My name is Jeff Cohen and I'm a real estate Salesperson in New York City with NextStopNY. Manhattan is a different real estate market when compared to the rest of the country.  So I decided to create a real estate series dedicated to answering some of the top questions I receive from buyers when shopping for a home in New York City (NYC). 

In this episode I will go over what is called the debt to income ratio or what some people also call the debt to equity ratio. What is important to know is that a bank may have a different ratio requirement than a co-op board and most often the co-op board has a a more strict threshold. When buying a co-op in New York City, co-op boards usually want to see the buyer landing somewhere between a 25 to 35 percent debt-to-income ratio, and quite frequently below 30 percent. 

Debt-to-income ratio is a measure of what percentage of your income goes towards housing expenses, more specifically mortgage and maintenance, but can also extend to areas such as other debts. This formula is calculated by taking your monthly expense divided by your monthly income.  

As an example if you are buying a 1 bedroom apartment for $700,000 with 20% down, your mortgage could be about $2,800. If you add to that a hypothetical maintenance of let's say $1,200, your total monthly expense is $4,000. Then let's assume you make $165,000 per year gross salary (not after-tax). $165,000 divided by 12 months is about $13,750 per month in income. So in this example you would take $4,000/$13,750 and come up with a debt to income ratio of 29%.

Evidence from studies of mortgage loans suggest that borrowers with a higher debt-to-income ratio are more likely to run into trouble making monthly payments. So the lower the debt to income ratio the better. 

When you are looking to buy an apartment in New York City be aware of the debt to income ratio. Either ask your real estate agent what the debt to income ratio is or have them ask the management company of the building if they don't know.

This is Jeff Cohen a real estate agent in Manhattan with NextStopNY. I hope you enjoyed this episode and look forward to seeing you again soon.

This your Manhattan Real Estate Market update for February 11th 2019.

Buying or Selling an apartment in New York City right now? Don't miss this real estate market update. The new metric called the Market Pulse is explained and you will want to listen in to see why that could benefit you. Then as an added bonus if you scroll down I provide more insight into the Market Pulse.

The Market Pulse in Manhattan is calculated by taking pending sales and dividing it by active inventory. In English it means comparing how many apartments currently have signed contracts to sell, versus what apartments are currently on the market trying to sell.  You can see from the chart below that in the Fall of 2013 it almost approached 1, but since 2016 it has been on a steady decline. 

Call, text or email me to find out how I can save you money right now. 

While we are all waiting for the next episode of Billions, the real life Bobby Axelrod is at work hoarding properties around the world.  Citadel Hedge Fund founder Ken Griffin is reported to be the new owner of this ~24,000 square foot apartment at 220 Central Park South. The price tag for this beauty is said to be around $238 Million.  This is a record price for a home in the United States and it pulverized the price $100.5 million apartment that Michael Dell paid at 157 West 57th.  What is even more shocking is that it is actually cheap when compared to the 2 paintings he purchased back in 2016 for $500 million.

The architect for 220 Central park South is Robert A.M. Stern and the property is developed by Vornado Realty Trust.

Looking for an apartment in Manhattan? Learn more about Jeff Cohen and how he can help you find the home of your dreams.

Buying or Selling an apartment in New York City right now? Don't miss this real estate market update. This time I am focusing on the co-op NYC real estate market. This is a quick Manhattan Real Estate Market update for December 8th 2018.

3 things you want to know right now about the New York City (NYC) real estate market. This is a quick Manhattan Real Estate Market update for November 17th 2018.

3 Minutes and 3 Reasons to buy in New York City right now.

Reminder that Manhattanhenge is tonight and tomorrow night at 8:20pm. Get your phones (and cameras) ready!!

For more information, click on the photo below for information from Neil deGrasse Tyson:

The best viewing locations should be at 14th, 34th, 42nd, 57th and 79th Streets, as they’re wide blocks with interesting buildings for framing your photos.

#Manhattanhenge #jcny #realestate

The food hall favorite for Grand Central commuters and Manhattan tourists just expanded north to Midtown East for the locals. Urbanspace food hall is adding a new 11k square foot location in the General Electric building located at 570 Lexington on the southwest corner of 51st and Lexington Avenue.  That’s about 18 one-bedroom apartments.

I reached out to the team at Urbanspace who confirmed Urbanspace at 570 Lex is set to open March 28th. Opening one day before baseball season, this succulent lineup hit a home run and will keep you captivated about the food game. Your cravings can be fulfilled 6 am to 11 pm Monday through Saturday and on Sunday from 7 am to 10 pm. That timing depends on the restaurant as Takumi Taco's website indicates the hours begin at 11am.

While I will certainly try everything, I am super excited about the Top Hops Beer Shop.  As a former bar owner and a beer enthusiast, I love to explore all things hoppy. Now I just have to decide what to pair it with!  Perhaps the Australian savory pies from Tuck Shop, the California-style Dorado Tacos, or the rock stars of Rockaway Clam Bar.

Curious to know what else is there?  The Urbanspace team confirmed that this was the lineup for the new Urbanspace at 570 Lex (from Z to A):

Trapizzino - Freshly baked pizza bianca (plain pizza dough) filled with Italian greatness

Takumi Taco – Japanese influenced Mexican food 

Tuck Shop - Australian savory pies

Top Hops Beer Shop – The beer advocates advocate that treats their beer seriously!

Taïm – Tel Aviv inspired falafel with dishes that are gluten free, vegan and always fresh

Rockaway Clam Bar - Enjoy clams, lobster or a burger from the team at Red Hook Lobster Pound

Roberta’s – Pizza made in wood burning ovens that has evolved into a New York City favorite

Little Collins – Australian inspired café

Liquiteria – Cold pressed juice and more

La Pecora Bianca – Italian.  Not sure what the menu will have but their homemade pastas are amazing

Inday - Indian inspired bowls and more

Kuro-Obi - Ramen masters of Ippudo transformed their model into a take-away format

Go Fish - Succulent sushi

Dorado - innovative approach to Mexican street food, California-style beyond just tacos

Bobwhite Counter - dreamy fried chicken and soul food sides

Bao by Kaya - mouthwatering Taiwanese cuisine

Rumor has it that they mave three more restaurants but we will have to wait.  See you there soon!

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