Pied-à-terre in Manhattan New York Real Estate

By
Real Estate Agent with Douglas Elliman Real Estate

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.New York city

Pied-à-terre in Manhattan New York Real Estate interest many buyers who have a primary residences out of town, and especially foreigner buyers want to buy an apartment in Manhattan.

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.

 

Manhattan

To Buy a Pied-à-terre or other Manhattan New York Real Estate Click below links:

 

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*

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 ____________________________________________________________________________

 

Eileen Hsu 許雅嵐 (email: EHSU(@)elliman.com)

Our team specialize in Manhattan New York Condominiums, townhouses, and condops.

We are condominium residents ourselves so we understand the Manhattan New York condominium community. We also enjoy all Manhattan neighborhoods, especially Upper West Side, Lincoln Square, Midtown East, Murray Hill, Financial District, Chelsea, Fifth Avenue, Greenwich Village, Nolita and etc just to name a few. If you or you know someone that may be interested in selling, buying or leasing their Manhattan New York condo, call us today (917)837-8869 or (646)644-6929 and we can discuss your specific Real Estate goals.

Manhattan New York Condo Specialists or Chinese Speaking Real Estate Agent

 

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Rainmaker
881,915
J. Philip Faranda
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY - Briarcliff Manor, NY
Broker-Owner

NYC co op reules have always struck me as stringent to draconian. I winder how much they'll loosen up as the market cools. You can be very demanding when there are 5 bids on a co op, but I don't think market forces will give them the leverage they had the past few years.

Feb 19, 2009 03:04 AM #1
Rainmaker
618,274
Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

The co-ops are actually getting more strict as sales are slowing down.  They are making sure their risk is as limited as possible.

Feb 19, 2009 04:27 AM #2
Rainmaker
1,486,914
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

useful blog - I didn't think about the fact that coops would not look kindly on pied a terre usage. What if your primary residence is the country home in Connecticut - does that make a difference?

Feb 19, 2009 06:41 AM #3
Ambassador
1,861,530
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Hi Eileen, I hope the foot on the ground gives you more space than that LOL. I now have a new French phrase in my vocabulary thanks to you : )

Feb 19, 2009 10:18 AM #4
Rainmaker
729,500
Eileen Hsu
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Philip - Co-Op does not care about the market condition. They will always protect the Cooperation over the shareholder (seller).  As the market changes, the Co-Ops now are more stricten than ever as to qualifying financial sound buyers. 

Lisa - The country home can be in CT,  Long Island, PA or even outer boro. If in your tax return says elsewhere as your primary residence, then the Co-Op purchase will be considered as 'pied a terre'.

Gary - Depending on how big is that French foot, sometimes it is about 350Sf, but if price range permits, then the sky is the limit! :-)

Feb 19, 2009 10:33 AM #5
Rainmaker
376,867
June Stark
Elite Realty-Luxury Homes & Condos On & Off the Strip - Las Vegas, NV
Las Vegas Condos & Luxury Homes Expert

I am glad we don't have those ridiculous rules here in Vegas.  I would think that as long as someone pays his HOA fees, the building would get less wear and tear by weekend users.  How fun to live in the country & get to enjoy the city and all it offers a few weekends a month....Maybe in a softer market the NYC Boards will loosen up...I enjoy reading your blog! 

Feb 19, 2009 03:30 PM #6
Rainer
38,665
Rich Bouchner
Bouchner & Co. Real Estate (Rich Bouchner) - Manhattan, NY
New York City Real Estate

Nice post.  I never new the translation. Now we need to get the foreign buyers back into the NYC market!

Feb 20, 2009 12:33 AM #7
Ambassador
724,958
Sheldon Neal
Bergen County, NJ - RE/MAX Real Estate Limited - Maywood, NJ
That British Agent Bergen County NJ

Terrific Post Eileen ! -- I happened to know what pied-a-terre meant, but I'm sure the majority are enlightened by this extremely well presented post !

I love this post !

Cheers !

Feb 21, 2009 05:10 AM #8
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