united nation relocation

CORPORATE RELOCATION

Table of Contents:

1. TOWN Residential2. TOWN Corporate Relocation3. TOWN Concierge4 TOWN Guides

-Rental Guide-Sales Guide-Sellers Guide

5. Real Estate Terminology6. TOWN Office Locations7. TOWN Neighborhood Guides

-Chelsea-Meatpacking District-Tribeca-Upper West Side-Upper East Side-West Village

TOWN

TOWN RESIDENTIAL, LLC

TOWN’s approach remains comprehensive yet remarkably simple.

TOWN’s philosophy devotes equal consideration and resources to sales, new development and rentals while maintaining leadership in all three business areas. We recognize that although every client has

a specific set of needs and concerns, TOWN must maintain a common thread in each and every real estate transaction by providing exceptional customer service, ensuring complete

transparency of information, progressing acute neighborhood expertise, and guaranteeing reliable guidance from competent

professionals throughout the entire process.

Additionally, TOWN continues to embrace every client’s needs and works constantly to satisfy those needs on every level of our

business.

Founded in 2010 by a dynamic executive team, TOWN has quickly become an integral part of the New York real estate landscape. Its founding members are a close-knit group of leaders with renowned

success and expertise in luxury sales, new development and rentals. Innovative, experienced and built on strong business principals,

TOWN is perfectly poised to deliver dramatic results in today’s real estate market.

TOWN

TOWN

Paul MacapagalRepresentative Associate Broker

Working in sales since age 16, Paul Macapagal always knew he wanted to get into an industry he would find most fulfilling. Since 2006, that has been real estate. In 2005, when he was preparing to buy his first investment property, Paul realized he wanted to understand the New York City real estate market better, so became an agent and loves the job. Now his mission is to help others understand the market, and make sound decisions based on their needs and finances.

Paul is a natural at helping people. He's also a great negotiator who sees both sides of the picture. Whether you are buying, selling or renting property, you're in excellent hands. "I never lose sight of my clients' goals," says Paul, who sets his standards higher than anyone else in the business. "My clients expect me to be constantly improving my knowledge and service, so I am constantly retooling myself. I'm here to educate and navigate them through the market so they make confident decisions that ensure satisfaction and great value.“ Paul sells and rents luxury condos, coops, townhouses and new developments throughout Manhattan. He is also a listing specialist for owners and landlords, and an expert in corporate relocation. Paul has accumulated personal experience as an investor as well, specifically in the furnished rental arena. He's sold residential and commercial properties, with clients ranging from Fortune 500 executives and Hollywood actors to UN Diplomats and Ambassadors of Foreign Countries.

When representing a property, Paul draws on his broad expertise to accurately price and aggressively market each client's unique home. He also takes full advantage of internet marketing and social media to generate wide exposure. Paul's command of technology is complemented by his talent for photography which showcases listings in the very best possible light. "I don’t just show an apartment. I present it with care and meticulous detail."

Customer service has always been the backbone of Paul's success. He previously owned several businesses, worked as a professional photographer, and in various sales capacities. This set the stage for his outstanding record in real estate. Paul sold 16 properties and rented 11 in his first year, and was ranked in the Top 10 percent in the U.S. at his former company.

A native New Yorker, Paul studied Finance at Baruch College. He has lived on the Lower East Side, in Gramercy, Battery Park City, on the Upper West Side, and currently in Midtown West. His favorite hobbies include photography, motorcycle and auto racing, running, diving and adventure travel.

Presentation For:

TOWN

TOWN’S CORPORATE RELOCATION DIVISION

Specifically designed to assist your in-bound executives and employees during the relocation process, Town’s Corporate Relocation Division is dedicated to providing our clients with unparalleled service, discretion and expertise. Our approach is all-encompassing yet remarkably simple: make your employees’ relocation smooth, efficient and hassle-free. Every time.

Search for Perfect Home:During your home search, you will experience unparalleled service, while our Relocation Specialist ensures the most efficient use of your time including a car service from your hotel to the various properties that fit your needs.

Concierge: Our corporate clients have complete access to our hotel-style Town Concierge service prior to, during and after the relocation. Town Concierge can assist clients with everything from travel arrangements to hotel accommodations to dinner reservations and tickets.

Settling In Services:Town’s Relocation team will arrange for electric, phone and cable to be installed. You will have full access to the Town Concierge which offers complete settling in services, arranging everything from establishing utility accounts to purchasing household items. Follow Up:Town goes the extra step by contacting all the clients that have used our service to make sure you are settled in and were pleased with Town’s Corporate Relocation program and services.

Single Point of Contact:One contact, one call. And our dedicated team of Relocation Specialists handle the rest. Employee Status Tracking:Town’s Relocation team will provide up-to-the-minute status updates as needed by your dedicated single point of contact, ensuring a consistent level of service with every process.

Personal Assessment:Your dedicated Relocation Specialist will conduct an initial consultation, which will address any specific housing or lifestyle needs including potential neighborhoods and the timing of your move. Pre-Search Package:Based on our personal consultation, Town’s Relocation Specialists will present a customized information package including information on neighborhoods and available housing. You will also have complete, preferred access to our website where you can peruse every available listing if you desire.

TOWN

CONCIERGE

TOWN CONCIERGE TOWN’s complimentary Concierge membership is powered by New York’s premiere lifestyle management and concierge firm, Luxury Attaché. TOWN Concierge understands the needs of a discerning clientele and consults to develop a personalized suite of services, exclusive experiences and sophisticated events tailored to preferences and interests. Services offered by Luxury Attaché include but are not limited to:

-Premium household cleaning and maintenance-Exceptional packing, moving and home organization-24 hour on-call ground transportation-Weekly floral arrangements, plant and home-garden care-Gift selection and delivery-Dining reservations at the most sought-after restaurants and/or perennial favorites-Interior design services-Private fitness training appointments-Wine collection sourcing, guidance and sommelier service-Child care, family and educational programming-Full in-home or off-site catering and event planning services-Celebrity-chef-hosted dinner and cooking lessons-Premium tickets to theatres, sporting events, concerts…-On-site massage therapists, and salon services

TOWN

Welcome to TOWN! I am pleased to present our TOWN Concierge moving program available to all TOWN Corporate Relocation clients upon signing or closing. As you dedicated TOWN Concierge, I am available to assist you and your clients with move-in coordination and all lifestyle requests. Please feel free to lean on us! Our partnerships are maintained with the absolute best in every industry in order to provide every necessary service in a professional, efficient, and timely manner. Whether your move is a month away or needs immediate attention, we will work within any timeline to get the job done. Below please find out move-in checklist which will serve as a guide in assisting to prepare for your move. If you have any questions, please contact me directly. Kind Regards,Jessica Gordon Jessica Gordon, Town ConciergeO: 646-300-6000E: [email protected]

TOWN

AV Installation 8-weeks prior to move(Suggested Timing only)

Lighting Installation yes no TV Installation/Mounting yes no

Sound system Installation yes no ** If you responded yes to any of the above, please confirm the date and time you are available for a free consultation.

Dates(s): ___________________________________ Time(s) : ___________________________________

TOWN

AV Installation 8-weeks prior to move(Suggested Timing only)

Closet Installation yes no Shelving/Library yes no Window Treatment yes no

** If you responded yes to any of the above, please confirm the date and time you are available for a free consultation.

Dates(s): ___________________________________ Time(s) : ___________________________________

Painting/Trim yes no Interior Design yes no Moving Company Referral(Discounted rate) yes no Storage yes no Art Hanging yes no Wine and Home Bar Stocking yes no Baby Proofing yes no

Day to Day Services 2-weeks prior to move ( Suggested Timing only)

Dog Walking Days per week: Time of Day: Dry Cleaning/Laundry Service: Weekly/Bi-weekly/MonthlyFresh Flower Delivery Weekly/Bi-weekly/MonthlyHousekeeping Service Weekly/Bi-weekly/MonthlyKitchen Pantry Stocking 2x per week/weekly:

Account Set-up 1-week prior to move(Suggested Timing only)

Cable/Internet/phone

Con Edison Electric

Time Warner CableAccount Manager: Steven HirschfeldEmail: [email protected]: 212.420.4806Cell: 917.593.0136

Account Manager: Eugene SonnebornPhone: 212.598.7364

VerizonAccount Manager: Stacey JosephEmail: [email protected]: 212.362.1692Mobile: 917.628.9409

Account Manager: Kevin ConnorsEmail: [email protected]: 212.240.5061Cell: 718.757.8829

Con Edison Telephone: 1-800-752-6633

New accounts must be opened by the account holder based on the Con Edison Security Policy. Account may not be set up or changed by a third party. Please call the number listed above to set up your Con Edison account.

GUIDES

TOWN

RENTAL GUIDE

New York City is the most exciting and fast paced city in the world. Renting a home here is no different. While there are thousands of apartments, low vacancy rates and a competitive marketplace can make the process daunting if you are not prepared. Whether this is your first time renting or you are a lifelong New Yorker, this step by step guide can help you understand what is involved in the rental process and answer any questions that you may have.

Where should I live?

The first step of renting in Manhattan is deciding where you want to live. Manhattan is made up of vibrant neighborhoods and micro-neighborhoods, each one special and unique. Begin by doing some research into these different neighborhoods. Ask yourself what is important to you: proximity to transportation, accessibility to parks, a quiet residential neighborhood, bustling nightlife, being close to work?

A Town representative can guide you through the process and help you decide what neighborhood is right for you. Town has representatives certified in all Manhattan neighborhoods. Therefore, they can offer you valuable knowledge no matter where you want to live.

When do I start to look?

First decide when you need to move. Do you need to be settled in by a certain date to start a new job? Do you need to be out of your current lease by a certain date? What is your optimal move date?

Ideally you should start to look at apartments 30-45 days before you need to be in your new home. Vacant apartments are available immediately and occupied apartments are usually listed 30-45 days prior to vacancy. If you start looking too soon, the apartments may not be available for your ideal move date.How much rent can I afford?

How much rent can I afford?

You now need to determine your budget. A general guideline for many New Yorkers is to spend approximately 25%- 35% of their gross annual income on rent. For example, if you earn $100,000 per year, you might end up spending around $25,000 per year in rent, or about $2,000 per month. Landlords generally require prospective tenants to make 40-50 times the rent and have a good credit score/rating.

Find a representative

One of the most important steps is finding a knowledgeable and professional representative that can help you through the process. There are thousands of apartments in Manhattan and very few vacancies. A real estate professional has access to numerous properties you may otherwise not come across and it is important to work with someone that can guide you and save you time and money. Search Town’s website to find someone that is the right fit for you or call our offices and ask to be connected to a representative. Your representative will discuss potential apartments that fit your needs based on neighborhood, size, budget and availability. They will also arrange access to the properties. Once you decide on the perfect home, they will help you secure the apartment. This involves an application process and approval that varies from landlord to landlord. Time is of the essence and your representative will make sure that you do everything possible to secure the apartment.

TOWN

What documentation do I need?

• The following documentation for renting an apartment is standard, although landlords may require additional items. Whether you are applying for an apartment in a rental, condo or coop building, you usually will need:

• Application: Your Town Representative will give you this form once you have identified a property. Some landlords have their own application and some will use the Town application.

• Letter of Employment: This letter should be on company letterhead with a current date. The letter should state job title, length of employment and income. It must be signed by a supervisor or person authorized to verify the

information (*please note offer and acceptance letters are usually not sufficient). If self-employed, a letter from a Certified Public Accountant on company letterhead verifying nature of the business and income amount for the last 2 years.

• Your 2 most recent pay stubs.

• Tax Returns: Most recent tax returns. You only need the 1st page and signature page unless you are applying for a condo or coop, in which case you will need the entire tax return for the board package.

• Bank Statements: 2 most recent statements with your name on the statement.

• Bank Account #’s: Often required on application forms.

• Landlord Reference Letters: This is not always required but can help in the process. If you are unable to obtain a

letter, have a contact name, phone number and address readily available.

• Additional sources of income: If you receive income from other sources you will be required to verify the income through appropriate paperwork. In addition, if you are expecting a significant bonus, you will need documentation available stating the amount.

• Credit report: A credit check will be run by your representative or by the landlord or management company. Credit reports obtained on your own are typically not accepted. Credit history and rating is a significant part of the decision process for a landlord or management company. Let your representative know in advance if you have credit issues so you can discuss options.

The WHO, WHAT & WHEN for a Guarantor

A guarantor is someone who is willing to co-sign a lease on your behalf. They are responsible for all the terms of the lease. A guarantor can be a family member or an unrelated individual. However, they do have to qualify financially. In the event, you do not meet the financial or credit requirements, a guarantor is a good option. Most landlords require the guarantor to live in the tri-state area (New York, New Jersey and Connecticut) although there are exceptions. Landlords typically require that guarantors earn a gross income between 75-100 times the monthly rent. For example, if you are renting an apartment that is $3,000/ month, the guarantor will need to make $225,000 per year. They will be required to produce the same paperwork as a potential tenant.

If you think you will require a guarantor, speak with them in advance and confirm they are willing to sign as a guarantor and disclose their financial information along with the documents necessary to secure a lease.

TOWN

APPLY for your new NYC home

You’ve found the perfect apartment. Now what? Your representative will guide you step by step through the application process. The first step is to fill out the landlord’s application or a Town application. Your Town representative will advise you of the necessary paperwork required for a specific owner to move forward. You will also be required to pay credit check fees and applications fees at this time. Once all of the appropriate paperwork is gathered, your representative will present your information to the landlord and oversee the approval process including any negotiations. The rental process moves fast so be prepared.

If you are renting in a cooperative (coop) or condominium (condo) you will need to prepare a board package. Please note coop’s can take 30 days or longer and condos can take several weeks for the waiver of first right of refusal. Speak to your Town representative about the coop and condo approval process and the specific requirements.

SIGN a lease and secure your new NYC home

Once your application is approved, a lease signing will be scheduled. At this point all funds are due in the form of certified checks. Your representative will advise you on the appropriate fee amounts which, where applicable, typically include the first month’s rent, a security deposit (i.e. one month’s rent or more) and the broker’s fee, all due at the lease signing.

TOWN

SELLER’S GUIDE

Buying a home is a major decision and an exciting experience. Once you know owning a home is the right move for you, the first step is to seek professional assistance to navigate you through the unique New York City market.

When you choose Town to represent you, you are assured the utmost in market expertise, service excellence and industry resources to make the buying process smooth and seamless. This informative guide will help educate you on what is involved in purchasing a home, and will empower you with the knowledge you will need to make a confident decision.

At Town, we are committed to guiding you through your search and transaction to make purchasing your New York City home rewarding and stress-free.

The Different Forms of Property Ownership Before you start looking, it is important to understand the different types of ownership available to purchasers of Manhattan property.

CooperativeIn Manhattan, cooperatives have been the traditional way to own an upscale apartment for nearly a century, and comprise two thirds of all apartments available for purchase. Co-ops are owned by an apartment corporation. When you purchase an apartment in a co-op building, you are buying shares of the corporation that entitle you as a shareholder to a “proprietary lease.” Typically the larger your apartment, the more shares of the corporation you own.

Co-op shareholders also pay a monthly maintenance fee to cover building expenses like heat, hot water, insurance, staff salaries, real estate taxes and the mortgage debt of the building. Portions of the fee are tax deductible; and shareholders can deduct their portion of the building’s real estate taxes.

Approval to purchase shares of a co-op must be granted by a board of directors, who also have the authority to determine how much of the purchase price may be financed and minimum cash requirements. All prospective purchasers must submit a “board package” containing a purchase application, personal and professional letters of recommendation plus detailed information on income and assets. The board will also require an interview so they can meet you and ask any questions regarding the information you provided. They can approve or deny any applicant as they choose.

Purchasing a co-op can be intricate, and subletting can be difficult. Each co-op has its own rules and should be considered carefully. The specialists at Town are experts in this area and well equipped to help you decide whether a co-op, and which one, is best for you.

CondominiumUnlike a co-op, a condominium apartment is real property, and a purchaser is given a deed as if they were buying a house. The difference between owning a condo and a house is that in addition to owning the apartment, you also own a small percentage of the common elements of the building like the halls, stairwells, basement, etc.

Each individual apartment in a condominium receives a separate tax bill from the city. There is still a monthly common charge similar to the maintenance charges in a co-op, which is paid to the condominium association to pay for such items as payroll, building maintenance and supplies, management fees, and building repairs. These charges do not include your real estate taxes and are not tax-deductible. They also tend to be lower than in co-ops because there is no underlying mortgage for a condominium building.

TOWN

The straightforward nature of buying a condo plus the fact that in some cases you can finance up to 90% of the purchase price and sublet your apartment at will makes this form of ownership a top choice for flexibility, especially among investors, foreign buyers and parents purchasing for their children.

Cond-OpA cond-op is a residential cooperative where the ground floor (typically commercial units) is converted into a separate condominium that’s either owned by an outside investor or the original building sponsor. So while the residential units are a co-op, the commercial units are owned as a condominium by an entity other than the co-op. The co-op does not receive the benefit of the income from these units. People often refer to cooperatives that operate under condominium rules as cond-ops, though this is inaccurate.

TownhouseOwning 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.

Get Prepared with Your Financing

Learning about financing options and what you can afford before you start looking for a home will save time and streamline the buying process. Your Town representative will arrange a meeting with a mortgage broker who will answer your questions about the loan process and determine a comfortable price range. During this early phase of the loan process there are two levels of endorsement:

Pre-Qualified: Based on the information you provide during your initial conversation with a mortgage broker, you are potentially qualified for a stated loan amount, assuming full and accurate disclosure.

Pre-Approved: You will next provide your mortgage broker with information for a detailed background and financial check (including tax returns, credit check & income history). You’ll then get a letter from the lender stating the amount the lending institution would loan you. This commitment is valid for about 60 days. As a note, most sellers require buyers to provide a pre-approval letter with an offer letter.

Timeline for Buying a Home

Now that you’re ready to start your search, here is a general timeline of events. Obviously the first step is to preview properties and schedule appointments with a Town agent. Once you decide to make an offer on a home, in most cases it can take an average of 60 - 120 days to complete the closing process.

Prepare the Offer: 1 dayNegotiate the Offer & Acceptance: 2-5 daysLoan Application & Appraisal, Loan Approval and Commitment Letter, Sign Contract/Escrow Deposit: 2-4 weeksCo-op Board Package & Interview/Condo Application: 4-6 weeksBank & Attorney Prep Closing: 1-2 weeksFinal Walk Through: day of closingTransaction Closing: 3 hours

TOWN

FOR THE SELLER

Broker Fee: Typically 6%Own Attorney: Consult your attorney

NYC Transfer Tax:Residential: Up to $500,000 = 1% $500,000+ = 1.425%

Commercial: Up to $500,000 = 1.425%$500,000+ = 2.625%

Admin. Fees: Residential Deed Transfers= $75 Commercial Deed Transfers = $165NY State Transfer Tax: $4 per $1,000 of price NYS Equalization Fee: $75 Miscellaneous Title Fees: $200-$500 Pick-up / Payoff Fee to Title Closer: $100-$300

FOR THE PURCHASER

MORTGAGE CLOSING COSTS

Buyer’s Attorney: Consult your attorney Bank Fees: $750 Application Fee: $350 Processing Fee: $330 Appraisal Fee: $300-$1,500 (depending on sales price)Credit Report Fee: $10.10 single/$15.20 joint Bank Attorney: $650-$750 Tax Escrows: 2 to 6 months Recording Fees: $250-$750 Fee Title Insurance: Approx. $450 per $100,000 of sales price under 1M, +15% on $1M or more Mortgage Title Insurance: Approx. $130 per $100,000 of mortgage amount Municipal Search: $350-$500 Mortgage Tax - NYC (paid by borrower):1-3 Family Home or Condo: If mortgage is less than $500,000: 1.80%. If mortgage is $500,00 or more: 1.925% of loan amount

Single Family Homes and Townhouses

CLOSING COSTS

TOWN

FOR THE SELLER

Broker Fee: Typically 6% Own Attorney: Consult your attorney Processing Fee: $450+

NYC Transfer Tax:Residential:Up to $500,000 = 1% $500,000+ = 1.425%

Commercial: Up to $500,000 = 1.425%$500,000+ = 2.625%

Admin. Fees: Residential Deed Transfers= $75Commercial Deed Transfers = $165 NY State Transfer Tax: $4 per $1,000 of price NYS Equalization Fee: $75 Pick-up/Payoff Fee: $250-$500 UCC-3 Filing Fee: $100 Miscellaneous Condominium Charges: Vary by building

Note: For condominiums in new developments, the Purchaser will pay costs normally paid by the Seller. These include Seller attorney fees as well as NY and NYC Transfer Taxes.

FOR THE PURCHASER

Buyer's Attorney: Consult your attorney Bank Fees: $350-$750 Application Fee: $350 Processing Fee: $330 Appraisal Fee: $300-$1,500 (depending on sales price) Credit Report Fee: $10.10 single/$15.20 joint Bank Attorney: $650-$750 Tax Escrows: 2 to 6 months Recording Fees: $250-$750 Fee Title Insurance: Approx. $450 per $100,000 of sales price under 1M, +15% on $1M or more Mortgage Title Insurance: Approx. $130 per $100,000 of mortgage amount Municipal Search: $350-$500Mansion Tax: 1% of entire purchase where price is $1,000,000 or more. NYC Mortgage Tax (paid by borrower): Mortgage less than $500,000 = 1.80%Mortgage $500,000+ on 1-3 family residential dwelling = 1.925%Mortgage on all other property over $500,000.00 = 2.80%

ADDITIONAL REAL ESTATE EXPENSESCommon Charge Adjustment: Pro-rated for the month of closing Real Estate Tax Adjustment: Pro-rated depending on when the tax is collected Miscellaneous Condominium Charges: Vary by building Short Term Interest: Equal to interest for balance of month in which you close

Condominiums

TOWN

FOR THE SELLER

Broker Fee: Typically 6% Own Attorney: Consult your attorney Co-op Attorney: $450+ Flip Tax: Typically 1% to 3% of price (if applicable) Stock Transfer Tax: $0.05 per share Move-out Deposit/Fee: Varies by building

NYC Transfer Tax: Residential: Up to $500,000 = 1% $500,000+ = 1.425%

Commercial: Up to $500,000 = 1.425% $500,000+ = 2.625%

Admin. Fees: Non-Deed Transfers (i.e., Co-ops) = $50Residential Deed Transfers= $75Commercial Deed Transfers = $165 NY State Transfer Tax: $4 per $1,000 of price NYS Equalization Fee: $75.00 Pick-up / Payoff Fee: $250-$500 UCC-3 Filing Fee: $100 Miscellaneous Coop Charges: Vary by building

FOR THE PURCHASER


Buyer’s Attorney: Consult your attorney Bank Fees: $350-$750 Application Fee: $350 Processing Fee: $330 Appraisal Fee: $300-$1,500 (depending on sales price)Credit Report Fee: $10.10 single/$15.20 joint Bank Attorney: $650-$750 Lien Search: $250-$350 UCC-1 Filing: $100 Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more.

ADDITIONAL REAL ESTATE EXPENSES Miscellaneous Co-op Charges: Vary by building Recognition Agreement Fee: $200+ Maintenance Adjustment: Pro-rated for the month of closing Short Term Interest: Equal to interest for balance of month in which you close

Cooperatives

TOWN

SELLER’S GUIDE

When the time comes to sell your home, Town will put our proven expertise and vast reach to work to attract the most qualified buyers, achieve the highest price, and make the overall experience smooth and satisfying.

Partnering with Town gives you a distinct advantage in the quality of both the service and results you receive. We are not only industry experts, but marketing executives who know how to best showcase your property and shepherd all facets of your transaction to success to get you swiftly to the closing table.

An Overview of the Sales Process Once you sign a listing agreement to let Town represent your property exclusively, your representative will work closely with you from start to finish of the sales process through to closing.

Price to SellA well-priced property, based on what the current market will bear, is the first and most important step to a successful sale and to ensuring that you get the best return on your investment. We draw upon our knowledge and conduct extensive research on current market conditions to provide you with a complete market analysis of comparable properties for sale in your price range, neighborhood and property type category.

Customized Marketing Once pricing is established, Town creates a personalized marketing plan for your unique residence and implements a targeted promotional campaign to reach the widest possible pool of qualified buyers.

Presentation is KeyWe help you prepare your property for viewings to maximize appeal as well as your sale price, and perform professional staging, if necessary, to bring out your property’s best features, and showcase it in the best possible light.

Getting the Word OutTown immediately spreads the word about your property to the entire New York City brokerage community so they can come preview it and start showing it to their customers. We also announce the listing directly to well-qualified buyers in New York, the U.S. and abroad using our vast database and extensive industry contacts. Our aggressive marketing efforts include prominently displaying your listing with full-color photographs and a professionally-written description on our highly-trafficked website, in addition to syndicated marketing on some of the most visited search engine real estate and consumer sites as well as print advertising and other vehicles.

Showing Your HomeWhen your property is ready for showing, Town arranges separate open houses for brokers and for customers which are widely publicized online and print advertising. We coordinate and oversee all open houses. We also arrange individual showings for brokers, their customers and ours, with all appointments scheduled at your convenience.

Ongoing CommunicationWe will keep you constantly updated on feedback from brokers and their customers, as well as all developments regarding the sale of your property.

Professional ServiceTown representatives have seasoned experience in all areas of your real estate transaction, from bid management to liaising with attorneys and keeping all information flowing to ensure a prompt contract signing and closing.

Expert Board Package PreparationOur expansive knowledge of building and boards is vital in our ability to assemble and submit and submit surefire board packages for approval.

Outstanding TalentTown is a unique brokerage comprised of some of the top names and most accomplished talent in the business, from our founders and executives down to every one of our sales representatives. We continually outperform with our incomparable high level of service, expertise, integrity, professionalism and results.

TOWN

FOR THE SELLER

Broker Fee: Typically 6%Own Attorney: Consult your attorney

NYC Transfer Tax:Residential: Up to $500,000 = 1% $500,000+ = 1.425%

Commercial: Up to $500,000 = 1.425%$500,000+ = 2.625%

Admin. Fees: Residential Deed Transfers= $75 Commercial Deed Transfers = $165NY State Transfer Tax: $4 per $1,000 of price NYS Equalization Fee: $75 Miscellaneous Title Fees: $200-$500 Pick-up / Payoff Fee to Title Closer: $100-$300

FOR THE PURCHASER


Buyer’s Attorney: Consult your attorney Bank Fees: $750 Application Fee: $350 Processing Fee: $330 Appraisal Fee: $300-$1,500 (depending on sales price)Credit Report Fee: $10.10 single/$15.20 joint Bank Attorney: $650-$750 Tax Escrows: 2 to 6 months Recording Fees: $250-$750 Fee Title Insurance: Approx. $450 per $100,000 of sales price under 1M, +15% on $1M or more Mortgage Title Insurance: Approx. $130 per $100,000 of mortgage amount Municipal Search: $350-$500 Mortgage Tax - NYC (paid by borrower):1-3 Family Home or Condo: If mortgage is less than $500,000: 1.80%. If mortgage is $500,00 or more: 1.925% of loan amount

Single Family Homes and Townhouses

CLOSING COSTS

TOWN

FOR THE SELLER

Broker Fee: Typically 6% Own Attorney: Consult your attorney Processing Fee: $450+

NYC Transfer Tax:Residential:Up to $500,000 = 1% $500,000+ = 1.425%

Commercial: Up to $500,000 = 1.425%$500,000+ = 2.625%

Admin. Fees: Residential Deed Transfers= $75Commercial Deed Transfers = $165 NY State Transfer Tax: $4 per $1,000 of price NYS Equalization Fee: $75 Pick-up/Payoff Fee: $250-$500 UCC-3 Filing Fee: $100 Miscellaneous Condominium Charges: Vary by building

Note: For condominiums in new developments, the Purchaser will pay costs normally paid by the Seller. These include Seller attorney fees as well as NY and NYC Transfer Taxes.

FOR THE PURCHASER

Buyer’s Attorney: Consult your attorney Bank Fees: $350-$750 Application Fee: $350 Processing Fee: $330 Appraisal Fee: $300-$1,500 (depending on sales price) Credit Report Fee: $10.10 single/$15.20 joint Bank Attorney: $650-$750 Tax Escrows: 2 to 6 months Recording Fees: $250-$750 Fee Title Insurance: Approx. $450 per $100,000 of sales price under 1M, +15% on $1M or more Mortgage Title Insurance: Approx. $130 per $100,000 of mortgage amount Municipal Search: $350-$500Mansion Tax: 1% of entire purchase where price is $1,000,000 or more. NYC Mortgage Tax (paid by borrower): Mortgage less than $500,000 = 1.80%Mortgage $500,000+ on 1-3 family residential dwelling = 1.925%Mortgage on all other property over $500,000.00 = 2.80%

ADDITIONAL REAL ESTATE EXPENSESCommon Charge Adjustment: Pro-rated for the month of closing Real Estate Tax Adjustment: Pro-rated depending on when the tax is collected Miscellaneous Condominium Charges: Vary by building Short Term Interest: Equal to interest for balance of month in which you close

Condominiums

TOWN

FOR THE SELLER

Broker Fee: Typically 6% Own Attorney: Consult your attorney Co-op Attorney: $450+ Flip Tax: Typically 1% to 3% of price (if applicable) Stock Transfer Tax: $0.05 per share Move-out Deposit/Fee: Varies by building

NYC Transfer Tax: Residential: Up to $500,000 = 1% $500,000+ = 1.425%

Commercial: Up to $500,000 = 1.425% $500,000+ = 2.625%

Admin. Fees: Non-Deed Transfers (i.e., Co-ops) = $50Residential Deed Transfers= $75Commercial Deed Transfers = $165 NY State Transfer Tax: $4 per $1,000 of price NYS Equalization Fee: $75.00 Pick-up / Payoff Fee: $250-$500 UCC-3 Filing Fee: $100 Miscellaneous Coop Charges: Vary by building

FOR THE PURCHASER


Buyer’s Attorney: Consult your attorney Bank Fees: $350-$750 Application Fee: $350 Processing Fee: $330 Appraisal Fee: $300-$1,500 (depending on sales price)Credit Report Fee: $10.10 single/$15.20 joint Bank Attorney: $650-$750 Lien Search: $250-$350 UCC-1 Filing: $100 Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more.

ADDITIONAL REAL ESTATE EXPENSES Miscellaneous Co-op Charges: Vary by building Recognition Agreement Fee: $200+ Maintenance Adjustment: Pro-rated for the month of closing Short Term Interest: Equal to interest for balance of month in which you close

Cooperatives

REAL ESTATE TERMINOLOGY

TOWN

New York City Real Estate Glossary

Abstract of Title - A historical summary of the recorded instruments and proceedings on the title of a property.

Air Rights - The right to use or control the space above a property. Air Rights can also be sold, rented or leased to another party.

Amenities - The benefits from home ownership, such as a feature that enhances value.

Appraisal - An estimate of the value of the property. One may have an appraisal to determine the offering price during a sale.

Assignment - The process by which a right or contract is transferred from one party to another. Assigned contracts include mortgages, leases and deeds of trust.

Broker - A state licensed sales agent who acts for property owners and prospective purchasers in Real Estate transactions.

Brownstone - A 19th century house which shares a common wall with the neighboring property.

Building Amenities - The assets that buildings offer its owners or tenants. These can include a doorman, health club, club, garage etc.

Building Restrictions - Requirements in building codes that affect the size and appearance of the building.

Capital Expenditure - An improvement that will have a life of one year or more and will increase the value of the property.

Certificate of Occupancy - In New York City, each building is required to have a Certificate of Occupancy which permits the structure to be occupied by members of the public. This means that the building is in compliance to health and building codes.

Closing - The transfer of ownership of a property from the seller to the buyer according to the sales contract.

Co-Broke - This is the term used when a broker sends out their listing to other brokers and other firms. The brokerage community then receives the listings and the commission will now be split evenly between the seller’s broker and the firm that provides the buyer of the property.

Combination - Refers to when an owner combines two adjoining apartments into one to enhance the value and the space.

Commission - Payment to the broker for his or her efforts on marketing and selling the property it is usually a percentage of the total purchase price.

Commission Split - The sharing of commissions between the listing agent and the broker of the buyer.

Common Area - The area on the property or in the building that is available for use to all owners and tenants.

Comparables - Used in assessing or establishing the fair market value of a property, a property which has been sold recently that is similar in size, condition, location and amenities.

Condominium - A building where individuals own individual units but share common areas with the other unit owners of the building. A more liberal type of ownership than Coops, Condominiums also have more lenient policies regarding subletting and pets.

TOWN


Contract - A legally binding agreement between two parties. To have a valid contract for the sale of Real Estate there must be:

• an offer• an acceptance• competent parties• consideration• legal purpose• written documentation• description of the property• signatures of the principals

Conversion - Property changing to a different form of ownership, such as a condominium to a cooperative or a commercial building to a residential building.

Convertible - A one or two bedroom apartment that has space to make another bedroom. The other bedroom can be made with the construction of a wall; however, the new bedroom must have a window in order for it to be legal.

Deed - A written document by which title of property is expressed from one party to another.

Duplex Apartment - An apartment that has two levels.

Escrow - A state where consideration, benefits, legal rights, money, documents or other valuables are transferred to another party in advance of that party’s legal claim to them, on the basis that the legal claim will arise at a given point in the future. It is a form of trust.

Estate - The word used to describe the collection of all assets of a deceased person. Also, the extent of interest a person has in real property.

Estate for Life - The interest of real property that ends with the death of a person.

Excellent Condition - This is used to describe the condition of the apartment; mint is another word for excellent meaning the apartment is in great shape.

Exclusive Listing - A contract whereby the owner of a property grants a single broker the right to market the property for sale.

Facade - The exterior front wall of a building.

Financing - Borrowing money to purchase a property.

Firm Price - An asking price for a property that is not open for negotiation.

Fixed-Rate Mortgage - A loan where the interest rate remains constant over the entire term of the loan.

Flip Tax - Tax imposed on the cooperative apartment by the cooperative, this tax can either be paid by the seller or purchaser and is usually a percentage of the purchase price.

Floating Rate - A loan where the interest rate is not fixed over the term but is allowed to vary according to the change in a specified index.

TOWN


Floor Plan - A scale diagram of the arrangement of rooms and their sizes drawn by an architect.

Foreclosure - An enforcement process in which the lender under a defaulted mortgage takes title to the property for the purposes of selling it to recoup moneys owed under the mortgage.

Full Bath - A bathroom with a bath or a shower.

Grandfather Clause - If a new law is passed or an old is changed those people whose activity was legal under the previous law are allowed to continue because of this condition. This law is common with pets; some buildings that do not allow pets now, did in past, therefore, those owners are allowed to keep their pets.

Half Bath - A bathroom without a bath or a shower.

Interest Rates - The cost of borrowing money from a lender. Rates change over time and are set by the Federal Reserve.

Lease - A written agreement to rent a property or part of a property from the owner.

Lien - A legal claim against property for money owed.

Listing - The agreement that allows a real estate professional to market a property. Available apartments are also referred to as listings.

Loft - A loft refers to open living space that was converted from commercial space to residential space. Lofts contain very high ceilings, large windows and open space. In New York City, most lofts and converted commercial space is located downtown.

Lot - A measured section of land.

Maintenance - Monthly charges paid by the owner or tenant of a cooperative building for that person’s share of costs of keeping the common-use portions of the building in good condition. This includes the daily cost to operate the building and it is calculated based on each individual unit.

Managing Agent - An independent company that is hired to manage a property. In New York City, most of the cooperative and condominium buildings are managed by a company which is responsible for the building operations.

Market Value - An estimation of the price for a property in relation to the current real estate market.

Mortgage - Money borrowed from a lender in order to purchase a piece of property. Mortgages vary in terms of length as well interest rates.

Negotiation - The process of discussing an issue between two parties who are working towards the same goal. Successful negotiation usually leads to a contract and then a sale.

Notarize - To verify the authenticity of a signature by a certified Notary Public.

Offer - An expression of the desire to purchase a property at a specific price. Once an offer is made and then accepted it leads to the purchase of the property.

TOWN


Offer Accepted - The term refers to when the owner of the property agrees and accepts the offer and terms of the purchaser.

Open House - A specified time when a property that is for sale is advertised by opening its doors to prospective buyers. A broker advertises an open house to help the sale of the property.

Open Listing - A listing where the owner of the property hires more than one broker and only pays commission to the one that provides the purchaser.

Ordinance - A law enacted by the local government.

Penthouse - A luxury apartment in a high rise building.

Pied a Terre - A French term that refers to an apartment that is not the primary residence of the owner. A Pied a Terre is used when a person lives in another location and comes to New York several times a month or a few weeks a year to either work or enjoy this great city.

Post War - A post war building is one that was built after World War II.

Pre War - A pre war building is one that was built before World War II. Common characteristics of a pre war apartment are fireplaces, moldings and hardwood floors.

Property Tax - The tax issued on the ownership of property.

Points - A charge levied by the lender on the borrower for the mortgage for prepaid interest. Each point is equal to 1% of the principal of the mortgage.

Powder Room - Also known as a half bath. A powder room is a bathroom without a shower or a bath.

Quadraplex - An apartment that has four levels.

Referral - A recommendation made to a client about the services of a particular agent or firm.

Rental Building - A building where the apartments are only rented and not sold.

Rent Control - Laws that regulate the amount of money that is charged to rent out space.

Reserve Fund - An account reserved to provide funds for future expenses in order to maintain the cooperative or condominium building.

Sale Price - The amount of money paid by the purchaser to the seller. Also known as the purchase price.

Security Deposit - A payment required by a landlord to guarantee that the tenant meets his or her obligations under the lease and to guard against any potential damages that may be incurred during the term of the lease.

Shares - When one purchases an apartment in a cooperative building he or she is actually purchasing the shares in the cooperative. They represent the proportion of the building owned by the unit owner based on the size and value of the apartment.


Square Footage - The area measured in square feet of a certain property. Square footage can be measured in different ways and is usually considered approximate. Condominium apartments have specific laws that determine the way which the apartment is measured therefore condominium measurements are more accurate.

Sublet - The term used when an owner of an apartment decides to rent the apartment to a tenant.

Tax Deductible - An expense that reduces taxable income. Each year, shareholders in cooperatives apartments are able to deduct a certain amount from their personal taxes. The amount is determined by the amount of shares that are owned.

Term - A specified period of time.

Term, Amortization - The term in which the interest and principal payments of a loan must be made.

Title - The legal term for the evidence that the owner is in lawful possession of the land and property.

Townhouse - A townhouse is a private residence where at least one wall is shared with another residence. In New York City, townhouses are a very popular and a more private way of living.

Triple Mint - Refers to the condition of the residence. Triple mint condition means that the residence is in immaculate condition.

Triplex - An apartment that has three levels.

Unit - A single residence within a building.

Utilities - Services such as water, gas, electricity, telephone and television. Utilities in some buildings throughout the city are included in the maintenance charges.

Vacate - To move out and leave the property.

Walk Up Building - A building that does not have an elevator. Most walk up buildings are four to six floors.

Walk Through Inspection - The inspection of a property immediately before the closing to ensure that the property does not have any new damages.

TOWN

OFFICE LOCATIONS

SERVICE, ONE-STEP FURTHER

Our Corporate Relocation Specialists’ job does not end after matching your employees with their perfect property. Post-relocation, we go the extra step by contacting each

and every client to ensure that their transition has been smooth and their needs exceeded.

Our approach is all-encompassing yet remarkably simple: make your employees’

relocation smooth, efficient and hassle-free. Every time.Paul Macapagal

110 Fifth Ave 6th FloorNew York, NY 10010