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.


NYC Real Estate – What you can get for $680,000 in Murray Hill

Sun filled and spacious one bedroom apartment located in one of the best

250 East 40th Street #12A  Highpoint - Murryhill

250 East 40th Street #12A Highpoint - Murryhill

condominium buildings in the Midtown area, The Highpoint. This apartment features your own private balcony, Western exposures, full city and skyline views, expansive closet space, and a pass through modern kitchen. The Highpoint is a full service 24 hour doorman building with a health club, pool, roof deck, laundry room, and video security. This is a great deal for a great home!

The Condo Apartment minimum down is 10%, monthly maintenance/cc is $648 plus $604 monthly tax. The square feet is 707 (approx). It is 1 Bedroom and 1 Bath at price of $680,000. PressThis to read What You Can Get for Your Money in Manhattan.

For more detail, please contact me at or 516-320-0231 (Diana), I will email you more info. 

Other Useful Topical:

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

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

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.



Manhattan New York – What you can buy for $530K in West Village

Park Eastmint condition one bedroom postwar co-op is located across the

165 Christopher Street, #5A  West Village

165 Christopher Street, #5A West Village

street from the historical Archive building offering a D’Agostino and Crunch Fitness. The apartmet faces West offering open Hudson River views and susets through the oversized windows in each room. This apartment is quiet has a chef’s kitchen w/ new appliances, dining alcove, hardwood floors and many other high-end features. 165 Christopher Street has a part-time doorman, live-in super, common courtyard, bicycle storage, indoor garage, central laundry and is pet friendly. Located just steps to the Hudson River Park, subways, PATH, great restaurants, theater, shopping and minutes from the Meatpacking District, the Highline and Soho makes this home a fantastic location. The co-op board is flexible and allows for subletting, parents buying for children and pied-a-terres. Truly a must see!!

The Co-op Apartment minimum down is 20%, monthly maintenance/cc is only $725 (including tax). Tax deductible is 66%. It is 1 Bed and 1 Bath, doorman building at neighborhood of West Village. The asking price is $530,000. PressThis to read Manhattan Real Estate Glossary. For more detail, please contact me at or 516-320-0231 (Diana), I will email you more info. 

Other Useful Topical:

Convert your 30 year fixed rate to a 20 year fixed rate

Convert your 30 year fixed rate to a 20 year fixed rate and save your self 1000’s of dollars in payments.

If you took a loan out 4 years ago at 300,000

Existing loan amount 284,368

30 year fixed rate 5.625% payment 1726.97

20 year fixed rate 4.125% new payment 1742.00

You’re save 6 years of payments 124,272.00 for $15.03

Now that’s a return on your investment!

If you interest, contact Thomas Christensen With Mortgage Banker at Guaranteed Home Mortgage at 

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 – What you can get $1,249,000 – Upper West Side

Here is a rare opportunity to own a pre-war 2 bedroom, 2 bathroom home in

111 W 94th St #4C

111 W 94th St #4C

the heart of the Upper West Side. Every inch of this sunny apartment has been tastefully renovated. An elegant entrance gallery leads to a bright living space with separate dining area and two generously sized master suites creating a style of living enjoyed by very few city residents. The sweeping ceilings in this distinct pre-war residence, make the large rooms feel even larger. Characterized by pre-war details, this home abounds in such delightful elements as beautifully restored doors and detailed hardwood floors, baseboard and ceiling moldings. The windowed exquisitely renovated kitchen is a gourmet chef’s dream with custom Poggenpohl cabinetry, marble countertops and state of the art appliances including wine refrigerator. The kitchen is open to a beautiful dining area ideal for family gatherings and entertainment.Other highlights include renovated windowed bathrooms, abundant light from bright North, South and West exposures, built in speakers, closets galore and a pin-drop quiet interior. High efficiency Bosch washer/dryer and electrical upgrades complete the picture. A low maintenance is an added plus!
This wonderful art deco, elevator coop is located on a quiet tree lined block steps from Central Park, Whole Foods Market, transportation, shopping and dining.

The Co-op Apartment minimum down is 20%, monthly maintenance/cc is only $1,280 (including tax). Tax deductible is 57%. It is 2 Bed and 2 Bath at price of $1,249,000. PressThis to read Manhattan Real Estate Glossary. For more detail, please contact me at or 516-320-0231 (Diana), I will email you more info. 

Real Estate – Interest Rates at Historic Lows Again

Interest Rates at Historic Lows Again!!!!

        We May Never See This Opportunity Again
        Don’t Miss Out
        Call, Email, Fax

Foreign Buyer Loan Programs

          $1,500,000 to 75% LTV (Primary Homes)
        $1,500,000 to 70% LTV (Second Homes)
        $3,000,000 to 60% LTV (Primary & Second Homes)

        60% LTV for Interest Only on all ARM Products
In addition, we offer Traditional Loans under the following parameters…

        Non-Warrantable Condos HSBC will be the first to lend in a building        
        Stated Income Loans for Self-Employed Borrowers
          Interest Only Loans Available for all ARM Products

Soft Market Designation for New York City has been removed…
  Loan Amounts offered to the following LTV’s and Amounts…V
 to $2,000,000
% LT   80% LTV to $2,000,000
          75% LTV to $3,000,000
          65% LTV to $4,000,000
          60% LTV to $5,000,000
**Larger loan amounts available through Private Bank

Please feel free to email or call regarding any deals or scenarios you are working on or looking into.  It is my pleasure to assist in any capacity.


Craig Greissman
Premier Mortgage Consultant  |  HSBC Bank USA, N.A. – Mortgage Sales
1790 Broadway, New York, NY 10019
NMLS ID: 60362

Phone.     212-378-4812
Fax.         212-642-4042
Mobile.     917-553-1847
Internet.    Apply Here



Real Estate Discussion – Need Funding?

“Debt Yield – The Debt Yield Ratio is defined as the Net Operating Income (NOI) divided by the first mortgage debt (loan) amount, times 100%. The lender would enjoy a debt yield between 9.0% to 14%; a normal range cash-on-cash return on its money if it foreclosed on the commercial property on Day One. Net Operating Income or NOI is equal to a property’s yearly gross income less operating expenses. Cash-on Cash Return – For example when you purchase a rental property, you might put down only 10% for a cash down payment. Cash-on-cash return would measure the annual return you made on the property in relation to the down payment. Wealth Alliance Financial offers Construction, Refinance, Purchase and Bridge loans; our arsenal includes Portfolio and CMBS; and various sophisticated and specialized programs to provide our clients with the best method of achieving their goal, whenever possible. • Construction Rates: From 4.25% and up • Refinance/Purchase Rates: From 4.55% and up • Bridge Loan Rates: From 8.0% and up • Hard Money Rate: From 10.0% and up Contact Joseph V. Scorese – Wealth Alliance Financial Group – – Call Toll Free at (855) 630-7728