• Your ResidentialNYC.com broker is uniquely equipped to translate your lifestyle desires to the various New York City neighborhoods and locate the best selection of properties to suit your needs.
• The first step in this process will be to complete a comprehensive search of your preferred marketplace and the REBNY Listing System (RLS) to ensure availability.
• Your broker will then show you the properties as well as educate you as to their unique qualities including neighborhood amenities and rental financial requirements.
• Once you have selected a property, your broker will negotiate the most favorable terms and conditions for your rental and secure an acceptable offer.
• Your broker will guide and assist you through the application process and assist you in assembling the required documents or board package, if required.
• As a last step, he/she will coordinate all of the necessary elements and people to complete your lease signing and move in.

In the New York City real estate market, time is of the essence if you want to guarantee that your dream home is yours to rent. That means having all the necessary paperwork and materials ready and available before you begin your apartment quest.

ResidentialNYC.com recommends that you bring the following items with you:

• Letter of employment (should be on company letterhead, signed by a supervisor, and include the following items: salary, guaranteed bonus, title, start date and housing allowance, if any.)
• Two recent pay stubs.
• Bank account numbers and verification contact information.
• Investment account numbers and verification contact information.
• Names, addresses and phone numbers of previous landlords.
• Names, addresses and phone numbers of accountant and attorney.
• Names, addresses and phone numbers of personal and business references.
• A copy of your past two years federal income tax returns.
• Additional sources of income, if any, with verification.
• Personal ID with photo, e.g. driver's license and/or passport.

ResidentialNYC.com also recommends that you line up necessary funds particularly if you are relocating from out-of-town since landlords often require bank funds and will not accept a personal check out of the Tri-state area:

• If you can't open a New York bank account before you begin your apartment hunt, bring the necessary funds with you.
• Bring enough travelers' checks to cover the cost of 2 months' rent. (This comprises the required first month's rent and one month security.)
• Bring funds to cover the broker's fees. These fees are due upon signing of the lease – the broker’s fee is set by each brokerage firm.
• Bring funds to cover a credit check. (Usually this amounts to $25-$50 and can usually be paid by personal check.)
• Bring funds to cover possible move-in/move-out fees.
• If your salary level and financial picture does not meet the landlord's minimum requirement, be prepared to line up a guarantor who will guarantee your lease. The guarantor will need to live in the New York tri-state area, have an income of twice that required by the landlord and to produce financial documentation to prove it.

Back to top

A prime lease is a lease that comes directly from the building owner. If the building has more than five separate apartments, they are probably "rent stabilized" under the New York State rental guidelines unless they have rents above $2,000 per month and have been officially been registered as "decontrolled". Common aspects of rent stabilized leases are:

• The annual rent increases are based on rates established each year by the New York City Rent Guidelines Board.
• The tenant can renew the lease on a one or two-year basis.
• Security deposits must be placed in an interest bearing bank account.
• NOTE: As of July 1993, vacancy leases for apartments that were previously renting for at least $2,000 a month are generally no longer subject to rent stabilization guidelines.

Common Aspects of Decontrolled Leases are:

• Decontrol in apartments renting for $2,000 or more per month has now expanded to include tenants earning $175,000 or more per annum.
• Tenants in occupancy have a right of first refusal to the unit at the new market rent.

Sub-leases are generally used for renting a cooperative apartment or a rental apartment for a period of the remaining lease. Since owners in cooperative buildings are technically owners of shares in the Apartment Corporation, each shareholder is a proprietary tenant and has the right to sub-lease his or her apartment. Common aspects of a sublease are as follows:

• Separate application and processing fees through the building's managing agent are required.
• Approval by the board of directors or landlord is always required, so allocate a longer lead time for a co-operative sub-lease where time limits of one to three years are usual.
• Under certain circumstances, rent stabilized tenants may sublease their apartments.

Leases for condominiums are often similar to leases in rental buildings. However, the owner is a private owner, as opposed to a general building owner. Common aspects of the condominium lease are listed below.

• Term of lease is negotiable.
• Board approval is generally not required, but separate application and processing fees through the building's Managing Agent are customary to receive a Waiver of the Right of First Refusal.

Back to top

Luxury doorman buildings

Usually refers to new construction or apartment buildings that were built within the past twenty or so years. These buildings tend to be condominiums, typically stand twenty to forty or more stories tall and provide concierge services. Many have health clubs and/or swimming pools.

Pre-war buildings

By definition, a building built before World War II. These buildings are usually ten to twenty stories tall and are sought after for their larger rooms, fireplaces, hardwood floors and higher ceilings. They may or may not provide a doorman.

Post-war buildings

These buildings were built between the late 1940s and the late 1970s. They are generally hi-rise and most have doormen.

Elevator buildings

This term usually describes a 6 to 20 stories tall non-doorman building which may be pre-war or post-war. Elevator buildings usually have an intercom or video security system.

Walk-up buildings

This is the least expensive type of housing in New York City and the quality can vary widely. Usually these are 4 to 5 story buildings with no doorman and no elevator. They were originally constructed as multi-family dwellings and do not exude the charm or elegance of brownstones or townhomes.

Brownstone or Townhouse

4-6 story buildings built in the 1800s to early 1900s. These can be single family houses or may have been converted over the years into multiple apartments. They are prized for their charm and elegance. In almost all cases these buildings do not have a doorman.

Loft apartments

Former commercial or industrial buildings that have been converted into apartments. These buildings almost never provide a doorman and usually consist of vast spaces with high ceilings.

Studio

One or two rooms with combined living and sleeping areas.

Alcove studio

A one or two room apartment with a separate alcove which can be used as a sleeping or dining area. Alcoves usually adjoin the living room space of the apartment, are generally less than 100 square feet and can sometimes be walled off to create an additional bedroom.

Junior

An apartment with an alcove off of the living room has been converted into a bedroom or dining room. For example, a Junior 4 would be a three room apartment, (living room, kitchen and bedroom), which has four rooms by using the alcove space to create an additional room.

Convertible

This is typically an apartment with an alcove adjacent to the living room that can be used to create another room by using this "flexible" space to "convert" the apartment from, for example, a one bedroom to a two bedroom.

Classic

The word "classic" is usually followed by a number indicating the number of rooms in an apartment. It is usually associated with pre-war apartments that meet criteria for numbers of rooms and design. However, a "classic" can exist in a post-war building assuming it follows the same guidelines. As an example, a "classic six " is comprised of a living room, dining room, kitchen, two bedrooms and a maid's room. A "classic seven" is comprised of a living room, dining room, kitchen, three bedrooms and a maid's room.

Loft area

This is an additional space created in apartments with very high ceilings. The loft area is constructed above the living area, accessed via a staircase or ladder and used for extra storage, sleeping or living space (e.g. an office.)

Duplex

In Manhattan this refers to an apartment with two floors or on two levels and not to two apartment units.