New Construction Condominiums

When advising purchasers on “new construction” condominiums and "rental conversion" condominiums in New York, Helene extensively reviews the ”Offering Plan” that is prepared by the Seller (who is known as the “Sponsor”) and then approved by the NYS Attorney General. The Offering Plan (and any amendments issued thereafter), include all the terms upon which the Sponsor is authorized to sell condominium apartments to prospective buyers.

Some of the most important considerations in the Offering Plan are:

• The time frame for construction and delivery of the building, and each unit therein, by the Sponsor

• The special risks highlighted by the Sponsor relating to each unit purchase

• Possible future closure of windows in favor of adjacent buildings as outlined in the Offering Plan (known as “lot line” windows)

• Ongoing involvement by the Sponsor on day-to-day operations of the building

• Closing fees of the buyer and charges that are typically seller’s charges but are often shifted to the buyer in these transactions

• Amenities in the building

• Floor plans, appliances, finishes and other inclusions in the unit

• Financing parameters