Brick Underground

Yes, you can install central AC in your co-op or condo unit. Here's how

Evelyn Battaglia — Thu, 21 May 2026 10:30:00 EDT

Are you ready to throw in the towel on surviving another summer in New York City without comfortable air conditioning? When temps soar past 90 degrees, those window units just don't pass muster—and are likely dripping buckets on the sidewalk below.

The question is whether your co-op or condo board allows individual owners to install central AC or ductless mini-splits in their units. And the answer seems to be increasingly yes.

“With the range of products and installation methods available, more and more buildings are open to in-unit central air," said Lisa K. Lippman, a broker at Brown Harris Stevens. In her experience, even “co-ops are becoming more receptive, and those that are not are potentially making a big mistake.”

[Editor's note: A previous version of this story ran in July 2025. We are presenting it again with updated information for May 2026.]

The HVAC contractors Brick spoke to confirmed they have also seen an uptick in co-op and condo business this year.

For sure, the technology keeps improving, allowing for more flexibility in getting the right equipment for your situation. Here's what you need to know about the available options and their costs, so you don't have to sweat the details—or another heat wave.

What are the different types of AC systems?

Just like in a brownstone, you have two basic options: ducted splits, aka central air, and mini splits, which can be ducted or not.

With central AC, a single air handler pumps cooling (and heating) via extensive ductwork throughout the apartment; the handler is usually housed in a mechanical closet. This type of system is only practical for gut renovations or apartment combinations because it requires opening up the walls, according to George Wong, owner of Mr. Air NYC.

In a mini-split system, the units are either wall-mounted (the familiar box on the wall), floor-mounted (similar to a steam radiator), or ceiling-mounted (with a grille), Wong explained, adding that these are all ductless and easy to install.

"You can also have a slim-profile, ducted mini-split system where you only see a diffuser, but this too is usually reserved for when you are undergoing construction, as it is a more invasive installation," he added.

Victor Belavus, general manager of 212 HVAC, notes that mini splits always require an outside condenser, which can be installed on the side of the building or on a patio, balcony, or roof. Some systems also use through-wall condensers.

A facade-mounted outside condenser for a mini-split system.

Mr. Air NYC

How do you know what your building allows?

Start by checking your proprietary lease or alteration agreement to determine whether anything is explicitly permitted or prohibited in your building. Boards can restrict the number of through-wall AC units, for example, or require approval for any plans for other types of systems—especially as they affect the building's electrical load.

"The first thing an owner living in a condo or co-op needs to do is to request a list of requirements from the management company," Belavus said. "Some buildings require that you hire a mechanical engineer prior to installation, some only require schematic drawings and design. We provide both."

And Wong said that since the city is promoting mini-split units, "most boards are more welcoming these days." So, odds are you can install this green alternative even when central air is prohibited.

Micah Garner, a property manager at Maxwell-Kates, said he has definitely seen an increase in condo and co-op approvals in recent years. "More so for mini-split systems because they are easier to install and have smaller condensing units than central AC, which is another consideration," he said.

He said every building is different, "but when I see these get approved, it comes down to the availability of space—if one owner or stakeholder does it, usually all the others want to follow suit. In that way, smaller buildings are often easier." He manages buildings of all sizes, from 15 to 150 units.

For example, he noted that a larger building in Brooklyn has ample roof space for multiple condensers but plans to install solar panels instead; the board doesn't like the idea of having numerous condensers running along the facade. And "the DOB is technically not supposed to approve condensers that are above alleyways where people would be walking below," but he has seen it happen.

As for the electrical load, Garner sees even older buildings with less power able to accommodate mini splits.

"There can even be an energy saving by replacing four window ACs with just one mini split." He cited noise reduction as another reason boards may decide to approve the upgrade. (Read: "We want to switch from gas to electric, but our apartment can't handle an increased electrical load. What can we do?" for a similar scenario and steps you can take.)

Concealed ducted central air was installed in this open-layout apartment.

Mr. Air NYC

What are the pros and cons of central AC?

In most cases, you would install central AC if you were already doing a gut renovation or an apartment combination, because the necessary ductwork has to run above the ceiling and behind the walls. "We work together with the homeowner, architect, and general contractor to lay out the design," Wong said.

If that describes your situation, and you have a spare closet or pantry to house the mechanicals, central AC will result in the most seamless outcome—with no boxes hanging on the wall.

You'll need high-enough ceilings, too: "Ducted systems require ceilings that are at least nine feet high, which allows us to install a central plenum (soffit) throughout the apartment to serve all the rooms," Wong said, adding that if ceiling height is limited, a ductless mini split would be the best alternative to a ducted system.

A wall-mounted mini split was installed in this condo kitchen.

Mr. Air NYC

What are the pros and cons of mini splits?

For starters, mini splits can be retrofitted to suit your apartment without ripping out walls or dealing with the dust and disruption (unless you are already renovating, in which case you may still want to go for central air).

"A mini-split system allows for simple to very custom architectural installation," Wong said, adding that it can be installed in a single room or the whole apartment. "Our specialist will discuss and design a system to fit in the apartment based on the client's desired look and comfort needs."

Another major pro is multi-zone climate control: "Each room with a mini split can be set to its own temperature, whereas with central AC, each room would have to be set to the same temperature," Wong explained. For example, you can set the mini split to 65 degrees in a sunny room and the unit in a shadier room to 75 degrees.

Then there's the eco-friendly factor: "These systems use a non-ozone-depleting refrigerant, therefore they have less impact on the environment and contribute to clean energy initiatives," Wong pointed out. They are also much quieter than through-wall air conditioners, which, in addition to emitting sound, allow street noise to enter the apartment along with air pollution and outdoor odors.

"When we install mini splits, we remove the through-wall air conditioner and seal the opening," Wong said. "The quality of life inside the apartment is night and day."

And ductless mini splits use heat-pump technology, meaning they can serve as a primary heating source for your apartment. "The system can be designed to run in temperatures as low as 13 degrees below zero," Wong said. So this helps reduce fossil fuel emissions from gas- or oil-powered heating systems, though of course the building will still be supplying heat from the usual boiler (at least until they have to meet net-zero emission standards).

Now for the only downside: You may not like looking at those boxes on the wall. There's not much you can do about them, though Wong said lots of clients like to do recessed ceiling cassettes, which are installed inside the ceiling between the floor joists, "and are therefore less noticeable, which makes them very appealing." Or you could hide floor-mounted units behind a decorative cover.

A recessed ceiling cassette like the one shown here is a low-profile option.

Mr. Air NYC

Your HVAC provider can also work with your architect or contractor to hide a mini-split unit in a closet with a dropped ceiling and then run ductwork through the joists to nearby rooms. Because mini splits require only about six inches of clearance—compared to roughly 10 inches for central AC—the installation is less invasive, though it still requires opening up sheetrock or plaster.

How much does it cost?

In general, the cost to install central AC or mini splits is about the same when everything is tallied up: the former involves more labor, while the latter may entail higher equipment costs.

Belavus said the average cost to cool a 1,500-square-foot apartment runs between $20,000 to $25,000.

Because each apartment is different in construction and layout, Wong said, "We would perform a cooling and heating load calculation to determine the proper sizing for the space."

For example, he said an open-layout, 1,000-square-foot studio can be cooled with a single-wall mini split for roughly $6,000 to $7,500, whereas a 1,500-square-foot three bedroom would require a unit in each room and cost closer to $30,000.

If you opt for a mini-split system, the price will also depend on whether the condenser is installed on the roof, which is your only option in a landmarked building. That can add $2,000 for crane hoisting and a few extra grand for DOB filing fees.

Both Wong and Belavus noted that one condenser is usually enough to power multiple mini splits in single-floor apartments, and that these are usually installed directly outside the unit, either on the facade or a balcony.

How long does it take?

The actual installation of central AC or a mini-split system can be completed in a few days, even for a duplex.

But your board will require that you get all the proper permits and insurance for the job, "which is very standard and can take one to two months. Our suggestion is to get the process started early so you can install at the desired time," Wong said.

Will it help with resale value?

At least when it comes to central AC, the answer appears to be a solid yes.

"With the construction boom that we've experienced for the last decade and a half, and the rise of condominium luxury that surrounds all neighborhoods, central air-conditioning has become a non-negotiable requirement for prewar purchasers and older co-ops," said Louise Phillips Forbes, an agent at Brown Harris Stevens. "I have consulted with many co-op boards and always encourage them to work through solutions to meet this buyer demand. It is not going away, and the building policies today will affect resale values from this point on."

Lippman agreed: “People are obsessed with central air; it can literally be the difference of 10 to 20 percent in a property’s price." That's particularly true for properties over $4 million. "If you are not able to put in central air, it could be the difference between a buyer moving forward or walking away.”

And if you own an investment condo, central air will allow you to compete with new developments—or you could opt for easier-to-install mini splits, which is what many multi-family brownstone owners put in their rental units.

Either way, there's no downside to providing cool relief for the sweltering summer heat.

New state legislation would tax 'predatory' home flippers in NYC

Cassidy Jensen — Wed, 20 May 2026 11:30:00 EDT

If you live in a rapidly gentrifying neighborhood, you may have witnessed the signs of home flipping. That house that was up for sale a year ago sports a new “for sale” sign outside, along with a fresh coat of paint, new countertops, and a much heftier price tag.

But when it’s done wrong, advocates say, this practice of buying low and selling high can have ripple effects on housing affordability in the surrounding neighborhood, hurting buyers, sellers and even renters. A bill proposed this session in Albany could make it harder for developers to profit off these transactions.

The End Predatory Home Flipping Act (S574/A342) would impose a tax on houses of one to three units when sold within two years. The bill imposes a 65 percent tax on the difference between the purchase price and the sale price when the flip occurs within one year and 50 percent if the flip occurs after one year but less than two years.

Why tax house flipping?

First, some history: The bill State Senator Julia Salazar sponsored this session isn’t totally new; the first version of this same legislation was first introduced in 2021, after East New York residents began noticing speculation in their neighborhood.

The current bill exempts some sales from the tax, including any transfers between family members, new housing, homes sold after an owner dies, owners who can prove hardship and homes with a resale price of 10 percent or less what the seller paid for the house.

It’s not guaranteed that the bill will receive a vote this legislative session, which ends June 10th, but a spokesperson for Salazar said it has a chance of making it to the floor.

“This is a toxic practice that is driving up the cost of homes and rent, particularly in neighborhoods of color like East New York and Cypress Hills,” Salazar said in a statement. “Everyday New Yorkers cannot compete with corporate investors. We must pass End Predatory Home Flipping.”

A 2024 report from the Pratt Center for Community Development, a university-based planning and advocacy organization, analyzed sales of one- to three-family homes from 2019 to 2023 and found that flipping happened most often in areas where home values are lower than NYC’s median. The Community Districts with the top 10 highest rates of flipping had more than 90 percent people of color, the report said.

A new update to the report from the Pratt Center looked at more granular data from census tracts, finding that home flipping occurs at higher rates in census tracts that are majority people of color and specifically in historically Black neighborhoods. The census tracts with the highest rates of flipping had 47 percent Black populations.

Looking at more than 10,000 home sales between 2021 and 2025, researchers found the rates of home flipping were highest in Central Brooklyn, Southeast Queens, the Northeast Bronx and the north shore of Staten Island. In Jamaica, Queens, as many as 30 percent of the one- to three-unit homes sold in those years were flips, much higher than a citywide average of 4.3 percent.

Another takeaway is that home flipping is raising home prices in the surrounding neighborhoods, according to Sylvia Morse, the director of research and policy at the Pratt Center.

“The median price of flipped homes was consistently higher each year that we looked at from 2021 to 2025 and that gap was growing,” Morse said.

By 2025, the median price of flipped homes in what the researchers consider “high-flip areas” was $825,000, or $117,000 more than non-flipped homes sold at the same time. That’s an increase from 2021, when non-flipped homes in high-flip areas sold for $75,000 less than flipped homes.

If the bill becomes law, who will it help?

Potentially buyers, renters, and sellers in NYC.

Homeowners who are in financial distress or looking to sell their homes can fall victim to lowball offers. When those homes are spruced up superficially and then resold without real upgrades, it also hurts buyers who have to deal with shoddy work, or those who are priced out of the neighborhood by inflated prices.

The Pratt Center report found flippers seek out homes with deferred maintenance or where the ownership is in dispute; they may also use predatory tactics, like aggressive soliciting or misrepresentations.

“There's a link between deed theft and house flips,” said Kevin Wolfe, deputy director of advocacy and public affairs at the Center for NYC Neighborhoods.

Bad actors that buy a property for cheap and do cosmetic renovations can also leave new buyers in the lurch as they deal with significant repairs down the line, Wolfe said.

Renters also may see impacts from home flipping. The 2024 Pratt Center report found that the eviction rate was six percent higher for flipped homes (3.36 percent) than ones that weren’t flipped. Focusing on small homes includes ones that may be exempt from the Good Cause eviction law.

“The people who suffer at the end of the day are people of color, seniors, and other vulnerable community members,” said Hailie Kim, director of community organizing at Cypress Hills Local Development Corporation and the lead organizer of the coalition to End Toxic Home Flipping.

Kim said she hopes the tax will be a “deterrent” to predatory home flippers. “That is our hope,” she said.

The Mary Hodson Francklyn House at 118 East 95th St: A Queen Anne-style rowhouse with personality

Tom Miller — Tue, 19 May 2026 13:30:00 EDT

Have you ever passed by an interesting residential building in New York City and wanted to know more about its history? In this series, Brick Underground teams up with Tom Miller, creator of Daytonian in Manhattan, a blog about Manhattan buildings and other historic architecture. Each week, we run an excerpt from the Daytonian’s archives with a link to the full article.

By the late 1880's, development on the Upper East Side had reached as far north as Goat Hill--presumably named because its steep slope made it unworkable for planting, but satisfactory to grazing goats. It was also satisfactory to developers William J. and John P. C. Walsh, who in 1888 nearly filled the southern blockfront of East 95th Street between Park and Lexington avenues.

Designed in 1887 by Charles Abbott French & Co., the 12 rowhouses drew mostly from the popular Queen Anne style. The architects gave each home its own personality—some fronts were red brick and ruddy terra cotta, and others cream colored brick and sandstone.

The house was rented out the house into the first years of the 20th century. Renters paid $1,200 per year.

Daytonian in Manhattan

Among the former was 118 East 95th St. Its undressed brownstone basement supported three floors of red brick. The three fully arched openings of the parlor floor wore brick-like terra cotta voussoirs, each with three keystones; the center of which were grotesque masks. The tympana (decorative space above the door) were filled with colorful stained-glass with the street address incorporated into the design.

On December 21st, 1889, the Record & Guide reported that William Methven Leslie had purchased three of the houses, including 118 East 95th St. The millionaire importer rented out the house into the first years of the 20th century, describing it as a "three-story and basement private house; 11 rooms, two baths." Renters paid $1,200 per year.

Shortly after Leslie's death in March 1910, Marion Leslie and her daughter Mary Leslie Hodson, also a widow, moved into 118 East 95th St. They were both wealthy socialites involved in philanthropic and charitable causes.

Marion Leslie died in the East 95th Street house on June 8th, 1920. Somewhat surprisingly, six months later (only half-way through her requisite mourning period), Mary married Cyril Alfred Percy Francklyn. Her aristocratic groom was 72 years old.

The house was up for sale in April 2021 for $7.5 million. The exterior is greatly intact, although, striking stained glass of the parlor floor has been removed. Most likely at the same time, the Queen Anne sashes of the upper floors were replaced with plate glass.

For more on this building and its inhabitants—which included renowned artist Mark Rothko and his family, check out the full article.

NYC has a new office of deed theft prevention. Here's how it can help owners

Cassidy Jensen — Tue, 19 May 2026 10:00:00 EDT

A year ago, then-mayoral candidate Zohran Mamdani told New Yorkers if he was elected he would create an office to protect them from deed theft.

In April, Mayor Mamdani followed through on that promise and announced longtime housing lawyer Peter White will lead the new Mayor’s Office of Deed Theft Prevention, a first for the city.

According to the state attorney general’s office, there were more than 3,500 deed theft complaints in New York City between 2013 and 2023. There were 517 complaints in 2025, three times the 149 complaints in 2023, Mamdani said at a press conference announcing White’s appointment.

White previously worked as an attorney at Access Justice Brooklyn, a pro-bono legal services organization, where he represented owners facing foreclosure, deed theft, and bankruptcy. He has a bachelor’s degree from Fordham University and a law degree from St. John’s University and has done Know Your Rights workshops and other outreach to owners.

“He's definitely well versed when it comes to the issues that homeowners face, particularly deed theft,” said Kevin Wolfe, deputy director of advocacy and public affairs at the Center for NYC Neighborhoods. “We have a high degree of confidence that he will come with the gravitas and with the institutional knowledge.”

What will the new office do?

Deed theft happens when scammers obtain a deed using fraud, sometimes by filing fake documents or having owners sign papers fooling them into transferring a deed. There are also partition scams, where buyers take advantage of the existence of multiple heirs to force a sale of a home.

Mamdani’s executive order tasked the office with expanding enforcement against deed theft, flagging suspicious property filings, coordinating with law enforcement, carrying out public education, promoting prevention techniques, and improve sharing data among different agencies.

“This office will focus on three central tenets: number one, deed fraud identification; number two, deed fraud prevention; and number three, deed fraud correction and remediation,” White said at the April 24th news conference. “Scam prevention already has an ecosystem of outstanding attorneys and housing professionals that have assisted homeowners in their times of need. This office will serve to help coordinate and leverage those efforts.”

The office is housed within the Department of Finance, which records property documents, and will work closely with other departments including the NYC Sheriff’s Office and the Department of Consumer and Worker Protection.

The office has a budget of $500,000 for fiscal year 2026 and then $1 million after that, largely for staff. The mayor’s executive order also created a deed theft prevention advocate position.

Deed theft prevention advice

The office has a new website with tips for preventing scams. It lists two important ways NYC homeowners can protect themselves from becoming a victim of deed theft, is a catchall phrase for a variety of fraudulent tactics bad actors use to gain control of a property.

Check your property’s deed. If you own a property, check the city register’s records at least once a year to make sure there are no new deeds or mortgages recorded without your consent. Find your property’s borough, block and lot number on your property tax bill and plug it into ACRIS (or the Richmond County Clerk for Staten Island).
Sign up for the Notice of Recorded Document Program. When a new document is reported against your property, you’ll automatically be mailed a notification. You can also designate someone you trust to get these letters.

Here are some other tips from the website to prevent deed theft in NYC:

Make sure that the Department of Finance has the correct mailing address for you or the person who should receive notices about your property.
Contact the Department of Finance if you stop receiving property tax bills and the Department of Environmental Protection if you stop receiving water bills.
If your property is vacant, check it often to make sure it is not occupied illegally.
Ask someone you trust to look after your house if you are going to be away for a long period of time.
Do not let mail pile up if you are going out of town.
Make sure your will clearly states who should inherit your property when you pass away.
When a family member passes away and someone else inherits the property, make sure you update the deed with the new owner’s name.
Buy title insurance. It's a one-time fee that varies depending on the purchase price of your home.
Discuss with your trusted family members or consult a lawyer before making any decisions that affect ownership of your property, such as adding or removing someone from a deed or taking out a new mortgage, reverse mortgage, or second mortgage.

How to report deed theft

The city’s website also provides the following resources if you need to report fraud. First, report fraud to the NYC Sheriff's Office online or by calling (718) 707-2100.

Next, if your property is in Manhattan, Brooklyn, Queens, or the Bronx, you should get a copy of the fraudulent document on CRIS or by visiting the City Register. For Staten Island, go to the Richmond County Clerk.

Finally, contact your local district attorney for the borough where the property is located. You may also want to check on your ownership with an attorney.

Changes to lending rules from Fannie Mae and Freddie Mac alarm NYC condo buildings

Jennifer White Karp — Mon, 18 May 2026 14:45:00 EDT

New York City condo buildings where buyers tend to rely on conventional financing face a looming deadline. New, stricter lending guidelines are going into effect with the potential to limit mortgage eligibility, shaking up many condo buildings across the city.

The new guidance from Fannie Mae and Freddie Mac issued in March applies to condo buildings only and has several significant changes, including the end of the limited review process by lenders, a shortcut to the underwriting procedure that requires less documentation. After August 3rd, most condo transactions will require the full review process, meaning lengthy documentation via condo questionnaires, which has the potential to slow down deals.

Another major shift involves how much buildings set aside to pay for major capital repairs. Effective January 4th, 2027, Fannie Mae and Freddie Mac, the U.S.-backed entities that buy loans from banks, will increase the minimum reserve funding requirement from 10 percent to 15 percent of the annual budget—a number that many buildings will find astronomical or antithetical to how they operate. Many NYC buildings raise assessments to fund major work, for example, when a new roof or façade repair is needed; a major façade project can run as high as $1 million.

Some changes are likely to welcomed by buildings, for example, buildings with up to 10 units may be eligible for a streamlined review process, since they are often self-managed. The long-standing limit on investors owning no more than 50 percent of units is also being eliminated, which could boost sales. And multiple changes to property insurance rules, including ending the requirement to insure roofs at full replacement cost, will lower costs significantly.

In recent years, higher conforming loan limits set by Fannie Mae and Freddie Mac meant more NYC buyers gained access to conventional loans with better rates. Becoming unwarrantable, or ineligible for government-backed lending, could dramatically hurt deals in buildings where units sell for under $2 million, sources told Brick.

Echoes of Surfside

The latest changes build on the response to the June 2021 deadly collapse of a condo tower in Surfside, Florida, caused by a severe lack of structural maintenance. In a move that had a major impact on condo lending and managing, Fannie Mae implemented tougher rules to prevent buyers from purchasing in buildings with low reserve funds, part of an effort to prevent buildings from putting off costly repairs. Many lenders fell in line with Fannie Mae's guidance.

New laws were passed in Florida, mandating inspections, and New Jersey, mandating reserve studies and inspections, but similar laws did not materialize in New York as many in the real estate industry expected. However, as a result of NYC’s numerous local laws, buildings already undergo an array of stringent façade, parapet, and building garage inspections

‘Seismic change’ for buildings

After August 3rd, roughly 40 percent of condo transactions will get harder overnight, according to a post on the website of the Community Associations Institute (CAI), a nonprofit representing condominiums and other homeowner associations.

That’s because when lenders perform limited reviews, they are looking at the building’s overall finances and not the building’s annual budget or whether it has deferred maintenance built into the annual budget, said Marc Kotler, president of the New York office of property manager FirstService Residential, who said the shift to full review is a “seismic change in the review process.”

In the past, many loans would go through with a limited review if the building was financially stable and the individual was high net worth. After August 3rd, many lenders will align with Fannie Mae's and Freddie Mac’s guidance and require the full review.

“Banks are going to be looking for financial stability, budgeted reserves or reserve studies to ensure that the board is planning for the long-term maintenance of the property,” he said. However, the result will be a more onerous condo questionnaire and review process, with more “back and forth” as some responses will raise additional questions, Kotler said.

About 65 percent of condo loans in the U.S. go through the limited review process, according to Orest Tomaselli, president and CEO of the reserve study firm Strategic Inspections, so the move to a full review is “pretty impactful,” he said. Any red flags, like a building that needs critical repairs, will show up here.

Similarly, the increased reserve requirement from 10 to 15 percent is a massive lift for buildings. Some don’t maintain reserve funds at all. Are buildings that previously scoffed at reserve fund line items freaking out? Tomaselli mused. “Hell yes.”

“What everyone is starting to figure out is that not being compliant correlates directly to unit value,” Tomaselli said. For buildings that are considered “non-warrantable,” financing will come with higher interest rates and less favorable terms.

Some sources said that at ultra-luxury buildings, where buyers pay all cash or use private lenders, it will be business as usual and they won’t see the need to come into compliance. But that’s not a recommended strategy for a building “where 90 percent of buyers pay cash—that still leaves 10 percent who need financing,” Tomaselli said.

"While there will always be an exception to the rule for well-capitalized borrowers in these luxury properties, many will become non-warrantable without complying with the new guidelines,” he said. Plus, “not every owner is liquid” and can handle paying a sudden special assessment.

Often buyers who paid cash to purchase will seek to refinance later, but when the new rules take effect, this strategy could be eliminated in some buildings that don't meet new lending guidelines.

When buildings are not in compliance with lending guidelines, both agencies reach out and let them know, and the information is also available on Fannie Mae’s portal. But often buildings find out the bad news when an owner tries to refinance and a lender checks to see if they are eligible.

The reserve study workaround

There is a workaround that can reduce the amount a building needs to set aside in a reserve fund. Current Fannie Mae and Freddie Mac guidelines allow buildings to commission a reserve study to demonstrate a project has sufficient reserves to handle capital projects.

This assessment of a building’s physical components, including the elevator, boiler, sprinkler system, façade, and roof, determines how much will be needed for necessary upgrades to avoid imposing large special assessments.

Co-op buildings aren’t specifically mandated to comply with 15 percent reserve requirements under these new guideline changes. However, they are required to have adequate reserves based on agency lending guidelines and adequate often means alignment with condo reserve requirements as outlined by the agencies, Tomaselli explained.

There is one change regarding reserve studies: Buildings need to set aside the highest recommended reserve allocation recommended by the reserve study to adequately cover the costs identified.

For a building that has done a lot of maintenance, spent money to comply with NYC’s local laws on façade inspections and electrification, a reserve study—which can run $8,500 to $9,500 for a 100-unit building—could ultimately save hundreds of thousands of dollars.

For example, Tomaselli is working with an 89-unit building that has $4 million in its reserve fund and found through a reserve study that it can reduce its reserve fund contribution down to 3 percent of the operating budget.

But buildings that intend to undertake a reserve study need to get cracking, since budget planning begins in the fall. Expect a 90-day turn around for reserve studies, Tomaselli said.

Advice for buyers, sellers, and owners

The long-term goal of the changes to lending guidance is to create healthy buildings, said Michael Rossi, executive vice president of real estate firm Howard Hanna NYC. But he characterized the short-term impact as a “tsunami.”

And the move comes as the real estate market is getting slammed from several angles, he said, notably Governor Kathy Hochul’s proposal for a new pied-à-terre tax on luxury second homes in NYC worth more than $5 million. While that tax is aimed at the high end of the market, the latest changes coming from Fannie Mae and Freddie Mac will reduce the number of listings in the lower part of the market.

Rossi and the other sources Brick spoke to said that any buildings where units sell for $2 million or under will be most impacted. These buyers tend to rely on conventional financing.

“The impact is that the buyer pool is going to be reduced because these units are not going to be able to be financed in the traditional way,” he said.

His advice was to work with a broker who has been paying close attention to changes in lending guidelines—don’t be shy in asking them what they know about Fannie and Freddie's new rules.

If you’re a seller or owner, you will want to make sure your building is being maintained and has an adequate reserve fund. “The numbers are going to be scrutinized in a way they weren’t before. It’s like a 70 year old going to the doctor for the first time,” he said.

From the horse’s mouth

Another savvy move is to find out what type of lending occurs in your building. Drew Donovan, co-CEO of Choice Property Management, which manages 120 condo and co-op buildings in NYC, recommended speaking to a mortgage broker to find this out.

“Talk to those who are lending in your building. Get their advice,” Donovan said. Pay attention to whether lenders are doing “agency loans” (sold to Fannie Mae and Freddie Mac and must meet their strict criteria) or “portfolio loans,” which the lender keeps in their portfolio but can have higher interest rates.

Buyers (or their lawyers) will want to keep the new lending requirements in mind when evaluating a prospective building’s finances and consider, for example, the implications of buying in a building with no reserve fund.

Manhattan median rent rose to new high of $5,099 in April as listings tumbled 25 percent

Jennifer White Karp — Fri, 15 May 2026 10:00:00 EDT

Manhattan renters who signed leases last month faced intense rental market conditions.

The borough’s median rent hit a new all-time high of $5,099 in April as the vacancy rate fell to 1.55 percent, the lowest seen in over six years, according to Corcoran, which released new rental market reports for Manhattan and Brooklyn.

“Manhattan’s rental market surged in April 2026, driven by a sharp rise in renter demand colliding with increasingly constrained supply,” said Gary Malin, COO at Corcoran. “These conditions clearly reflect a market where urgency has escalated and competition remains intense.”

Manhattan’s median rent for new leases was up 6 percent compared to April 2025. Listings were down 25 percent compared to the year ago quarter and yet leasing activity reached its highest level for the month of April since 2021, rising 12 percent year over year.

Overall, the average Manhattan apartment took 47 days to find a tenant in April, down 8 percent month-over-month but up 21 percent annually, as per the report. Days on market climbed from last year’s low, likely a reflection of renters grappling with new record rents and limited options.

Less extreme in Brooklyn

Brooklyn renters also signed new leases at an accelerated pace, making this the busiest April for leasing since 2021. However, conditions were less extreme for would-be renters, which helped draw them back into the market this spring, Malin said.

Median rent was $4,110 (in February it hit an all-time high of $4,296), up 3 percent compared to a year ago and down 1 percent from March. Listings were up 16 percent versus a year ago.

Days-on-market climbed significantly compared to a year ago as renters weighed their slim options.

How to find a sublet in NYC: The online platform connecting apartments and renters

Mimi OConnor — Fri, 15 May 2026 09:30:00 EDT

Finding a sublet or short-term rental in New York City can be challenging, to say the least. If you’re a student, intern, or recent graduate, affordability is likely a priority in your search and the task can feel particularly overwhelming. Inventory is low, rents are high, and nightmare roommate stories abound. There is a solution. Ohana—which means “welcome” in Hawaiian—makes it easy to find NYC sublets, assists with screening apartments and potential roommates, and offers protection against fraud.

Thousands of listings in NYC, some exclusive to Ohana

Why Ohana? Ohana is one of the largest furnished short-term rental providers in New York City. In just over two years, the platform has featured 33,000 listings and matched nearly 11,000 people with a place to live. Additionally, Ohana has listings you won’t find anywhere else, thanks in part to online Ohana communities.

Ohana Instagram Communities: Find your people and a place

Ohana hosts numerous niche-specific accounts on Instagram: Girls Who Sublet, Artists Who Sublet, NYU Subletting, Columbia Subletting. “Most people want to sublet to a friend, but you can quickly exhaust your network,” said Ezra Gershanok, co-founder of Ohana. “Ohana has these robust niche communities that have more people, but still have some element in common—whether it's being a woman, an artist, or a student.”

The communities are sizable, and continue to add members; Girls Who Sublet, for example, counted 16,000 followers in January, and now has more than 50,000. “We do a lot of grassroots mining to get these affordable, market-rate apartments on our site that you simply can't find elsewhere,” Gershanok said.

Filled with photos of (real) places to sublet in New York, the accounts serve as a place where people who have a room or an apartment to sublet can post, and where those in need of a sublet can search. See a place in your price range that looks good? Send a DM to connect with Ohana, get further details about the listing, and set up an online introduction and tour.

That’s how Julia Niehaus, a recent NYU graduate, found a sublet in the city the summer of her junior year. She wanted to live with other women, so she looked at Girls Who Sublet and found a listing for $1,200 a month in Bed-Stuy. “I really wanted to live with girls. It’s such a great idea to bring girls together,” she said, noting one roommate is now a close friend.

The online introduction and accompanying video tour of the apartment, facilitated by a member of the Ohana team, helped Niehaus feel comfortable with the process. In addition to being generally cautious in her search, Niehaus also knows at least one person burned by a Facebook sublet scam. “I was glad I was signing a contract and meeting somebody. A virtual tour was enough on a limited timeline,” she said. “I thought, ‘I can feel good about making this decision.’ Housing is my biggest expense. It’s not something to play around with.” The following year, after signing a lease and doing a semester abroad, Niehaus used Ohana again, this time to find subletters for her own place.

More than just a listing service

Safety and fraud protection are key elements of the Ohana experience. “Other platforms are just listing services. You pay to post your place and then everything else is handled directly by the subletter and renter,” Gershanok said.

“We make sure you get the apartment you paid for, that it's returned to the host in good condition, and we process the security deposit. We won't release payment until the guest confirms the place matches what was shown on the video call. In a market with a lot of scammers, that's pretty important.”

Are you looking for a sublet in NYC? Try Ohana for a process that’s easy and offers built-in protection against fraud.

How to buy a Hamptons hotel condo or co-op unit as an investment property

Evelyn Battaglia — Thu, 14 May 2026 10:30:00 EDT

If you've ever thought about purchasing a summer place or investment property in the Hamptons but couldn't swing the steep price tag, there just might be a way to live the dream—you can buy into a hotel condo or co-op, which are numerous in this area and can be a fraction of the cost of a single-family house.

That's important to know because home prices in this stretch of paradise are still at an all-time high. In the first quarter, the median sales price for single-family houses increased to $2.6 million, up over 26 percent compared to the first quarter of 2025, according to Housing Notes, the market report by Jonathan Miller, president and CEO of appraisal firm Miller Samuel. However, the median price for condos, $980,000, was down 50 percent compared to the first quarter of last year. What's more, the share of sales above the $5 million threshold were the highest on record and the share of sales below $1 million was the lowest on record.

Being able to come up with enough money is not the only consideration, however. A vacation investment property can require a lot of work: You need to find renters and maintain the property, not always an easy feat when you don't live nearby.

But with a hotel condo or co-op, you own the apartment, and you (or anyone who rents your place) can enjoy the hotel's amenities as well as housekeeping and other hotel services. A management company will rent the property on your behalf so you can be as hands-off as possible.

[Editor's note: A previous version of the article ran in April 2025. We are presenting it again here with updated information for May 2026.]

In this week's Buy Curious, Florence Costello of Martha Greene Real Estate and Justin Agnello, Hara Kang, and James Keogh, known as the Atlantic Team of Douglas Elliman, tell you everything you need to know about purchasing a place in a condo/co-op hotel in the Hamptons area, including where to find them, how much you'll be shelling out each month, and if you can expect to see a return on your investment.

The question:

I've heard that a condo or co-op hotel in the Hamptons might be a good low-key investment property. Does that ring true? If so, can you tell me more?

The reality:

If you want to own an investment property in the Hamptons area but don't want to do any of the work typically involved in property ownership, a condo or co-op hotel could definitely work for you.

The advantages are numerous: Someone else will handle finding renters, allowing you to earn money on your property when it's not in use. You don't need to clean the unit or change the bedding after you or your renters leave. And you'll be able to sit back, relax, and watch it all unfold from afar.

"I can't think of any cons to doing this," Costello said.

What are the sought-after condo/co-op hotels?

Montauk Manor (which Costello represents) is a highly desirable destination in Montauk, according to the Atlantic Team. The views are phenomenal and the staff and management are world-class, they said. Amenities include indoor and outdoor pools, a day spa, exercise room, tennis courts, Italian restaurant, driving range, putting green, outdoor yoga classes, and electric vehicle charging stations.

Also in Montauk is The Surf Club, which offers rare one- and two-bedroom duplexes with ocean views. The club has a heated outdoor pool, fitness center, direct beach access, free parking, outdoor movie nights, yoga and Pilates classes, and concierge services.

The Beach Plum Resort, another Montauk locale, offers direct beach access, a heated pool, complimentary wifi, and outdoor grills. There are even play areas for kids, making it an excellent option for families.

Direct beach access, a heated pool, sauna, fitness room, and tennis courts are on deck at The Beachcomber Resort at Montauk, a seasonal community open from April 25th through the end of October (exact dates subject to change).

Dune Resorts owns several co-op properties in the Hamptons, with two in Montauk. The Atlantic Bluffs Club is a co-op community within walking distance of the beach and town. Soundview Montauk, located on Block Island Sound, is a seasonal resort with a playground, private sun deck, and picnic area with barbecues. All Dune Resorts' properties have heated pools and high-speed wifi. Be sure to check Dune Resorts' frequently updated portfolio of investment opportunities.

Other Dune Resort properties include Windward Shores, a year-round resort consisting of 45 townhouse-style apartments situated along the Napeague Stretch between Amagansett and Montauk; it has two tennis courts and cabana service on the private beach with lounge chairs, sun umbrellas, and towels. Nearby, The Hermitage is a seven-acre resort with studios and one- and two-bedroom condos plus seasonal features counting two tennis courts, cabana service on the private beach, and on-site parking.

Sea Crest, a beachfront resort with grass-covered dunes in Amagansett, offers tennis, basketball, and handball courts and a large private beach with seasonal cabana service. East Hampton House, situated on five acres of manicured lawns within walking distance of the village, offers a heated outdoor pool, fitness center, two tennis courts, and barbecue grills.

Another popular spot in Amagansett is The Ocean Dunes, an oceanfront co-op resort with a heated outdoor pool and private beach access.

How do you rent out a hotel condo/co-op?

"The building takes care of it all," Costello said. In most cases, either an in-house or outsourced management company handles the entire rental process, meaning your work is complete once you've purchased the property and added it to the rental pool.

You may have the option to do the turnover and sourcing yourself, but that process can be burdensome, according to the Atlantic Team.

Costello added that in her experience with Montauk Manor, most people keep their properties in the rental pool for the summer season—which typically runs from early May to November—to maximize profits. In the off-season, the owners enjoy their spaces.

What can you expect to pay in maintenance?

Fees will vary from unit to unit and complex to complex. Many Hamptons-area resorts close for the winter months and therefore have lower maintenance fees.

If you buy in a complex that stays open year-round, you will have to factor in winter maintenance, which can be steeper thanks to the weather, according to the Atlantic Team.

A rough estimate would be total fees that range from $800 a month on the low end to over $2,000 a month on the high end.

How big do these properties tend to be?

Most of the units at these condo/co-op hotels are studios and one bedrooms, ranging from 400 to 500 square feet.

Some larger, two-plus-bedroom units can also be found at most resorts; they are significantly more expensive and come to market less frequently.

Can buyers expect to see a return on their investment?

Once the maintenance fees and all other associated costs are factored in, an owner can still end up in the green, according to the Atlantic Team.

Costello added that while purchasing one of these types of properties isn't as foolproof as putting money into a CD, "it will eventually pay for itself."

Do owners mingle with hotel guests?

In most cases, the answer is yes—especially at amenity spaces like the pool and fitness center as well as common areas.

Some resorts separate private residences from rentable hotel rooms, while others don't. If this is important to you, be sure to ask.

Is it hard to get a mortgage for a unit in a condo/co-op hotel?

Unfortunately, yes, said our experts. As such, most people will need to pay cash for these types of properties.

And according to at least one loan officer, the reason for this is simpler than you might think. "We're not in the business to lend to hotels," she said. "We do residential lending."

However, if the condo/co-op component of the property maintains its financials separately from the hotel portion, some banks may consider it. In these cases, you should have enough liquid assets to cover at least six months worth of mortgage payments, a strong credit score and history, and a debt-to-income ratio of no more than 45 percent.

Check out these condo/co-op hotels in the Hamptons/Montauk area.

707 Old Montauk Hwy., #B-21, Montauk

Located at the Atlantic Bluffs Club, this first-floor, 450-square-foot studio co-op features a fireplace, covered ocean-view mahogany deck, direct ground-level access, front entry porch, central A/C, plus basement storage and laundry on the premises. Other amenities include a heated in-ground pool, designated parking, and an on-site super. The unit is listed for $635,000, with a monthly fee of $1,862.

2148 Old Montauk Hwy., #C09, Amagansett

With two bedrooms and two baths, this 723-square-foot poolside co-op features a full kitchen, dinette, living room and ocean-facing private deck. It has been reduced from $999,000 to $899,999; monthly charges are $1,898. The Hermitage is a seven-acre resort that offers pickleball courts, tennis courts, a fitness center, heated pool with spa, private beach, and cabana service. An on-site rental program is also available.

707 Old Montauk Hwy., #A-57, Montauk

Asking $949,000, this first-floor, 601-square-foot corner co-op has two bedrooms, one bath, and a fireplace, plus access to all the amenities at the Atlantic Bluffs Club by Dune Resorts. The monthly fees are $1,862.

226 Pantigo Road, #310, East Hampton

Part of Dune Resorts' East Hampton House, this upper-level co-op shares access to a brand-new outdoor heated pool, tennis courts, a fitness room, guest laundry facility, and an on-site management team. The "deluxe studio" includes a full bath, living room, and an "amenity station" equipped with a mini-fridge, microwave, and coffee maker. A semi-private sun deck overlooks the manicured grounds. It is priced at $499,000; monthly maintenance is $988.

2166 Montauk Hwy., #75, Amagansett

A fully renovated two-bedroom, two-bath co-op at Sea Crest Resort and Residences is on the market for $895,000, down from $1.2 million. The 880-square-foot unit offers an open-plan living room, dining area, and kitchen, as well as two generously sized decks off the living room and primary bedroom. Amenities include a heated pool, clubhouse, playground, basketball court, two tennis courts, and an outdoor dining and barbecue area.

Ask Altagracia: My roommate moved out. Can I replace them with someone not on the lease?

Brick Underground — Wed, 13 May 2026 09:30:00 EDT

118 East 10th St: Where one of the U.S.'s greatest architects found his passion

Tom Miller — Tue, 12 May 2026 12:30:00 EDT

In 1861, Richard Grant White moved his family into a newly built house at 186 Tenth St. (renumbered 118 East 10th St. in 1867). It sat upon a triangular parcel of land purchased from the Stuyvesant family in 1854.

Like its neighbors, the rusticated brownstone basement and first floor of the house sat below four stories of red brick trimmed in sandstone.

Daytonian in Manhattan

Like its neighbors, the rusticated brownstone basement and first floor of the house sat below four stories of red brick trimmed in sandstone. The tall, arched windows of the second floor were connected by a stone bandcourse. Each of the architrave frames of the upper openings were treated slightly differently.

Born in 1822, Richard Grant White was a globally recognized Shakespearean scholar. By the time he purchased the Tenth Street house, he was the musical critic for The Courier and Enquirer, and the author of several published books.

Grant married Alexina Black Mease on October 16th, 1850. The couple had two sons, Richard Mansfield, born in 1851, and Stanford, born in 1853.

The parlor of the East 10th Street house was most likely the scene of lively artistic discussions. Among Richard G. White's acquaintances were Louis Comfort Tiffany, Frederick Law Olmsted, and John LaFarge. It may have been those gatherings that sparked young Stanford White's interest in architecture.

With no formal training, he became an apprentice in the office of Henry Hobson Richardson in 1871 at the age of 18. But the young man's playboy lifestyle was a concern to his parents. Mary Cummings, in her Saving Sin City, says Stanford White and his friends "preferred the company of models and chorus girls to that of dowagers and debutantes.”

In 1879, he joined Charles Follen McKim and William Rutherford Mead to form McKim, Mead and White, which became a premier American architectural firm, known for its numerous civic, residential, and commercial buildings.

A shocking footnote

In the summer 1906, White was murdered by millionaire Harry Thaw at a cabaret on top of Madison Square Garden. Thaw was enraged over White’s relationship with his young wife, Evelyn Nesbit, an actress. Thaw’s murder trial gripped the nation.

From the exterior, the house where one of the world's greatest Shakespearean scholars and one of America's greatest architects lived for decades is little changed since 1861.

For more on this building and its inhabitants, check out the full article.

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How to buy a Hamptons hotel condo or co-op unit as an investment property

The question:

The reality:

What are the sought-after condo/co-op hotels?

How do you rent out a hotel condo/co-op?

What can you expect to pay in maintenance?

How big do these properties tend to be?

Can buyers expect to see a return on their investment?

Do owners mingle with hotel guests?

Is it hard to get a mortgage for a unit in a condo/co-op hotel?

707 Old Montauk Hwy., #B-21, Montauk

2148 Old Montauk Hwy., #C09, Amagansett

707 Old Montauk Hwy., #A-57, Montauk

226 Pantigo Road, #310, East Hampton

2166 Montauk Hwy., #75, Amagansett

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