Category Archives: New York Neighborhood

Long Island NY Real Estate – What you can get house for $329K


  2962 Grand Ave – Baldwin,  New York

 Charming Colonial On Corner Property On Deep          40  X 122 Lot. Heated Front Enclosed Porch Plus Rear Enclosed Porch To Backyard.




2962 Grand Ave

  •   Price: $329,000
  •   Monthly Real Estate Tax: $507
  •   Neighborhood: Baldwin
  •   School District: Baldwin
  •   House
  • 3 Beds | 1 Bath | 1 Half Bath
  • Approximate Square Feet: 1,430



Diana Wu  黛安娜吳


I used to work with the Award Winning Sales group, The Voda Group from Prudential Douglas Elliman, and now I am co-broker with Shirley Chow. We are confident that the value of service and skill we deliver is unparalleled. We pride ourselves as specialists in Manhattan real estate sales. If you want to buy, sell or lease your home, please contact us at 516-320-0231 (cell) or 516-639-6807. We can discuss your specific Real Estate needs. Thank you!




NYC real estate – Busy Doctor Office For Sale – Buy property & get FREE business

Professional building – medical / dental use. Currently configured as 3 exam

109 Lafayette St. #804-805

109 Lafayette St. #804-805

rooms, a large waiting room, a reception area, and 2 Offices. This office can be a terrific office for any doctor, dentist, or other professional in the wellness field. The office faces south and west, overlooking city view. Conveniently located corner of Lafayette St and Canal St, the location is terrific – easily accessible close to many types of transportation.

It is a Condo Apartment , monthly maintenance/cc is $455  plus $632 monthly tax. The square feet is 1,000 (approx).  Please contact Shirley at

109 Lafayette St. #804-805 Lobby

109 Lafayette St. #804-805 Lobby , 516-639-6807 or Diana at  516-320-0231.

Manhattan Real Estate – Do you make a Right Offer?

How Do You Know You Made the Right Offer for a home?

The rules of the game here in Manhattan are very different from any other place. Therefore, doing your homework OR finding the right broker for you are very important. Our job is to help you determine what kinds of apartments and neighborhoods are suitable for you, and to guide you in regards to the property price, in order to select the best match for your real estate needs and budget.

When there is a “perfect” home comes on the market.  One of those homes that is difficult to comp.  It seems to be a little overpriced, but not grossly so. What will you do next?

  1. You can wait awhile, see it sit on the market, and watch the price drop
  2. You can make a low offer and waiting for either counter offer or rejected.
  3. Or you can overpay for the house.

Otherwise, If you are not sure that you are making the right offer for your next home in Manhattan, please hire a real estate broker who not only can help you to find perfect home for you but also help you buy it at perfect price and help you go thought all the closing process without any headache.  We are the real estate broker who studies home and price every day; we will assist you to make right decision.

There is a tip for you is, if it is a very unique home that you love so much, you may consider making full price offer right away instead later on if there is another buyer step in, then that would be either you have to pay more for the unit or become backup position.

Since in Manhattan the buyers don’t have to pay commission to your broker, why don’t you heir the broker to help you not only save your money but also hassle Free.

I have the privilege work with The Voda Group at Prudential Douglas Elliman. The Voda Group has been the top, award winning sales team at Prudential Douglas Elliman since 2003. We pride ourselves as specialists in Manhattan real estate sales.  We are confident that the value of service and skill we deliver is unparalleled. You can also view my profile, other properties and contract signed at



NYC Real Estate – How do you get Deposit Money Back when the deal falls apart?

For protect yourself when you purchase a property, contract is the rules of the game. In Manhattan, when a “meeting of the minds” occurs, the agreement fulfills, you will be asked to sign the contract and 10% of the purchase price of deposit will require for the buyer to show good faith. This money will be held in the seller’s attorney’s escrow account until closing. How does buyer Get Deposit Money back when The Deal Falls Apart? Many buyers easily get the money back with failed inspections or they cannot secure financing because they do their homework and finding the right brokers for them. Please be more cautious if you choose to deal the whole purchase process by yourself. Otherwise the real estate broker will work for you for FREE. Only the seller will be responsible for commission of both buyer’s broker and seller’s broker.

Other useful topical:
5 Tips for Purchasing Real Estate in Manhattan

• Manhattan Real Estate Glossary – the dish on Condos, Co-ops, Condops, Townhouse & Brownstone

What You Can Get For Your Money – The Neighborhoods of Manhattan

• Renting vs. Owning


NYC Real Estate – What is Pied-à-terre

Pied-à-terre is French for ‘foot of the ground ‘. It is a residence that you only use occasionally. It is usually an apartment located in a large city such as Manhattan some distance away from an individual’s primary residence. Generally the term pied-à-terre is understood to mean that the unit will not be your primary residence. You only live there part time of the year.

Some of the co-ops don’t like pied-à-terre residents live in the building. They are fear by neighbors that apartment become an inn for primary owner’s friends and family. Especial college age children of the owners may move in because of nearby University or college. Some co-ops, they don’t want to be considered a dormitory. Some co-ops may require primary owners to live in their apartment for at least a year or two before renting it.

Each co-op may have somewhat different rules. Generally co-op isn’t an investment property in that you’ll be renting it out. Some co-op may just be used by you & extended family for business & visits to the city. Usually co-op doesn’t want an empty building with units only used a few weeks every few months.

If a building does not allow pied-à-terre, ask your agent to inquire and provide you with a precise definition of what the particular building means by that rule since it is a subjective term that readily can be interpreted differently from one building to the next.

Condos have generally been the pied-à-terre locales of choice. Once you own a condo, after all, you essentially own a house that neighbors can’t meddle with as is often the case in co-ops.

Real Estate – DOWN MARKET TIPS – Cleaning the Slate


Deficiencies are a big thing these days with values on a steady decline and mortgages staying put or even going up by leaps and bounds, especially when a borrower defaults and interest piles on, together with taxes, late charges and whatever. So … how can you figure the bottom line, that outer most number when all’s said and done? And what might it take to make a deficiency go away,  never to return? Here we go.

To Figure the Deficiency

Like foreign or domestic beers, don’t think you can mouth “deficiency”, swoosh it around and always arrive at one set formula for every single case. It doesn’t work that way.

If we’re talking a foreclosure sale with one mortgage only, then just take what’s due including principal, interest, late fees and whatever – back out property value and there you have it. Lots of issues for everyone to argue about, but the raw math isn’t complicated. Say it’s a subordinate mortgage that gets nothing at the sale – then arithmetic wise it gets even easier, all balances remain and that becomes the deficiency.

On short sales, “deficiency” will mean the amount being due after all’s said and done and your deal closes. On a first mortgage, it’s usually a small portion of the overall balance. As to second mortgages and subordinate liens like IRS or NYS, normally it amounts to a much greater percent.

How Deficiencies Arise

Deficiencies can come about in three ways:

1. Foreclosure – Property goes to foreclosure sale and lender goes back to court within 90 days to say the property wasn’t enough to cover what’s due, so give me a money judgment to cover the balance. Court hears evidence and decides. Ouch. But hey, if 90 days pass and lender lets it go, then you’re off the hook.

2. By Consent – Short sale takes place and lender delivers a release of lien, not a release of liability. Lender then has the option to either seek collection on the unpaid balance – the deficiency – or to walk and do nothing. Lender will have six years to make up its mind. Sometimes its possible to settle with a lender prior to closing on a short sale and to agree upon the terms of repayment, however this would most often happen on subordinate mortgages only, rather than on first mortgages.

3. Lawsuit for Money Judgment – Lender pursues collection under the promissory note by suing for a money judgment – rather than bringing a foreclosure. This might happen most commonly on a second mortgage when the property’s under water and little, if anything would remain after the first mortgage gets paid.

Curing a Deficiency

Fear no deficiency. They are very much curable if you follow our six point plan:

1. Short Sale – Get a short sale done and your deficiency will likely disappear. Your final result will depend upon several things like the sales price, BPO, HAFA approvals and your specific lender.

2. Standing and Other Defenses – Your lender may lack the legal ammo that’s necessary to proceed against you in court.  Will they admit it? Of course not. Though defenses may come in a variety of forms, “standing” has played a huge role over the last few years as lenders scramble for just the right papers to show they own the mortgage which they seek to enforce. If they come up dry – give them a kiss on both cheeks and say goodbye.

3. Compromise – Faced with a deficiency, you can always give in and settle – often for a fraction of what’s due with little or no interest.

4. The Ninety Day Wait – Lenders have 90 days after the foreclosure sale to seek a deficiency judgment. Beyond that – no deficiency, ever. So … should you hold your breadth and count the minutes? Play it safe and settle? Hmm … no rash moves.

5. Chapter 7 Bankruptcy – A complete liquidation in bankruptcy can wipe out all personal obligations, including a deficiency.

6. Bankruptcy Cramdown – A special procedure in a business reorganization to cut the mortgage in two, one being a mortgage for the property’s value and the other an unsecured debt for any excess – the deficiency. The unsecured portion will then get settled along with other unsecured creditors for cents on the dollars.

Income Taxes

From Forgiveness of Deficiency

No income tax if all your liabilities are greater than everything you own – value wise. And if it’s your principal residence and you fit the mold – no reporting to IRS. So, yipee and hip, hip hooray.

Signing off till next time. And here’s to your next closing.

To contact Kenneth B. Schwartz (Law Offices of Kenneth B. Schwartz) regards any Specializing in Real Estate at or calls him at 516-333-7020. Don’t miss out there is a FREE seminars. Contact them to find out more info.



Real Estate – Announcement from Advertise Investment Real Estate!

Its time for you to use a real estate website that lets you market all types of real estate for free! Commercial and residential properties for sale, commercial properties for lease, all free of charge. has the easiest, fastest real estate listing feature online, allowing you to list your real estate for sale in seconds! By Amy Woods

NYC real estate – Pros and Cons of FHA Loans

What is FHA loan? The definition from Wikipedia is “A FHA insured loan is a Federal Housing Administration mortgage insurance backed mortgage loan which is provided by a FHA-approved lender. FHA insured loans are a type of federal assistance and have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. To obtain mortgage insurance from the Federal Housing Administration, a mortgage insurance premium (MIP) equal to a percentage of the loan amount at closing is required, and is normally financed by the lender and paid to FHA on the borrower’s behalf. Depending on the loan-to-value ratio, there may be a monthly premium as well. The program originated during the Great Depression of the 1930s, when the rates of foreclosures and defaults rose sharply, and the program was intended to provide lenders with sufficient insurance. Some FHA programs were subsidized by the government, but the goal was to make it self-supporting, based on insurance premiums paid by borrowers. Over time, private mortgage insurance (PMI) companies came into play, and now FHA primarily serves people who cannot afford a conventional down payment or otherwise do not qualify for PMI. The program has since this time been modified to accommodate the heightened recession”.

The disadvantage to use FHA loan is:  An FHA loan may not offer enough money if you need a large mortgage. In addition, the upfront mortgage insurance premium (and ongoing premiums) can cost more than private mortgage insurance. Especial in Manhattan most properties are apartments. Not all the buildings got approval for using FHA loan. Therefore use the local mortgage broker to get better loan for you.

Manhattan Rental Market Overview

“We have just released” Says Dottie Herman, CEO of  Prudential Douglas Elliman. “The Douglas Elliman Report: Manhattan Rentals 2Q 2011″, the most comprehensive analysis of the Manhattan rental market.  The first of its kind, this report provides new insights into the largest form of housing in Manhattan.  Our market reports are produced in conjunction with Miller Samuel to provide you and your clients with the most comprehensive and neutral market insight available”.

She also says “The amount of new rental activity has been significantly higher compared to last year. The landlords continued to reduce their reliance on concessions to manage occupancy. Rental rates after considering concessions were higher than last year at this time, and the time to lease an apartment fell sharply. As the regional economy shows modest but slowly improving conditions, the economy will also face many challenges. We will continue to look toward the rental market as a leading indicator for housing, and we anticipate modest improvement in the rental market for the remainder of 2011″.

If you like to have more information, please contact me at . To see our listings:

Manhattan Co-op Board – Questions and Answer

We all know when you purchase a co-op; the board has the right to “approve” or “disapprove” of any potential tenant-owners. The Board of Directors, which is elected by all of the tenant-owners of the co-op, interviews all prospective owners. They have the responsibility of protecting the interests of their fellow tenant-owners by selecting well-qualified candidates. The quality of services and the security of the building are kept at high standards. However at the same time it is also cause sellers a lot of headache.  Below is the Question and Answer provides by Jay Romano and published on July 7, 2011 and hope that helps.

Adding Term Limits to Board Members

Q Can a co-op add term limits for board members to its bylaws? Without limits, and with boards having great control over proxy voting at elections, it is virtually impossible to elect new members.

A Tracey L. Daniels, a Manhattan lawyer who represents co-ops and condominiums, said that a co-op could amend its bylaws to include term limits if such an amendment is approved by the shareholders. Amendments to the bylaws must be approved by at least a majority of the shareholders. The co-op’s governing documents often require an even greater percentage, or supermajority, which is typically two-thirds to three-quarters of the votes cast.

A Co-op Board Rejects Buyers

Q I have a co-op in Queens that I have been trying to sell since 2007. I have presented the board with a total of four buyers, and all four have been rejected, and the board will not give a reason. I have lowered my selling price again and again. And my lawyer says the board has the right to do this. What can I do?

An Eric D. Sherman, a Manhattan real estate lawyer, says that co-op boards in New York generally are not required to provide reasons for rejecting a buyer. And, unless a rejection is based upon unlawful discrimination, their decisions will not be second-guessed by a court under the “business judgment rule.” He said that in trying to determine the reason for the board’s rejections, the writer should ask the real estate agents who prepared the board applications whether they are aware of any weaknesses in the applications. The writer might also ask the managing agent for suggestions concerning the qualifications of buyers. One thing that might be making the board skittish is that the writer has been lowering the sale price. “That alone could be the basis for rejection, as boards often seek to ensure that appraised values of other apartments in their buildings are not compromised by below-market sale prices,” Mr. Sherman said. The only other option for the writer is to sue the board. Such lawsuits are difficult to win, as courts tend to give deference to board decisions.