2. Table of Contents:
*Town Residential
*Team Biographies
*The Buying Process
*The Buying Team/Players
*Coops vs. Condos
*New Construction
*Townhouses
*Closing costs
*Recommended Attorneys
*Recommended Mortgage Lenders
*Buyer Loyalty
3. TOWN
RESIDENTIAL• TOWN Residential is New York's
leading luxury real estate services firm.
Founded in 2010, TOWN Residential was
created by CEO and co-chairman Andrew
Heiberger and is co-chaired by Joseph Sitt.
An integral part of the New York real
estate landscape, TOWN Residential
specializes in luxury residential sales;
leasing; and the marketing, sales and
leasing of property developments.
• TOWN Residential’ s hallmark best in
class service has established a new
standard of excellence within the industry.
The winning formula and unique culture
which has brought TOWN Residential
many of its accolades in the residential
real estate community - as a Best Firm to
Work For and one of the Top 50 Best Places
to Work in New York City - is a result of
this top talent's availability to every
TOWN Representative.
• With unrivaled support, TOWN's
Representatives are industry leaders who
provide an unprecedented level of service
and expertise to their clients.
4. A native New Yorker with unparalleled knowledge of the local marketplace,
Philip Henn has been a top-producing real estate broker for over fourteen
years. Deeply knowledgeable about all facets of the NYC real estate
marketplace, he has worked extensively in Manhattan and Brooklyn,
representing both buyers and sellers. Additionally, Philip has considerable
experience working on new developments and with domestic and foreign
real estate investors; his focus, versatility, and willingness to go the extra mile
set him apart.
Whatever the task, clients consistently appreciate Philip's sterling work ethic,
his knack for crystal clear communication, and his rigorous follow-up. He has
received a steady stream of referral business throughout his career and
attributes his continued success to his ability to patiently listen to clients'
needs, stay abreast of all fluctuations in the market, and act when the time is
right. "My passion for NYC and its people has come full circle by working in
the real estate business. There is no greater feeling then finding someone a
new home, property or investment in my hometown.“
Philip was born and raised on the Lower East Side of Manhattan and for the
past decade has lived in Downtown Brooklyn, where he has happily
witnessed a real estate boom that has revitalized the neighborhood. He
worked on the business side of the restaurant industry for many years before
joining the world of real estate. He is an avid golfer and also enjoys skiing and
international travel.
5. You'd be hard-pressed to find a more confident and driven ally in the search for a
new home than James Bogan. James prides himself on devising creative ways to buy
and sell real estate, incorporating his love for architecture, his sharp business
acumen, and his zest for the thrill of New York's fast-paced market to provide every
client with superior service.
"I make the buying and selling of real estate easy for my clients," James says. One of
his goals is to make the sales transaction and the moving process seamless, with
minimal hassle for his clients, be they individual buyers and sellers or seasoned
veterans looking to expand their portfolios. "I provide a team of highly skilled
professionals in each area of the process," he says. That strategy is emblematic of
James's philosophy that developing great relationships is the key to any successful
real estate transaction.
Working alongside top-producing representative Philip Henn, James specializes in the
sought-after neighborhoods of Downtown Brooklyn, Park Slope, Boerum Hill,
Brooklyn Heights, Crown Heights, Fort Greene, and other areas that continue to
make Brooklyn a premier New York City living destination. James' customers
consistently appreciate that he does everything possible to ensure a profitable and
timely real estate transaction. He embodies the belief that real estate is about
developing relationships and building trust, working well under pressure and putting
every buyer and seller he represents at ease.
Originally from Pennsylvania, James came to NYC after graduating from Hofstra
University with a degree in Legal Studies and Business. In his spare time, James
enjoys boxing, snowboarding and golf, and is an avid sports fan.
6. *We meet to discuss your search parameters to fit your needs
*Select a mortgage broker to get pre-approved and to have clarity on your purchase power
*Search current inventory to identify your perfect new home or investment
*Select an experienced NYC real estate attorney to represent you from A to Z during the deal
*Submit initial offer, negotiate & get accepted offer
*Contract of sale goes to your attorney
*Engineering Inspection (on all townhouses and some coops/condos)
*Your attorney does all due diligence on all documentation and contract of sale then you sign
contract with 10% deposit
*Complete board package (for coops) and complete loan application for commitment letter from
bank (unless purchasing all cash)
*Interview with the coop board (for coops only)
*Schedule closing & prepare checks
*Final walk through of property
*Closing
The Buying Process
7. The Team and Players:
*Real Estate Agent: Philip and his team will work closely with you from initial
meeting to the closing table. He will listen to your needs and understand your search
parameters and investment needs. Philip will work diligently to find you the right
primary residence, pied-a-terre or investment property. He will lead you through the
process after identifying the property you want to purchase. Philip will prepare any
coop board or condo applications, recommend the best NYC Real Estate attorneys,
mortgage brokers, inspectors and contractors.
*Mortgage Professional: Your mortgage broker or loan officer is so important to
the buying process. I highly recommend getting pre-approved before you start
searching for a property to purchase. Having a pre-approval letter in hand will be the
single most important item in negotiating the best and quickest deal. A pre-approval
letter tells the listing agent and seller you are qualified to purchase ASAP and gives you
the most leverage during negotiations.
*Real Estate Attorney: Your real estate attorney should be retained as soon as you
identify a property to purchase if not earlier. Your attorney will do their due diligence in
reviewing any offering plan, financial statements on the building, title search, house
rules and getting any questions or concerns answered from the management company
or coop board. Your attorney will make any necessary changes to the contract of sale
and answer any questions you may have prior to signing the contract with deposit. Your
attorney will also let you know what the closing costs will be and what checks to bring
to the closing table.
8. The Difference Between Coop’s and Condo’s
Coops
Cooperatives are owned by an apartment corporation. Individual
tenants do not actually own their apartments but own "shares" in
the corporation which entitles them to a long term "proprietary
lease." The corporation pays the total amount of the building's
mortgage (importantly, a cooperative may have an underlying
mortgage on the entire building, whereas a condominium must be
owned outright), real estate taxes, employee salaries, and other
expenses for the upkeep of the building. The tenant-owner, in turn,
pays a share of these expenses as determined by the number of
shares the apartment has in the corporation. Share amounts are
dictated by apartment size and floor level.
-All prospective purchasers are interviewed for approval or non-
approval by a coo board (except in the case of purchasing a sponsor
unit)
-Portions of the monthly maintenance fees are tax deductible due to
the buildings underlying mortgage interest.
-Shareholders can deduct their portion of the buildings real estate
tax.
-There is a minimum down payment set by the Board of Directors. It
is usually a minimum of 20% in cash. (In some cases as high as 50%)
-Subletting or renting your apartment in a cooperative varies on
each coop building and their subletting policies
Condos
• A Condominium is real property. The buyer gets a deed just as
though they were buying a house. Since this is real property
there is a separate tax lot for each apartment. An owner will
also pay common charges on a monthly basis. Common charges
pay for the running & maintenance of the building (heat,
doorman, amenities, etc.).
• Financing the purchase of a Condominium apartment is much
more flexible than in a Cooperative. Generally, a buyer can
finance up to 90% of the purchase price. While there is an
application process, this is not as formal as in a cooperative.
There is greater flexibility in renting your apartment. This makes
Condominiums the choice for investment property.
Condominiums are the ideal choice for non-U.S. citizens or for
those with their assets held outside of the United States. Fewer
Condominiums than Cooperatives are on the market though the
buying process is easier for condos. Generally condos are more
expensive than co-ops. Additionally monthly combined common
charges and real estate taxes in a condo are typically less than a
co-op's monthly maintenance charges. There is no underlying
mortgage hence condos are less expensive to carry.
Condominiums sell for a higher purchase price than a
Cooperative.
9. New Construction Condominiums:
The reality of buying new construction luxury condos in NYC is that if you wait until the construction
is completed, they may be already sold out. New construction condo developments in NYC have
waiting lists before pre-construction sales even open. The reason for that is two-fold: the inventory
of new construction condos in NYC is limited and buying pre-construction condos usually will get the
best return once the building is completed and has a certificate of occupancy.
While buying pre-construction condos offers financial incentives to real estate investors, it also comes
with certain risks. Unforeseen litigation or funding problems can delay new construction condo
developments and leave buyers in a limbo. The offering plan sets out the developer’s obligations
regarding the size and construction of the condos and amenities to be delivered. All renderings and
advertisements must be checked against the offering plan because whatever is not included in the
plan will most certainly not be delivered.
New construction condo developments are often delayed due to a variety of reasons, both within and
outside the control of the developer. Typically, offering plans for pre-construction condos include
outside dates, which trigger a refund option for the buyer. Pay attention to those dates. The
developer should not have an option to delay the construction for more than a couple of months.
Buyers also need to be wary of developers who refuse to add a money back date provision to a pre-
construction contract of sale – their “real estimated date” is most likely incompatible with that stated
in the contract.
If you are purchasing all cash then you will have the best opportunity to get the best deal in pre-
construction condo sales. Our team has lots of experience in representing foreign and domestic
buyers through this process and can always negotiate on your behalf for the best price and
concessions. We will guide you through the process if you are financing a pre-construction condo and
have you work with the best and most experienced lenders for this type of purchase. The closing
costs for buying new construction condominiums are approximately 5% of the purchase price.
10. Townhouses
Owning a townhouse provides the owner with a "fee simple"
ownership of real property. There are single-family and multi-family
townhouses which can be lived in or rented out at will. In either
case, the owner is responsible for payment of all real estate taxes,
maintenance and repairs of the property.
The sale of the property may be conveyed to any party without
prior approval by anyone other than the homeowner. Purchasing a
townhouse in NYC requires you work with a very well-seasoned
broker that can provide the right supporting team and close the
deal.
11.
12.
13. Recommended NYC Real Estate Attorneys:
Neil B. Garfinkel
Abrams Garfinkel Margolis Bergson, LLP
1430 Broadway, 17th Floor
New York, NY 10018
Office: 212.201-1173
E-fax: 646.778.3710
ngarfinkel@agmblaw.com
www.agmblaw.com
Susan Groberg, Esq.
186 Joralemon Street, Suite #1010
Brooklyn, NY, 11201
Office: 718.858.4880
Fax: 718.858.9570
susan@grobergesq.com
Recommended Licensed NYC Mortgage Bankers:
Andreas Eleftheriou
Private Client Mortgage Banker
55 Water Street, New York, NY 10041
Work: 212.638.0379
Cell: 631.383.9223
andreas.eleftheriou@chase.com
NMLS ID# 31775
Heng Chen
Home Lending Officer
Citibank
181 Montague St, Brooklyn, NY 11201
Work: 917.254.8811
heng.chen@citi.com
NMLS ID# 624289
14. Buyer & Investor Loyalty:
Let me explain a little about how we work with buyers and investors as well
as why people work with experienced real estate brokers. First and foremost
it saves buyers and investors time, and makes them more informed. We help
navigate the complicated process of purchasing a home in NYC. From
securing financing, to making offers, to procuring an attorney, to putting
together a board package, recommended inspectors, architects, engineers,
contractors and handling the closing. We are always accessible 7 days a
week, accountable and honest in our transactions. Our team is successful
because of the top notch service we provide all of our clients and referrals.
Citi Habitats has one of the largest databases in New York which is
constantly updated. We co-broke with the entire NYC brokerage of over
6,000 agents, so I can get you in to see any property listed by any brokerage.
Being a long tenured broker for 14 years, I know about properties before
they go live on the market and internet. Our team is a full-service and
committed group that always serves our clients through every step of the
process.
We build trusting and loyal relationships with the customers we work with.
It takes a lot of time and resources to find someone the perfect home or
investment. We expect the same loyalty in return. We work with buyers,
developers and investors who only work with me and my team. If you’d like
me to continue to have you on my priority list then I would be ready to help
you find a fabulous investment or the perfect place to call home.
