United Nation Relocation

CORPORATE RELOCATION
RELOCATION

Table of Contents:

1. TOWN Residential
2. TOWN Corporate Relocation
3. TOWN Concierge
4 TOWN Guides
-Rental Guide
-Sales Guide
-Sellers Guide
5. Real Estate Terminology
6. TOWN Office Locations
7. 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

Paul Macapagal
Representative 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.

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.

Single Point of Contact: Search for Perfect Home:
One contact, one call. And our dedicated team During your home search, you will experience
of Relocation Specialists handle the rest. unparalleled service, while our Relocation
Specialist ensures the most efficient use of your
Employee Status Tracking: time including a car service from your hotel to
Town’s Relocation team will provide up-to-the- the various properties that fit your needs.
minute status updates as needed by your
dedicated single point of contact, ensuring a Concierge:
consistent level of service with every process. Our corporate clients have complete access to
our hotel-style Town Concierge service prior
Personal Assessment: to, during and after the relocation. Town
Your dedicated Relocation Specialist will Concierge can assist clients with everything from
conduct an initial consultation, which will travel arrangements to hotel accommodations to
address any specific housing or lifestyle needs dinner reservations and tickets.
including potential neighborhoods and the
timing of your move. Settling In Services:
Town’s Relocation team will arrange for
Pre-Search Package: electric, phone and cable to be installed. You will
Based on our personal consultation, Town’s have full access to the Town Concierge which
Relocation Specialists will present a customized offers complete settling in services, arranging
information package including information on everything from establishing utility accounts to
neighborhoods and available housing. You will purchasing household items.
also have complete, preferred access to our
website where you can peruse every available Follow Up:
listing if you desire. 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.

TOWN

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 Concierge
O: 646-300-6000
E: jgordon@townrealestate.com

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 Dates(s): ___________________________________
time you are available for a free consultation.
Time(s) : ___________________________________

AV Installation 8-weeks prior to move(Suggested Timing only)
Closet Installation yes no
Shelving/Library yes no
Window Treatment yes no
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

** If you responded yes to any of the above, please confirm the date and Dates(s): ___________________________________
time you are available for a free consultation.
Time(s) : ___________________________________

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/Monthly
Fresh Flower Delivery Weekly/Bi-weekly/Monthly
Housekeeping Service Weekly/Bi-weekly/Monthly
Kitchen Pantry Stocking 2x per week/weekly:

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

Time Warner Cable Verizon
Account Manager: Steven Hirschfeld Account Manager: Stacey Joseph
Email: Email: stacey.s.joseph@tverizon.com
Cable/Internet/phone steven.hirschfeld@twcable.com Phone: 212.362.1692
Phone: 212.420.4806 Mobile: 917.628.9409
Cell: 917.593.0136
Account Manager: Kevin Connors
Account Manager: Eugene Sonneborn Email: kevin.m.connors@tverizon.com
Phone: 212.598.7364 Phone: 212.240.5061
Cell: 718.757.8829

Con Edison Telephone: 1-800-752-6633

Con Edison Electric 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.

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.

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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.

Cooperative
In 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.

Condominium
Unlike 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.

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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-Op
A 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.

Townhouse
Owning 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 day
Negotiate the Offer & Acceptance: 2-5 days
Loan Application & Appraisal, Loan Approval and Commitment Letter, Sign Contract/Escrow Deposit: 2-4 weeks
Co-op Board Package & Interview/Condo Application: 4-6 weeks
Bank & Attorney Prep Closing: 1-2 weeks
Final Walk Through: day of closing
Transaction Closing: 3 hours

TOWN

CLOSING COSTS

Single Family Homes and Townhouses

FOR THE SELLER FOR THE PURCHASER

Broker Fee: MORTGAGE CLOSING COSTS
Typically 6%
Own Attorney: Consult your attorney Buyer’s Attorney: Consult your attorney
Bank Fees: $750
NYC Transfer Tax: Application Fee: $350
Residential: Processing Fee: $330
Up to $500,000 = 1% Appraisal Fee: $300-$1,500 (depending on sales
$500,000+ = 1.425% price)
Credit Report Fee: $10.10 single/$15.20 joint
Commercial: Bank Attorney: $650-$750
Up to $500,000 = 1.425% Tax Escrows: 2 to 6 months
$500,000+ = 2.625% Recording Fees: $250-$750
Fee Title Insurance: Approx. $450 per $100,000 of
Admin. Fees: sales price under 1M, +15% on $1M or more
Residential Deed Transfers= $75 Mortgage Title Insurance: Approx. $130 per
Commercial Deed Transfers = $165 $100,000
NY State Transfer Tax: $4 per $1,000 of price of mortgage amount
NYS Equalization Fee: $75 Municipal Search: $350-$500
Miscellaneous Title Fees: $200-$500 Mortgage Tax - NYC (paid by borrower):
Pick-up / Payoff Fee to Title Closer: $100-$300 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

TOWN

Condominiums


Broker Fee: Buyer's Attorney: Consult your attorney
Typically 6% Bank Fees: $350-$750
Own Attorney: Consult your attorney Application Fee: $350
Processing Fee: $450+ Processing Fee: $330
Appraisal Fee: $300-$1,500 (depending on sales
NYC Transfer Tax: price)
Residential: Credit Report Fee: $10.10 single/$15.20 joint
Up to $500,000 = 1% Bank Attorney: $650-$750
$500,000+ = 1.425% Tax Escrows: 2 to 6 months
Recording Fees: $250-$750
Commercial: Fee Title Insurance: Approx. $450 per $100,000 of
Up to $500,000 = 1.425% sales price under 1M, +15% on $1M or more
$500,000+ = 2.625% Mortgage Title Insurance: Approx. $130 per
$100,000 of mortgage amount
Admin. Fees: Municipal Search: $350-$500
Residential Deed Transfers= $75 Mansion Tax: 1% of entire purchase where price is
Commercial Deed Transfers = $165 $1,000,000 or more.
NY State Transfer Tax: $4 per $1,000 of price NYC Mortgage Tax (paid by borrower):
NYS Equalization Fee: $75 Mortgage less than $500,000 = 1.80%
Pick-up/Payoff Fee: $250-$500 Mortgage $500,000+ on 1-3 family residential
UCC-3 Filing Fee: $100 dwelling = 1.925%
Miscellaneous Condominium Charges: Vary by Mortgage on all other property over $500,000.00 =
building 2.80%

Note: For condominiums in new developments, the ADDITIONAL REAL ESTATE EXPENSES
Purchaser will pay costs normally paid by the Seller. Common Charge Adjustment: Pro-rated for the
These include Seller attorney fees as well as NY and month of closing
NYC Transfer Taxes. 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

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Cooperatives


Typically 6%
Co-op Attorney: $450+ Bank Fees: $350-$750
Flip Tax: Typically 1% to 3% of price (if applicable) Application Fee: $350
Stock Transfer Tax: $0.05 per share Processing Fee: $330
Move-out Deposit/Fee: Varies by building Appraisal Fee: $300-$1,500 (depending on sales
price)
NYC Transfer Tax: Credit Report Fee: $10.10 single/$15.20 joint
Residential: Bank Attorney: $650-$750
Up to $500,000 = 1% Lien Search: $250-$350
$500,000+ = 1.425% UCC-1 Filing: $100
Mansion Tax: 1% of entire purchase price where
Commercial: price is $1,000,000 or more.
Up to $500,000 = 1.425%
$500,000+ = 2.625% ADDITIONAL REAL ESTATE EXPENSES
Miscellaneous Co-op Charges: Vary by building
Admin. Fees: Recognition Agreement Fee: $200+
Non-Deed Transfers (i.e., Co-ops) = $50 Maintenance Adjustment: Pro-rated for the month of
Residential Deed Transfers= $75 closing
Commercial Deed Transfers = $165 Short Term Interest: Equal to interest for balance of
NY State Transfer Tax: $4 per $1,000 of price month in which you close
NYS Equalization Fee: $75.00
Pick-up / Payoff Fee: $250-$500
UCC-3 Filing Fee: $100
Miscellaneous Coop Charges: Vary by building

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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 Sell
A 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 Key
We 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 Out
Town 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 Home
When 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 Communication
We will keep you constantly updated on feedback from brokers and their customers, as well as all developments regarding
the sale of your property.

Professional Service
Town 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 Preparation
Our expansive knowledge of building and boards is vital in our ability to assemble and submit and submit surefire board
packages for approval.

Outstanding Talent
Town 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

CLOSING COSTS

Single Family Homes and Townhouses


Typically 6%
Bank Fees: $750
NYC Transfer Tax: Application Fee: $350
Residential: Processing Fee: $330
Up to $500,000 = 1% Appraisal Fee: $300-$1,500 (depending on sales
$500,000+ = 1.425% price)
Credit Report Fee: $10.10 single/$15.20 joint
Commercial: Up to $500,000 = 1.425% Bank Attorney: $650-$750
Admin. Fees: Fee Title Insurance: Approx. $450 per $100,000 of
Residential Deed Transfers= $75 sales price under 1M, +15% on $1M or more
Commercial Deed Transfers = $165 Mortgage Title Insurance: Approx. $130 per
NY State Transfer Tax: $4 per $1,000 of price $100,000
NYS Equalization Fee: $75 of mortgage amount
Miscellaneous Title Fees: $200-$500 Municipal Search: $350-$500
Pick-up / Payoff Fee to Title Closer: $100-$300 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

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Condominiums


Broker Fee: Buyer’s Attorney: Consult your attorney
Typically 6% Bank Fees: $350-$750
Own Attorney: Consult your attorney Application Fee: $350
Processing Fee: $450+ Processing Fee: $330
Appraisal Fee: $300-$1,500 (depending on sales
NYC Transfer Tax: price)
Residential: Credit Report Fee: $10.10 single/$15.20 joint
Up to $500,000 = 1% Bank Attorney: $650-$750
Commercial: Fee Title Insurance: Approx. $450 per $100,000 of
Up to $500,000 = 1.425% sales price under 1M, +15% on $1M or more
$500,000+ = 2.625% Mortgage Title Insurance: Approx. $130 per
$100,000 of mortgage amount
Admin. Fees: Municipal Search: $350-$500
Residential Deed Transfers= $75 Mansion Tax: 1% of entire purchase where price is
Commercial Deed Transfers = $165 $1,000,000 or more.
NY State Transfer Tax: $4 per $1,000 of price NYC Mortgage Tax (paid by borrower):
NYS Equalization Fee: $75 Mortgage less than $500,000 = 1.80%
Pick-up/Payoff Fee: $250-$500 Mortgage $500,000+ on 1-3 family residential
UCC-3 Filing Fee: $100 dwelling = 1.925%
Miscellaneous Condominium Charges: Vary by Mortgage on all other property over $500,000.00 =
building 2.80%

Note: For condominiums in new developments, the ADDITIONAL REAL ESTATE EXPENSES
Purchaser will pay costs normally paid by the Seller. Common Charge Adjustment: Pro-rated for the
These include Seller attorney fees as well as NY and month of closing
NYC Transfer Taxes. 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

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REAL ESTATE TERMINOLOGY
TERMINOLOGY

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.

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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.

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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.

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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.

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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.

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OFFICE LOCATIONS
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 Floor
New York, NY 10010

United Nation Relocation

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