Pied-à-terre in Manhattan New York Real Estate Definition: a pied-à-terre (French Foot on the ground) is a small living unit typically located in a large city (typically an apartment or a condominium). It typically is used as a temporary second residence, either for part of the year, or part of the work week.
Pied-à-terre usage are prohibited by many Co-op buildings in Manhattan New York because they want full time residents to protect the corporation against possible future distress of the seller.
Co-op boards will be able to find out that you plan to use this as a pied-a terre because a co-op board will require you to submit the following:
1. Most Recent 2 years of Tax Returns*
2. Most Recent 2-6 Pay Stubs
3. Extensive Financial Statements of Assets & Debts
4. Most Recent Bank Statements (3-6 months)
5. Reference Letter from Employer
6. Reference Letter from Bank
On your tax return, the board will be able to see that you own another property that is listed as your primary residence. You will need to state your intended use of this Co-Op apartment. If you are dishonest to the board, your Co-Op package may be denied and disapprove by the board.
To Buy a Pied-à-terre or other Manhattan New York Real Estate Click below links:
- Manhattan Real Estate Condominiums and Co-Ops.
- Foreign National Buyers Buying in Manhattan New York Must Read.
- Foreign National Buyers Friendly Buildings.
- Purchase procedure of Manhattan Real Estate.
If you are thinking of buying a pied-a-terre in Manhattan New York, you can purchase a condominium or Co-Op that allows pied-a-terres. Contact us today at (212)321-7122 to help you find a building that is pied-a-terre friendly.
Copyright © 2009 by Eileen Hsu:*Pied-à-terre in Manhattan New York Real Estate*