NYC Condo Attorney

New York City Condominium Purchase & Sale Attorney

Condominiums have become an increasingly popular choice for New York City buyers seeking the benefits of real property ownership without the board approval requirements of co-ops. When you purchase a condo, you receive a deed to your individual unit plus an undivided percentage interest in the building's common elements — the lobby, hallways, roof, and shared amenities.

While condo transactions are often perceived as simpler than co-op purchases, they involve their own distinct set of legal considerations. Offering plan analysis, common charge structures, tax abatement status, sponsor obligations, and right of first refusal provisions all require careful legal review. New construction condos and sponsor sales add additional layers of complexity, including warranty issues, punch-list items, and certificate of occupancy concerns.

At Agarunov Law Firm, P.C., we represent condo buyers and sellers across Manhattan, Brooklyn, Queens, the Bronx, and Staten Island. Our attorneys provide thorough due diligence, skilled contract negotiation, and attentive closing representation to ensure your condominium transaction proceeds smoothly and your investment is protected.

Our Condominium Legal Services

Contract Review & Negotiation

Every condo purchase begins with the contract of sale. For resale units, we negotiate and review the standard form contract, ensuring that contingencies, deposit terms, closing timeline, and representations are appropriate for your transaction. For new development and sponsor sales, the contract is typically prepared by the sponsor's attorney and heavily favors the sponsor. Our role is to identify provisions that expose you to risk and negotiate modifications that protect your interests.

Key contract issues in condo transactions include the deposit structure and escrow terms, closing date flexibility, sponsor's right to make material changes to the offering plan, assignment provisions, representations about the unit's condition, and what happens if the closing is delayed.

Offering Plan Analysis

The offering plan is the foundational legal document for every condominium in New York. Filed with the New York Attorney General's office, it describes the building, its units, common elements, financial projections, bylaws, and the rights and obligations of unit owners. For both new construction and resale purchases, reviewing the offering plan and all amendments is essential.

We review offering plans with particular attention to the building's projected budget and common charges, the allocation of common interests among units, tax abatement status (such as 421-a or 421-g) and when abatements expire, any special assessments or capital improvement plans, the sponsor's retained units and ongoing role in the building, insurance coverage, and the condominium association's governance structure and reserve fund.

New Development & Sponsor Sales

Purchasing a condo directly from a sponsor or developer involves unique legal considerations that do not apply to resale transactions. The sponsor typically controls the condominium board until a certain percentage of units are sold, which means the sponsor makes all decisions about building management, finances, and common areas during this period. Additionally, new construction condos may have punch-list issues, delayed certificate of occupancy, or discrepancies between what was promised in marketing materials and what is actually delivered.

We protect buyers in new development transactions by reviewing the offering plan for unusual sponsor protections, negotiating contract modifications, ensuring proper escrow of deposits, identifying incomplete work or construction defects, and verifying that the unit and common areas match the offering plan specifications.

Title Examination & Insurance

Because condo purchases involve the transfer of real property (unlike co-ops, which transfer shares), a title search is a critical component. We coordinate the title search, review the title report for liens, judgments, easements, or other encumbrances, and work to resolve any issues before closing. We also ensure appropriate title insurance coverage.

Closing Cost Analysis

Condo closing costs in NYC can be substantial. We prepare detailed closing cost estimates that include NYC and NYS transfer taxes, mansion tax (for purchases of $1 million or more), mortgage recording tax, title insurance premiums, lien search fees, attorney fees, working capital fund contributions, and move-in fees. For seller clients, we calculate applicable transfer taxes, capital gains implications, and broker commission allocations.

Closing Representation

At closing, we ensure that all documents are accurate, that title is clear, that all contract conditions have been satisfied, and that funds are properly distributed. We review the deed, closing statement, mortgage documents, title insurance policy, and all transfer paperwork.

Condo vs. Co-op: Key Differences That Affect Your Transaction

• Ownership Structure: Condos convey real property ownership via deed; co-ops transfer shares in a corporation plus a proprietary lease
• Board Approval: Condos generally have no purchase approval requirement (only right of first refusal); co-ops require full board approval
• Financing: Condo mortgages are standard real property loans; co-op loans are technically personal property loans secured by shares
• Closing Costs: Condo buyers pay title insurance and mortgage recording tax; co-op buyers typically do not
• Subletting: Condos generally have fewer subletting restrictions than co-ops
• Tax Treatment: Condo owners receive their own tax lot and pay real estate taxes directly; co-op shareholders pay through maintenance

The Law That Governs a New York Condominium Purchase

New York condominiums are creatures of statute. Understanding which law controls a given issue is what separates a review that catches problems from one that reads the contract and hopes.

The New York Condominium Act — Real Property Law Article 9-B (§§ 339-d through 339-kk) — is the framework. It requires the declaration and bylaws to be recorded, defines each unit as a separate parcel of real property, and governs how common charges are assessed and collected. Under RPL § 339-z, unpaid common charges become a lien on the unit, which is why a buyer’s attorney confirms the seller’s account is current before closing.

The offering plan is governed by the Martin Act, General Business Law § 352-e, and the Attorney General’s regulations at 13 NYCRR Part 20 (new construction) and Part 23 (conversions). Every new condominium or conversion must have a plan accepted for filing by the New York Attorney General before units are offered, and the sponsor is bound by its disclosures. That is why the offering plan and all amendments are the first documents we request, not the last.

Board rights differ fundamentally from co-ops. A condominium board typically holds a right of first refusal under the bylaws rather than an approval power — it can match a buyer’s offer, but it cannot simply reject a purchaser the way a co-op board can. In practice the waiver of that right is a closing deliverable, and its timing affects the closing date.

Transfer taxes apply to the purchase price: the New York State transfer tax under Tax Law § 1402, the New York City Real Property Transfer Tax, and for residential purchases of $1 million or more, the mansion tax under Tax Law § 1402-a (graduated from 1% to 3.9%). Our mansion tax guide sets out the current thresholds.

What You Should Know About the New York Condo Market

New York’s condo market is segmented by neighborhood, building age and amenity level, with distinct dynamics in each borough. Manhattan condos command the highest prices but often carry tax abatements that lower initial carrying costs — the 421-a and J-51 programs in particular — and the abatement’s remaining term and phase-out schedule materially affect what the unit will cost to hold. Brooklyn’s condo market has expanded rapidly along the waterfront and in neighborhoods like Downtown Brooklyn and Crown Heights. Queens condos, particularly in Long Island City, offer proximity to Manhattan at lower price points.

Buyers should understand the distinction between sponsor-controlled boards and owner-controlled associations. In a new development the sponsor typically controls the board until a threshold of units is sold; until then, decisions about common charges, reserves and building policy are made by the party that also has an interest in selling the remaining inventory. The offering plan states when control transfers, and we flag it in every new-construction review.

Areas We Serve

We represent condo buyers and sellers across all five NYC boroughs, Westchester and Long Island, including new developments and resale transactions in Manhattan (Hudson Yards, Financial District, Tribeca, Upper East Side, Upper West Side, Midtown, NoHo, SoHo), Brooklyn (Williamsburg, DUMBO, Downtown Brooklyn, Park Slope, Greenpoint), Queens (Long Island City, Astoria, Forest Hills), the Bronx, and Staten Island. North of the city we handle condominium purchases and sales in Westchester County (White Plains, Yonkers, New Rochelle, Scarsdale), and on Long Island in Nassau and Suffolk Counties.

Serving New York and New Jersey

Agarunov Law Firm is licensed to practice in both New York and New Jersey. In addition to representing clients across all five NYC boroughs, Westchester and Long Island, we handle real estate transactions in Northern and Central New Jersey including Bergen County (Englewood, Fort Lee, Hackensack, Teaneck, Paramus), Hudson County (Jersey City, Hoboken, Weehawken), Essex County (Newark, Montclair, Livingston), Passaic County (Paterson, Wayne, Clifton), and Middlesex County (New Brunswick, Edison, Woodbridge).

Our dual-state licensing allows us to represent clients in cross-border transactions and provide seamless legal counsel whether your property is in New York, New Jersey, or both.