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Residential

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Commercial

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Frequently Asked Questions

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MANHATTAN

Battery Park City

Chelsea

Chinatown

East Village

Financial District

Gramercy Park

Greenwich Village

Harlem

Lincoln Center

Lower East Side

Midtown East

Midtown West

Murray Hill

Soho

Tribeca

Upper East Side

Upper West Side

Washington Heights

West Village

BROOKLYN

Bedford Stuyvesant

Boerum Hill

Brooklyn Heights

Bushwick

Carroll Gardens

Clinton Hill

Cobble Hill

Crown Heights

DUMBO

Fort Greene

Gowanus

Greenpoint

Park Slope

Prospect Heights

Red Hook

Williamsburg

QUEENS

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Battery Park City

Brooklyn

Chelsea

East Village

Financial District

Gramercy Park

Hamilton Heights

Lower East Side

Murray Hill

New Jersey

Soho

The Bronx

Tribeca

Upper East Side

Upper West Side

Washington Heights

West Village

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What if I want a roomate?
- Landlords often will not take any more than two names on a lease. Roommates are held jointly responsible for rent and brokerage fees. Additionally, roommates are held responsible for any other roommate\'s unpaid rent. We encourage you to create a written agreement amongst all parties involved, binding each individual to the terms of the lease and to the fee. The combined income of the roommates will often be considered with respect to financial requirements; however, this is landlord specific and you should advise your agent ahead of time if this is how you plan to qualify for an apartment.
  
  In addition, landlords may require a guarantor regardless of whether or not the combined income meets the financial requirements and you should discuss this in advance.

Can I divide an apartment to make more rooms?
- Often, finding a true two-bedroom on a limited budget can be difficult. Another alternative is to find a one-bedroom that can be converted into two by installing a temporary wall. There are several reputable vendors in Manhattan that will deliver and install a wall for a fee. However, not all landlords will allow these shares and you should notify your agent if you are interested in doing so. You are often responsible for taking down the wall at the end of your lease.

Will landlords allow pets?
- Many landlords in New York City do not accept dogs and if they do, they generally prefer them to be under 20 lbs. Cats and other domestic pets can also limit your inventory and you should advise your agent of any pets you may have or plan on getting in the future.

What's the difference between renting in an apartment building vs. a condo or co-op?
- Rental Buildings:  A single landlord owns the entire building and the real estate laws determine whether the specific unit is rent stabilized or non-rent stabilized. The approval process can take anywhere from one day to one week.
  
  Condominiums (Condo):  Each unit is individually owned and is used as a personal residence or can be rented out as an investment property. Subject to the regulations of the condo board (governing body for the building made up of individual owners), owners are able to determine their own rental price and lease length. Owners will generally require from an applicant the standard paperwork plus whatever additional information they feel necessary for approval. In addition, applicants must also submit whatever necessary paperwork the board may ask for as the owner of the property is required to disclose any potential renters. However, unlike a Co- op, the board does not have the right to turn down an applicant that an owner is willing to rent to. Tenants are generally required to pay application and / or board and move -in fees (as well as additional Security if required) and the approval process could take anywhere from one week to one month.
  
  Co-operatives (Co-op):  As in a Condo, each unit is individually owned; however, individuals actually own shares in the building based on their apartment\'s size and value, and not the deed to the property as one would in a Condo. They tend to have the most stringent rules and regulations with respect to rentals. The co-op board generally requires extensive financial and personal information in addition to the standard paperwork. Prospective tenants must also undergo an extensive interview with the building\'s Co-op board. Tenants are generally required to pay large application, board, and move-in fees as well as extra security. Co-ops can often be problematic for international clients or new hires without an established credit history. The approval process generally takes around one month or more.

What are the cost considerations I should be concerned with when searching for an apartment?
- Income Requirements:  Most landlords require tenants to make 40 to 50 times the monthly rent of the apartment as their annual salary. In most cases this must be guaranteed income and does not include bonuses. (ex: If the property is $2000.00 a month, you must earn $80,000.00 to $100,000.00 a year in order to qualify to rent the property.)
  
  Lease Guarantor:  If an applicant does not meet the financial requirements the landlord may require a Lease Guarantor. This person is responsible for the rent if the tenant fails to pay it. They are generally required to go through the same application process as the tenant and earn 80 to 100 times the monthly rent.
  
  Application / Credit Check:  This is typically a single document that will provide a landlord with an applicant\'s professional, financial and personal background information required when applying to live in a property.
  
  Application Fees:  Application fees are generally due at the time of application submission and range in price from $50-$100 (per application) for a rental building and anywhere from $250-$1,000 for a co-op or condo building.
  
  Required Certified Monies:  One month\'s rent and one month\'s security is generally required at time of lease signing. Landlords generally require these monies in the form of two separate certified checks or money orders and do not accept personal checks, or cash. These can be obtained at a bank for $10-$15. If you do not have a US credit history or have bad credit, landlords will often request additional security.
  
  Brokerage Agreements:  Tenants often pay a brokerage fees in NYC so it is customary to be asked to sign a fee agreement when first visiting with a broker. This agreement states that you agree to pay a fee to the broker if they help you to secure a lease on a particular property. You are not required to pay a brokerage fee if you are unable to secure a lease with them.
  
  Brokerage Fees:  The standard brokerage fee in Manhattan is 15 percent of the annual rent and is generally due at the time of lease signing. You are only responsible for this fee if you secure an apartment through that broker. Fees should always be made payable to the brokerage firm and not an individual agent.
  
  Owner Paid Fees:  There are certain circumstances where a landlord may pay all or a portion of a fee to a broker. According to New York State law, if the broker collects a fee from both parties they must disclose this to both the tenant and the landlord.

What kind of information do I need to show a landlord to move in?
- Essential Application Information:\ \ This includes your employer\'s contact information, the name and contact information of your bank, and the names and contact information of previous landlords. (If you plan on using a guarantor, be sure to have their essential information as well).
  
  Employer Verification Letter:  This letter must be prepared on company letterhead and signed by your supervisor. It should state your position, start date, salary and, if applicable, guaranteed bonus. It should also indicate whether or not you are entitled to a housing allowance and if so, how much.
  
  Bank Statements:  You should be prepared with at least the last two months' statements.
  
  Tax Returns:  In some instances you may be asked to show tax returns, so it is a good idea to bring the last two years returns with you.
  
  Photo Identification:  A driver\'s license, passport, or other form of government issued photo ID will be required.
  
  Monies:  It is important to at least bring along monies to cover the application fee(s), and, if necessary, the deposit (one month\'s rent) in order to secure the property.

Can I lease an apartment if I am an international tenant?
- If you pay taxes outside of the United States, or if you have a housing allowance from your employer, your eligibility is evaluated differently. You should consult your relocation supervisor or broker to determine a budget. Without a US rental history, many international transferees are required to pay additional security. In addition, some landlords may require as much as 6 months to one year of rent to be paid in advance depending on the circumstances.

What buildings offer different amenities in NYC?
- Doorman Building: These buildings tend to be larger buildings, such as high-rises, with the highest level of security. They also offer the highest level of convenience and comfort because someone is there to receive your packages, dry cleaning, scheduled drop-offs, or anything else you might need while you are out. (If you are new to NYC, delivery is a way of life on the island. Also, you should consider that mail and packages will not be left without a signature - another benefit of the dooman building.) There are three types of Doorman Buildings:
  
  Luxury High-Rise
  These buildings have more than one doorman, usually a full staff of attendants, and offer concierge-like (hotel) services. Top amenities, such as a private health club, pool, sun deck, children\'s playroom, laundry facilities, etc, are generally available, but will vary with each building.
  
  Standard Doorman
  These buildings have someone on duty 24 hours a day and will provide the security, and convenience of a doorman, but they do not offer added amenity services.
  
  Part-Time Doorman
  These buildings typically have a doorman for the day shift but rely on security cameras or some form of high-tech security system at night.
  
  Elevator Building
  These buildings do not have a doorman on duty, although some may have an elevator attendant. These buildings are considered somewhere in between a doorman building and a walk-up with respect to quality, comfort and security. They often have laundry in the building and a security system such as an intercom. These buildings are typically more moderately priced and are not as expensive as a doorman building, but not as inexpensive as a typical walk-up.
  
  Walk-Up Building
  These buildings do not have a doorman or elevator. They can be brownstones or townhouses (4-5 stories), above storefronts (generally one or two stories), or low-rise buildings (free standing 4-5 stories). They are the most affordable living accommodation in the city; however, as a result they have minimal amenities. Most walk-up buildings have double door security and some have more elaborate systems, such as intercoms and cameras.

What are the differences in the types of buildings in NYC?
- Brownstone, Townhouse, or Mansion\ \
  Most date back to the late 1800s and early 1900s and were originally built as single family homes. While the single family home still exists (ranging from three to five stories), many have since been converted into several apartments per building. Largely considered the historic gems of NYC, these apartments are known for their architectural character and offer an alternative to a standard high-rise or modern apartment. They typically have plank hardwood floors, high ceilings with exposed beams, crown moldings, and working or decorative fireplaces.
  
  Loft Building
  Except for new construction, these properties were at one time commercial spaces that have been converted for residential living and can range from 1 to 20 stories tall. The homes inside are typically large, open spaces and can vary in their degree of architectural character. Many lofts are intentionally left raw with their freight elevators in tact, and original columns left in place, allowing the renter to convert the empty space into open living areas.
  
  Prewar Building
  These are representative of any building built prior to World War II. These buildings are often characterized by their elaborate architecture and extensive detail. They typically feature high ceilings, hardwood floors, and decorative elements such as fireplaces, and original details.
  
  Postwar Building
  These are representative of any building built post World War II. Known for their simple design and well divided units, they offer a more modern living space than the typical prewar building.
  
  High-Rise
  Refers to any building that stands 20 stories or more and was typically built in the latter part of the 20th century. These buildings tend to offer standard shaped or cookie cutter units and vary in the level of services and luxury.
  
  Low- Rise
  Refers to any building that is less than 20 stories high but they are typically 4- 12. These buildings may also have standard shaped apartments, and are usually walk-up or elevator buildings.

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About Us

Gramercy Partners Real Estate Services is a boutique real estate brokerage and construction services firm focused on servicing small and medium sized properties in the greater NYC area. We take a creative approach to servicing our clients and believe in customized solutions to help locate, forecast, plan, design, build, manage and maintain real estate. GPRES combines over two decades of experience in both the areas of commercial and residential construction, as well as sales and leasing of investment grade real estate. Our comprehensive knowledge of real estate in the areas of brokerage and construction has allowed us to build and maintain long-term relationships with our clients making us known as a “one stop shop” to meet all of their real estate objectives. We are committed to providing up to date and accurate neighborhood knowledge ensuring our clients receive the best guidance regarding their real estate goals.

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Construction Management

Act as C.M./Owner\'s Representative in overseeing construction in the fields of quality, budget, schedule and performance. | Coordinate construction and sequence with the project and subcontractors. | Conduct project meetings to review status of work, quality control and on-time performance. | Monitor safety procedures at the job site. | Percentage of completion evaluation. | Project schedule consultation based on site visits.

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General Contractor

Take projects from conception to reality by facilitating all aspects of the construction process. | Supervise construction work on site to ensure conformance to the approved design and quality of workmanship. | Verify compliance and give notices required by law, ordinances and regulations of public authorities required for the performance of work. | Submit requisitions for the payment based on percentage of work completed. | Prepare certificates of payment for submission and approval for final payment. | Coordinate and schedule required inspections and approvals necessary for substantial completion of the project. | Provide all guarantees and affidavits, and deliver all keys, maintenance manuals, record drawings and stock materials to owner.

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Field Services

Site/field measuring. | Project evaluation pre-construction thru completion. | Site planning/coordinating. | Conduct project meetings & site inspections and submit detailed reports. | Construction photography. | Pre-inspection walk through.

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Real Estate Management

Gramercy Partners Real Estate Services property management is committed to providing premium service to our customers. We oversee all aspects of your property’s operations and work in tandem with our internal maintenance team to save our clients time and money. Our in house team of experts measure property efficiency and make recommendations in the areas of unit configuration, energy efficiency, appliance and material selection, finishes, maintenance, repairs, security and safety to maximize property income and reduce expenses. We are responsible for the following to ensure maximum property efficiency:

In house leasing to minimize property vacancy. | Rent collection, recording and distribution of funds for timely collection. | Evaluate utility service to maximize energy efficiency. | Bill payments. | Scheduled on-site visits. | Responding to tenant requests. | DOB, HPD and ECB violation removals. | Regular building maintenance and repairs. | Plan, design and renovation of vacant units.

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Maintenance

Gramercy Partners Real Estate Services will give you the security of working with a fully licensed and insured company. We understand every property is unique and requires different services. All projects are handled by an expert team of professionals trained to pinpoint and prioritize what needs attention, manage the process and seamlessly complete all building work on-time and on-budget. Allowing us to proactively service your property will ultimately reduce the cost and problems associated with emergency repairs. We provide the following services:

HVAC | Electrical and Plumbing | Interior and exterior painting. | Maintain boilers and heating units. | Bleed radiators and hot water heating systems. | Seal holes to protect against rodent infiltration. | Service hot water heaters and pumps. | Bulb and ballast replacement. | Install weather stripping and insulation. | Replace air-conditioner filters. | Replace window panes and frames. | Inspect/repair stairways. | Concrete and brick pointing. | Power wash exteriors and walkways. | Caulk, grout and tile repair. | Install cabinetry and appliances. | Replace and repair drop ceilings. | Install and repair restroom fixtures.

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Expediting Services

Expediting construction projects is more than preparing bar charts or networks. It requires personnel that possess certain intelligence, special experience, and unique personality traits. In addition, who does the planning? What are the trouble spots of implementing a plan? What makes a good expediter? The expediting procedure is perhaps the most important single phase of the construction program. GPRES has the know-how to guide your project safely through to completion.

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Residential

Our team of professionals, supported by solid management, provides the experience, resources and certainty required to smoothly orchestrate all your residential project’s needs. We have the capability to design, build and manage the construction process from preliminary drawing to punch list detail. We do this through careful listening and great attention to detail.

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Commercial

Gramercy Partners Real Estate Services specializes in locating commercial spaces for our clients, evaluating the costs associated with the design and construction process and executing the project from concept to completion. Our unique business model takes the project management burden off of our client and allows it to rest solely with us. We provide planning for corporate, commercial, hospitality, restaurant and tenant improvements.

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Industrial

Gramercy Partners Real Estate Services provides advisory services to educate our clients on the realities of repositioning their existing industrial property to maximize rental income in today’s volatile real estate market. Our professional team is committed to staying current with market trends in order to accurately assess the efficiency of your property. We understand the importance of considering factors such as location, demand for the property, hard costs associated with repositioning an asset, building and land conditions, operating costs and repair and upgrades of services.

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Design

The design process follows a systematic and coordinated methodology, including research, analysis and integration of knowledge into the creative process. Gramercy Partners Real Estate Services has established a longstanding relationship with a full service Manhattan based design firm with over 40 years of experience in the business. This relationship has allowed us to offer our clients the opportunity to manage the design process of their commercial or residential project from the early stages simplifying adherence to code and regulatory requirements and encouraging the principles of environmental stability. These solutions are both functional and are aesthetically attractive.

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Development

Proposed renderings for warehouse to retail conversion.

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Contact Info

For additional information please contact:
123 East 18th Street, 2nd Floor, Suite 1
New York, NY 10003
212.475.1300

info@gp-res.com

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