Buying a new development in New York City is a whole different ball game versus a resale. Here's everything you need to look out for but make sure to reach out to Yoreevo and we'll run through your specific search and save you up to 2% with a commission rebate. Often the most shocking difference for buyers of new developments are the significantly higher closing costs. So in addition to the regular closing costs like the Mansion Tax, the Mortgage Recording Tax, and Title Insurance, you'll have new development specific closing costs like the transfer taxes, the sponsors attorney, and the super's apartment. These are all negotiable but you should think about the asking price as being about 3% higher than advertised if the sponsor pays them. We should just take the closing costs back down to a regular resale. They're going to consider that a price reduction for a detailed list of the closing costs specific to the building you're considering. You should ask the sales team or better yet you should pull them directly from the offering plan. Next, it's important that your agent handles all the communication with the building. If you reach out directly, there's a risk that your agent won't be paid a commission. And if you work with Yoreevo, that means we can't get you a commission rebate. However, if it's not a deal breaker so if you did reach out directly to a building. Don't worry about it. Just contact us and we can talk about your specific situation. Most new developments are still under construction when you go into contract, so there's more uncertainty as to when you're actually going to close. That uncertainty comes from two sources: construction and paperwork. On the construction side, there can be delays due to material or labor supply or just other unexpected construction issues. And then on the paperwork side, before anybody can move into the building, it needs to pass a series of inspections to get its Certificate of Occupancy. These are Department of Building inspections, which of course can be failed or delayed. While the building will always give you an estimate for when they expect closings to begin, because of this uncertainty, you should always add some cushion and the further out closings are expected, the more cushion you should add. If you're financing your purchase and you need a financing contingency, the first thing you should do is check to see whether the sponsor will grant a financing contingency. A lot of sponsors have a hard line in the sand and they won't allow any. Others will grant one but you need to go with one of the building's preferred lenders. And the further away from closings you are, the less likely a sponsor is to grant a financing contingency. One of the most baffling and annoying things about new developments is they'll advertise property taxes that you'll never pay. This is because they'll advertise "year one" taxes, which value the apartment as a construction site for part of the year and a residential apartment for the rest of the year. This gets a little in the weeds but long story short, you should ask the sales team whether they're advertising year one or year two taxes. Or better yet you should have your broker or attorney review the building's offering plan. New developments are tricky and expensive so there's a lot of money on the line. Yoreevo has worked with buyers in pretty much every new development out there so we can guide you through the process and save you up to 2% with a commission rebate. Visit our website or email us at info@yoreevo.com and we'd be happy to help.