sell any occupied unit in the future. This special risk to buying a new construction home in NYC is disclosed in the Special Risks section of the building’s offering plan. Sponsor Unit - Riverdale New York Real Estate. EXEMPTION FROM FILING UPDATE AMENDMENTS . Tremada Properties, an affiliate of London-based William Pears Group Ltd. Features. For New York City, this tax amounts to 1 percent of the purchase price for apartments under $500,000 and 1. Rental Unit in East Village at 355 East 4th Street #66 for $4,000. Use the filtering options available (number of bedrooms and bathrooms, square footage, year built, etc. No-fee rentals. Platinum Properties is proud to present residence 35A at 75 Wall Street, featuring unobstructed views overlooking the East River. . It also used to matter that a sponsor sale's down payment requirement is often 10%, but with most (all?) banks demanding 20% now, it doesn't really make a difference. NYC’s Rent Guidelines Board meets every June to set the allowable increases for rent-stabilized leases. 5800 Arlington Ave APT 8E, Bronx, NY 10471. 5 results. As CityRealty data shows, condos in New York's Downtown neighborhoods are in hot demand. SPONSOR UNITS NYC LLC (DOS #6523943) is a Domestic Limited Liability Company in New York registered with the New York State Department of State (NYSDOS). Who owns it, then? The building, typically. For groups of units held as rentals or for commercial units within a residential condominium development that areAlthough New York’s highest court has held that sponsors have an implicit duty to sell enough apartments to make the co-op (or condo) viable as an owner-occupied building, that decision is of little. However, given I did like the unit, I initially offered to renogitate on the price given the greater than 5% discrepancy in sqft, yet when I pointed out this discovery to them, they immediately. 3 bds; 3 ba--sqft - Apartment for sale. 1 bathrooms. REAL ESTATE FINANCE BUREAU . This is truly a buyer’s market, and for those rushing to move forward without time-consuming and intrusive board interviews, one. 13 views, 3 likes, 0 loves, 0 comments, 0 shares, Facebook Watch Videos from Sponsor Units NYC: Take advantage of this rare opportunity to #renovate a #SponsorUnit to your liking by going into. . They didn't give a reason but I was told by the seller it was my proposed renovations (ventless washer/dryer combo unit, jacuzzi, ventless fireplace). A Rare find in the center of Riverdale, Top Floor, sponsor unit with NO BOARD APPROVAL! This is a TOP FLOOR, sunny, airy, large, renovated 2. New York City’s Department of Housing Preservation and Development (HPD) has announced a new pilot program to help homeowners add an extra apartment. new york, ny 10022. 3 bds; 3 ba; 1,500 sqft - Condo for sale. One person $118,680Two persons $135,600Three persons $152,520Please. What Is a Sponsor Unit? The short answer: it’s an apartment that has never been sold. Y. Also not eligible: sponsor units; units owned by a business (LLC); pieds-à-terre; units being rented out; and properties already receiving certain government assistance or subsidies, such as a Housing Development Fund Corporation or a Mitchell-Lama building, among other types. In addition, tenants who are. TRV67811---. Buyer closing costs are higher for condos vs. according to records filed with New York City’s Department of Finance. 7 million closed at $43. its construction harkens back to New York City at the end of the Jazz Age. SPONSOR UNIT with NO Board Approval and only 10% down! This spacious and sun-drenched unit features a beautiful kitchen showcasing granite countertops, stainless steel appliances and modern white cabinetry,. See a list of these real estate licenses. 10453, NY Home for Sale. this offering plan is the entire offer to sell these condominium units. Cash offers preferred. units, or lots: (1) the sponsor/successor sponsor(s)/holder(s) of unsold shares learns that theit depends on what is written into the offering plan. How does one tell whether the sponsor still owns units in a COOP? Also, how do you find out the real name of the sponsor?But the pandemic has ravaged New York City’s real estate market and its premier, $25 billion development, raising significant questions about the future of Hudson Yards. The condo is a sponsor unit, so the builder hasn't sold it yet. New York. Described as 'sponsor unit' Sort by. In the nearby 56. Co-op in Forest Hills. The group sued in an effort to compel sponsor Katherine Chou of Chou Management to sell units at the 32-unit building at 259 Elizabeth Street, which was converted and declared effective in 1988. (The average Manhattan apartment last year cost around $1. In terms of contract activity and. I read online that this is undesirable because the majority owner can increase HOA fees significantly at any point or change up the rules that may negatively impact people who own their units. New York's Housing Stability and Tenant Protection Act of 2019 affects a landlord's ability to convert rental buildings as well as the operation of existing cooperatives and condominiums. LISTING BY: ROSE ASSOCIATES, INC. Harris says whether Covid-related or not, New York will "definitely see more sponsor units come to market on an annual basis. 9 million. A sponsor unit in a New York City co-op or condominium can be a real find: It means more privacy and less bureaucracy. [1] At the most basic level, “a sponsor unit is an apartment that has never been sold” before. 2 Bedroom Sponsor unit which has been totally renovated with a brand new kitchen with quartz countertops, white cabinets, tiled floor &. 10457, NY. A sponsor unit is a co-op unit that belongs to the sponsor, the building’s developer. 11374, Queens County, New York City, NY. The most significant problem in a sponsor's default is the sudden shortfall in the building's cash flow, which requires the non-defaulting owners to make up the difference. Most people can’t afford to buy a New York City condo as an investment property, but for those who can swing it—and can handle the. C. 28 LIBERTY STREET. Sponsor: 133-17 Sanford LLC. there are many different plans that were setup with the sponsors when the building went coop. One of the most desirable towers in Midtown East’s stately Tudor City complex, this 24-hour doorman building is equipped with on-site laundry and a 2,000-square-foot, recently updated gym with river views. 102-40 67th Dr. Sponsor sale! Offering brand new custom renovations! South facing! Located on 80th Street and 1st Avenue, the East Winds is a full service, 24. . Buying from Sponsor Transfer taxes and seller’s attorney fees become the responsibility of the buyer when buying a sponsor unit. A sponsor is a person or business entity starting a condo or co-op through conversion or as new construction. Marketing for sale Sponsor (& Re-sale) Units in NYC. Schedule and attend closing. The 4,628-square-foot sponsor unit went into contract in early September and closed a month later. Downtown Apartments for rent. Most co-ops will require you to meet strict financial. 215-3- -th Avenue, Unit 2D. Described as 'sponsor unit' Sort by. For 2-year renewals, the landlord can increase the rent 2. March 1, 2022. $1,995,000. A condo offering plan is a disclosure document that lays out the terms under which a sponsor, that is, the owner of the property, can sell you a condo (or parking space or storage bin). Sponsor units can be found all over New York City, according to our experts. . HPD will award rental assistance to eligible households meeting the population criteria for HRA’s Request for Proposals for the Provision of Congregate Supportive Housing (EPIN: 09617I0006). in Upper West Side. Page couldn't load • Instagram. Morningside Heights one-bedroom, one-bath co-op, $749,000: This renovated sponsor unit at 535 West 110th St. LISTING BY: BROWN HARRIS STEVENS. Homebuyers in New York City may be presented with the opportunity to purchase a “sponsor unit,” a type of property unique to New York City real estate. All closed sales data has been provided by the New York City Department of Finance via the Automated City Register Information System (ACRIS). An Accessory Dwelling Unit (ADU) is a small, independent residential dwelling unit located on the same lot as your home. 3. An offering plan is from the formation of the building. Higher rates apply for commercial transactions and multifamily properties with 4 or more units. The transfer of two adjacent condominium units by a sponsor, in a single transaction, is treated as the transfer of units combined at the time of sale and subject to tax as the sale of an individual residential condominium unit under Finance Memorandum 00-6REV. I guess the decision to sell a sponsor unit is within the powers of the board, but I thought that when the board decides to sell a sponsor unit, they are supposed to notify ALL shareholders, so that every shareholder has en equal opportunity to buy that apartment. Skip to main content Fulltext search FILTER RESULTS BY:. The New York City Mansion Tax starts at 1% for purchases on/above $1 million and below $2 million. Soon to be #renovated, stay tuned!Apartment at 200 East 95th Street, Unit 17A, New York 10128, United States. Find flushing properties for sale at the best price. A small group of law firms writes most of the plans in NYC. 425% if it is more. Harmony, a 16-unit boutique elevator condo building with a fitness center, parking garage, furnished roof deck, storage units, and bike storage. 1 bedrooms. For homes with sales prices over $500,000, the tax is 1. 30+ days ago Listedbuy. First, the current condominium owner or sponsor applies for new lots with the Tax Map Unit to create the new condo within the existing condo. By CityRealty Staff Thursday, September 16, 2021. 4 beds. “The [co-op] board doesn’t want two apartments owned separately, the concern being if they are not combined legally they will be combined illegally. 1ba. 118 Co-Ops For Sale in Yonkers, NY. The unit could be located within the existing home or could be a fully independent and detached structure. Sponsor Units - CooperatorNews New York, The Co-op & Condo Monthly. 525 West 235th Street, Bronx, NY. One person $118,680Two persons $135,600Three persons $152,520Please. “Sponsor listings” mostly are found in condo buildings, since. However, an RPIE must be. 11374, Queens County, New York City, NY . $225,000. This can be a tedious process as some co-op boards will require potential sublessees to fill out the same lengthy co-op board application as prospective purchasers in the building. 1 Penn Plaza, Suite 4000 NY, NY 10019. New York transfer tax rates depend on the price of the property as well as its location. OLE63914---. Long Island City, Queens County, New York City, NY . Read the New York State Fair Housing Notice. Additionally, the buyer’s lender usually pays 0. Corcoran Group If you're looking. A sponsor unit is an apartment in a co-op or condo that the developer or investor has retained after selling the other units. 2% in year 2. If you have any questions, please. . A sponsor unit is a type of apartment unit, typically found in condominiums (condos) and co-ops. . We discuss the impact of the conversion on property condition, the relative pricing of converted units to new construction condominiums, its impact on homeownership rates, New York State and New York City tax and fee incomes generated, and the related economic activities that result. § 442-H New York Standard Operating Procedures. It is asking $695,000. Sort: Homes for You. Listing by Redfin Real Estate. View property. You can estimate your buyer closing costs using this calculator. Congratulations on completing all of the steps to selling a co-op in NYC! At this stage, you can let the lawyers on both stage schedule and handle the closing. Plus One ADU Program will. $309,000. At 30 Park Place — a Four Seasons-branded residence where units are listed for sale at roughly $4,000 per square foot — more than eighty of the building’s 157 units have been listed for rent. CD# 14. 875%. Sunday 7/15 2:30-4pm. Agent listings. ft. . Sponsor unit no board approval Fully renovated spacious 1Br apartment Eat-In-Kitchen W/ all new stainless-steel appliances Newly. Find brooklyn properties for sale at the best price. New York City brokers define sponsor units as rent-controlled apartments in converted co-op or condo buildings that weren’t sold during the initial conversion. 98-120 Queens Boulevard, Unit 4G. 5 bedrooms. 1 bathrooms. Manhattan. One place to look is the prewar buildings that are plentiful on the Upper East and Upper West Sides. 87 results. Roberts says that co-op boards will usually require you to sign an agreement saying you will combine the units in a certain time or face a penalty. com. For Luis Vargas, the answer was to buy a sponsor co-op for his mom—one of the big incentives to buying these types of apartments is that you can skip the board approval process. For more information, call 347-846-2421. Please contact the listing agent to schedule an appointment. The appeal of these sponsor units is that there is no need to comply with co-op bylaws such as board approval or right of first refusal and other perks of buying directly from a sponsor can be. Find your next New York apartment or penthouse today. 765 Bronx River Road UNIT 4J. Cash offers preferred. In a co-op, a sponsor unit is owned either by the original owner or is one the co-op corporation converted from a rental. SE has a sponsor unit search. It has stainless steel appliances, white cabinetry, beamed ceilings, moldings, hardwood and tile floors, and several windows. Sort: Homes for You. Receive new listings by email. The state passed new transfer taxes in April 2019. If so, you will complete and upload the affidavit form. Visit us at 3801 Greystone Avenue • Riverdale • New York • 10463. New York Transfer Tax Rates 2023. From Great Listings Price Cuts: Japanese-Inspired home at 432 Park sells half off, while another unit in the building receives 25% haircut Wednesday, October 25, 2023 ; From Future New York Buying or Renting in New York City as a Foreign National + See the most popular NYC Buildings by Country Friday, October 20, 2023We have 27 properties for sale listed as sponsor unit great neck, from just $489,000. The NYC Real Property Transfer Tax (RPTT) is 1% to 1. Inspection Contingency. 1 bedroom in New York NY. . Located at 5 Tudor City Place 5 Tudor City Place, #5818, Manhattan, NY Murray Hill, Midtown East This unit is not currently listed on StreetEasy Other units available in this building: 14 active sales listings | 7 active rental listings studio, 1 bath, 400 ft² Changes in prices and units; Interim leases (if the sponsor can rent out any vacant unit before closing) The effective date and closing date (sale is contingent on plan being declared effective, i. The ELIKA Team. INCOME AND EXPENSE SCHEDULE FOR . 4 beds. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. $225,000. 4%. View property. When the tenant. This highly competitive and unique market. 765 Bronx River Road UNIT 4J. Compass. As New York prepares to roll back COVID restrictions, see new development sponsor listings and buildings (Mar 1, 2022) Pre-war vs. A sponsor unit is an apartment in a building that’s still owned by the original builder/developer of the building (in the case of condos) or an owner of the building before it went co-op, who still holds “unsold” co-op shares. Financing Contingency. Nice perks: free rolling racks and shelves, climate-controlled units, package acceptance, and a free storage shuttle for you and your stuff. Every year, the Rent Guidelines Board, a nine. Condo For Sale In Queens, New York. Zillow;We have 16 properties for sale listed as sponsor unit yonkers, from just $135,000. Sponsor units in NYC are more commonly found in co-op buildings that once operated as rental properties. This is a 3-bed, 2-bath, 1,350 sqft property. Also, see our Legal Assistance page and our Primary Residence FAQ. By Jennifer White Karp | July 18, 2023 - 2:30PM. The appeal of these sponsor units is that there is no need to comply with co-op bylaws such as board approval or right of first refusal and other perks of buying directly from a sponsor can be. Sponsor Unit • Condo. Attachment to application. Sponsor units in the building have been meticulously renovated with modern finishes and in-unit washer/dryers. The median monthly rent is about $1,400 for rent-stabilized units, compared with $1,845 for unregulated units, according to a recent city survey. Office of Teaching Initiatives 89 Washington Avenue Phone: (518 474-4661 Fax: (518) 473-0271 . New development contracts increased 35% in August 2022. So for co-ops, an offering plan was issued when the building converted. A buyer of a unit in a building or group of buildings that is under construction should first understand that the text of the offering plan governs the sponsor's obligation regarding the size and construction of the buildings, units and any ancillary spaces such as recreational facilities, parking spaces, or roof top cabanas, to name a few. FOR SALE. This information must be provided toAccording to HCR Fact Sheet #40: Preferential Rents: Pursuant to the Housing Stability & Tenant Protection Act (HSTPA) of 2019, tenants that were paying a preferential rent as of June 14, 2019, retain the preferential rent for the life of the tenancy. 4 All checks for closing adjustments aggregating in excess of $2,500. Bring. There's an issue and the page could not be loaded. Higher rates apply for commercial deals, vacant land and sales of multifamily properties of 4-or-more units. No Board Approval! 2 bedroom 1 bath unit located in the popular Gracemere Complex!Help - Purchase of a Sponsor Unit in NYC - More than 5% variance in sq. Areas. Sort: Homes for You. 765 Bronx River Road UNIT 4J. सुने NYC Sponsor Units - What You NEED To Know और seventy-nine अधिक एपिसोड Real Talk NYC Real Estate द्वारा, मुफ्त! कोई साइनअप या इंस्टॉल की आवश्यकता नहीं है। NYC Sponsor Units - What You NEED To Know. 2. MANHATTAN. SOLD CLICK HERE TO SIGN UP FOR ALERTS. 110-38 64th Ave #36/35B, Forest Hills, NY 11375. 2 beds. There are currently 38 condos for sale in Elmhurst, Queens, NY to browse through, with prices between $199,999 and $799,000. Figuring out your home’s estimated market value is a cinch with the StreetEasy Valuation tool. After all, Cooperative is our middle name! Call us at (202) 349-7455 or email Ryan Greer rgreer@ncb. licensed real estate brokers licensed to do business in. Forest Hills, York, York County, SC . Most Common Contingencies in NYC Real Estate Purchase Contracts. 1bd. 9 million. Find out about Sponsor Units before they go on the market! Tell us a bit more about you. 625% and the City rate remains 0. 4% for homes sold under $500,000, 1. My question is, doesn’t everyone in the building, shareholders and sponsor. The most expensive unit to enter contract was Unit 8401 at 35 Hudson Yards. Any residential sale below $3 million will remain at the already established 0. Other listings. A special category of apartments in New York City are called “sponsor units. New York City. Last. Check the list of developments to see if your development is required to submit the prevailing wage affidavit. Sponsor units come up more rarely than resale. Unit 9S sold to an anonymous buyer listed as “70 Vestry LLC,” according to records filed with New York City’s Department of Finance. New York city Real Estate is made up with Co-ops, Condominiums, Townhouses and Rental Apartments. This is why you see bellow that there would be a flip tax of $7k for this unit (350 shares by $20/share). 5Bath on the 4th floor of an elevator building. File no. Come see our magnificent 2 bedroom, sponsor unit. Property types in NYC range from condos, coop, townhouses, multi-family properties to new construction and sponsor units. Your attorney will provide this and detail some important protections you must know before deciding to buy. NYC Sponsor Units - What You NEED To Know. Co-op buyer closing costs are between 1% to 2%, which are much lower than the typical ~4% for condo apartments. $330,000. 1 bathrooms. If you are a self-reporting entity, please enter your address in the ‘Management Company’ box. So if the loan amount is conforming — up to $970,800 in New York City — then it’s possible to get as much as 97% financing, she says. Gorgeous and. It can also mean higher closing costs, however, and, in the case of co-ops. 28 likes, 0 comments - sponsorunitsnyc on April 18, 2022: "😍 #ParkSlope views from 9th floor #SponsorUnit. Which areas are you interesed in: Chelsea / Downtown. A sponsor unit refers to an apartment that is owned or being sold directly by the original developer or builder. Co-op in Turtle Bay at 321 East 43rd Street #410 for $2,500. FORM TC203 INSTRUCTIONS FOR 2023/24. $225,000. Unlike market-rate units, annual rent increases for rent-stabilized apartments are capped, so if landlords with these types of units raise rents at lease renewal time, they are limited to increases of a few percentage. ”. 758 billion — tied up in unsold units, the study found. Similar to when buying in a new development, it is customary for the buyer of a sponsor unit to pay the New York State transfer taxes and New York City transfer taxes on behalf of the seller. Most offering plans will stipulate that the sponsor relinquishes control of the board after 90% of the units are sold, or within 5 years of the first closing. “This is mainly because New York City and New York State have transfer taxes that will be paid by a purchaser instead of the seller when buying from a sponsor,” says Halstead’s Liao. And it is a mistake to sign on the dotted line unless you truly understand the particulars of buying here, such as tax abatements, sponsor units, and the big one: The difference between a co-op and a condo. 004 percent of the purchase price (which equals $4 per $1,000 of purchase price). With its sprawling green spaces like Wave Hill Gardens, and Seton Park, Riverdale can feel somewhat removed from New York City but if you can handle the commute, this two-bedroom apartment, 3840 Greystone Ave. $465,000. Sponsor: Madison 33 Owner, LLC, 461 Park Avenue South, 6th Floor, New York, N. new york law requires the sponsor to disclose all material information in this plan and to file this plan with the new york state department of law prior to selling or of-fering to sell any condominium unit. The city transfer tax is 1 percent of the purchase price on sales over $500,000 (or 1. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. The new laws require disclosure of the name of every natural person who owns a membership interest, directly or indirectly, in an LLC that is the grantor or grantee of residential property containing one to four units. The main disadvantage of sponsor units is that the sponsor may require the buyer to pay the transfer tax, which means closing costs will be higher. 2. There may be case by case downsides but your lawyer will advise you. See hundreds of apartments in New York City with Platinum Properties. . Find jackson heights properties for sale at the best price. If a tenant didn’t buy, the sponsor of the co-op conversion, usually the building owner, retained ownership of the apartment and continued renting it to the tenant. sponsor unit means you are the first to have bought that unitYou bought it from the developer as opposed to a previous owner. Net. SPONSOR UNIT! NO BOARD APPROVAL! 2 BED, 2 BATH W/PARKING! 5424 Arlington Ave, H63, Bronx, New York, 10471, United States Open House. PREWAR 3 BEDROOM CONDO IN PRIME LOCATION WITH DOORMAN MOVE IN READY, SPONSOR SALE, NO BOARD APPLICATIONAPPROVAL BRAND NEW WALL. sarcasm, conveniently a same line unit, we have to make due with what we have. Best and Worst NYC Amenities and Apartment Features. 4320 Van Cortlandt Park E UNIT 4E, Bronx, NY 10470. NEW YORK, NY 10. When you’re buying a co. new york law requires the sponsor to disclose all material information in this plan and to file this plan with the new york state department of law prior to selling or offering to sell any condominium unit. Board Approval Contingency. policy for the achievement of equal housing opportunity throughout the Nation. SPONSOR UNIT, No Board Approval Needed, As Easy as buying a condo. $225,000. So it's important to work with an experienced agent, even if you have previously bought property outside of New York City. Part of a 15-unit co-op built in 1912, the. . Basically, a sponsor unit in a condo building is a residence that has been owned by the developer and it’s going up for sale for the first time. § 442-H New York Standard Operating Procedures § New York Fair. New York City co-op buyers who want to skip the board approval process have more sponsor co-op listings to choose from these days. Homebuyers in New York City may be presented with the opportunity to purchase a “sponsor unit,” a type of property unique to New York City real estate. A sponsor unit remodeling entails the building replacing ailing water, electric, or heating elements and repainting the dwelling. 81-16 Langdale Street UNIT 250A, New Hyde Park, NY 11040. COOPERATIVE POLICY STATEMENT #5 . 4 bds; 4 ba; 3,072 sqft - Condo for sale. Find a seller's agent; Post For Sale by Owner; Home Loans Open Home Loans sub-menu. Top floor apartment with lots of sunlight, ample closets and hardwood flooring under the carpeting. However, boosting your property’s condition takes a lot more work. We are pledged to the letter and the spirit of U. $7,300,000. Offering Plans for Co-ops and Condos in NYC. From Get To Know Rare Deals: Sponsor co-ops with no board approvals priced under $2M. A guide to using a no-fee renovation loan from a NYC real estate firm. Here are five new New York City condos—all priced under $1. Right of Refusal Contingency. Sponsor unit. Well, not any more! A sponsor is the person or legal entity responsible for developing a new building or converting a building to a co-op, and a sponsor unit is an apartment bought directly from. These apartments are sold by the building’s owners or the corporation that established the co-op, and you get to skip the dreaded co-op board interview, making the process much easier—and faster. While median unit price dipped 12% from. Tricks of the real estate trade are for real, especially in New York City. co-ops, and closing costs are the highest for new developments (also known as sponsor units). Rare one bedroom Sponsor unit at the Kennedy House! Sun drenched spacious unit has been renovated with all new kitchen and bathroom. $315,000. This one-bed, one-bath apartment features historical prewar details and it was renovated last August! This home has. ft revealed and Sponsor Refused to Refund Deposit if I Cancel the Purchase . . 25 E 83rd St, New York, NY, 10028 - Rare Sponsor Unit Fully Renovated Junior 4, No Board Approval, Unlimited Financing For Sale Manhattan Upper East Side Apartment Co-op 24 Hour Security Guards, Abundant Closets, Central Air Conditioning, Dining Area, Dishwasher, Elevator, Fitness Facility, Hardwood Floors, Laundry Room, Washer DryerView property. NO FEE – No Board Approval – Sponsor unit Beautiful fully renovated Studio apartment at 5 Tudor Place. Stefano Ukmar for The New York Times. Something went wrong. Report. Manhattan. All that said, there are sponsor issues that can result in really big problems for the rest of us. File No. Listing by: Rye Port Real Estate, Inc. Zillow;Attorney Eric Goidel, senior partner with the New York-based law firm of Borah, Goldstein, Altschuler, Nahins & Goidel, P. Through a series of disclosure statement reviews and background checks, HPD’s Integrity Review Unit works to ensure that sponsors are honest, reliable stewards of public resources. 5 Baths + Terrace Asking: $1,195,000. 1 results. This video explains the concept of sponsor units in the New York City real estate market.