Guide | New York City Terms

Broker: There are brokers for everything but New York is one of the few cities where using a real-estate broker when renting is common. In theory a broker negotiates between the landlord and prospective tenants to get the the best deal for the tenant, and the most reliable renter for the landlord. For rental transactions, a broker’s fee is between 10-15% of the annual rent for this service which usually works out to be one month’s rent.

Pre-war: A building built before World War I

Condo: Short for condominium. A condo is an apartment that has been purchased, rather than rented. If you buy a condo, you own your four walls and you can basically do what you want with the place as long as it doesn’t invade or jeopardize anyone else’s space. Condos may have some restrictions and requirements, and many require that you pay a maintenance fee to cover the cost of upkeep for the entire building.

Co-op: A company set up to take ownership of several condos. When you buy into a co-op, you’re not buying the condo. Instead, you’re buying stock in the co-op. Your shares correlate with the unit you’re “purchasings” and banks will provide comparable financing. Unlike regular condos, you must be approved by the other members of the co-op in order to buy in – and co-ops have a great deal of freedom to decide what it takes to “qualify”. Sometimes, it takes more than money – even in New York. Co-ops often have their own set of rules and regulations, such as how long and to whom you can sublet. Co-ops are largely a New York City phenomenon.

Craigslist: Probably the hottest source of real estate listings in the city. Craig’s List is a giant community bulletin board that sub-sites for cities across the globe. New York City is particularly active. New rental units can pop up and disappear each minute during peak times. The user interface is very barebones and the information can be chaotic but learn how to make your way around and your can find almost everything you need: a place to live, a job, even personal ads. Check it out at www.newyork.craigslist.org.

Doorman Building: A building that employs a doorman for at least part of the day. Having a doorman provides some security, and also makes it easier to receive packages, guests, and well, open the door when your hands are full. You need to tip the doorman – at least at Christmas.

Elevator Building: A building with an elevator. To some this might seem redundant but when you start looking seriously at the city you will notice how often this is still a “luxury” item.

Maintenance Fee: Price paid over and above the rent toward the upkeep of the rest of the building. Maintenance Fees can get expensive if the building provides lots of amenities, such as a doorman.

MTA: The MTA, or Metro Transit Authority, runs all of New York City’s bus and subway routes, the Long Island Rail Road (LIRR) and Metro-North Railroad. All subway and bus lines require the use of a MetroCard which can be purchased from a vending machine found at every subway stop, or from an attendant at every main subway stop. You can pay for a MetroCard with either cash, credit, or a debit card and they are either per-ride or unlimited. Check out our transportation guide for more information on getting and using a MetroCard

Rent Stabilized: Apartments that are rent stabilized are protected from unlawful rent increases. Qualifications for rent stabilization include rent price and household income.

Rent Controlled: The state regulates the amount a landlord can charge for rent. Some ordinances also regulate the services a landlord must provide. Residents are eligible for rent control if they’ve lived continuously in their apartment since 1971.

Sub-let: To lease an apartment you don’t own. Obviously, in order to sub-let an apartment, you need to have a lease with the landlord. Many landlords and co-ops have rules governing sub-leases, but the practice is very common. Subleases can be a convenient way to get temporary housing while you’re looking for a long-term lease.

Tenement: Laws or Ordinances that determine the maximum amount of rent for residential housing.

Tri-state area: This means New York, New Jersey, and Connecticut. These are the three states that have areas considered within easy commuting distance to New York City. Perhaps it’s because of the legal similarities between areas, or the placement of New York City at the center of the universe but many social, legal, and real-estate deals have stipulations about parties being from the Tri-state area.

Unit: An apartment or condo. Refers to the space covered by the lease, usually everything inside the front door and between the four walls.

Walk-up: No elevator. These building are typically only five or six floors or less. They generally have few amenities. Most of the “affordable” housing falls under this category.