At Turnstone Advisory, we believe successful buying in New York isn’t about timing the market—it’s about recognizing the right opportunity, paying the right price, and having an experienced advocate by your side. In Manhattan and Brooklyn, where every block and building tells a different story, the right guidance ensures no detail is overlooked. We help buyers look beyond the apartment itself to the factors that truly define value and quality of life—from light and layout to neighborhood character—while also identifying potential red flags within buildings that aren’t immediately visible. Every step of the way, we manage the process with precision, strategy, and integrity, from the first tour to the closing table.
If you find the right home now, don’t risk losing it by waiting for the market or interest rates to align with a prediction. Timing the housing market is nearly impossible, and those factors rarely shift fast enough to meaningfully affect the price of a single property. Focus instead on what you can control — your goals, your readiness, and the opportunity in front of you.
Don’t forget about factors outside of the physical attributes of your home including noise level, amenities, and what’s in the neighborhood. These are factors that are equally as important to your happiness as the inside of your home - and many of these can’t be as easily changed as a wall color.
There’s no such thing as a flawless home — not in New York, and not anywhere else. Every property involves tradeoffs: light or location, charm or convenience, space or skyline. The key is clarity — understanding what really matters to you and what doesn’t.
Don’t wait until you’ve found a home to get pre-approved for a mortgage, identify an attorney, or think about your moving timeline. Preparation shows seriousness and gives you an edge when competition is high. The more groundwork you lay early, the more confidently you can move when the right opportunity appears — and the more attractive your offer will be to a seller.
Negotiation is part of every real estate transaction, but trying to “win” by pushing too hard on price or refusing to compromise can backfire. In a competitive market, being inflexible may cost you the home you love. The goal isn’t to defeat the seller — it’s to reach an agreement that works. A successful negotiation is one where both sides walk away feeling it was fair.
Contact an experienced Turnstone Advisor who knows the neighborhoods you’re exploring and can guide you with insight, strategy, and care throughout your search.
Before beginning your search, take the important first step of getting pre-approved for a mortgage — unless you plan to purchase your home in cash. Your Turnstone Advisor can introduce you to a trusted mortgage professional who will guide you through the process. Based on your income, assets, and credit history, your lender will determine the amount you’re qualified to borrow, giving you a clear price range and a stronger position when it’s time to make an offer.
Visit a variety of properties across different neighborhoods and styles to refine your vision. Seeing homes in person helps you understand what truly resonates — the light, the layout, the energy of each space — and clarify what matters most in your next home.
Negotiation is both art and strategy. Once you’ve found a home you’d like to pursue, your Turnstone Advisor will help you prepare and present an offer — a non-binding proposal outlining the price and key terms you’re willing to accept. If the offer is below the asking price, the seller may respond with a counteroffer, beginning a dialogue toward common ground. Throughout the process, your Turnstone Advisor will guide you on strategy and pricing, helping you navigate each step with clarity and confidence. When both parties align on price and terms, an "accepted offer" reached.
This is the stage where precision matters most. With your attorney, you’ll review the contract of sale, building financials, and board minutes to gain a complete understanding of the property and its governing structure. In New York City, it’s essential to work with an attorney who specializes in co-op and condominium transactions — someone fluent in the city’s unique legal and financial nuances. Your Turnstone Advisor can recommend several trusted attorneys who excel in this area. The right attorney will interpret the details, identify potential risks, and ensure every document serves your best interests.
Once due diligence is complete and the contract has been fully negotiated, it’s time to move forward with signing. The buyer signs first and submits a contract deposit — typically 10% of the purchase price — which is held in escrow until closing. The seller then signs and returns the fully executed agreement. At that point, you are officially in contract, and the property is considered off the market.
Once you’re in contract, your lender will begin the formal mortgage approval process. This includes verifying your financial documents and ordering an appraisal of the property to confirm its value supports the loan amount. Your Turnstone Advisor will coordinate closely with your lender to help ensure everything moves forward efficiently. It’s important to stay responsive during this stage — timely communication keeps your financing on track and helps avoid unnecessary delays.
(If you are purchasing a townhouse, skip ahead to Step 10)
Co-ops are governed by a board of directors who must approve each sale. To do so, they require a comprehensive “board application” that details your financial and personal qualifications, including reference letters, tax returns, and a mortgage commitment from your bank. Your Turnstone Advisor will help you prepare this submission carefully, ensuring every detail is presented clearly and thoughtfully. Once reviewed, the board may invite you to an interview before granting final approval.
While condominiums generally do not require board interviews or extensive documentation, you will still need to submit a purchase application for the waiver of the board’s right of first refusal — a procedural step that formally clears the way for your closing.
If you’re purchasing a co-op, the final step in the approval process is the board interview. This meeting is typically conversational and designed to ensure you’re a good fit for the building’s community. Your Turnstone Advisor will help you prepare so you know what to expect and can approach the interview with ease and confidence.
After the interview, the board will deliberate and issue its decision, usually within a few days. Once approved, you’ll receive an official notice authorizing the sale to proceed. At that point, you’re one step closer to closing and officially calling your new home your own.
If purchasing a condominium, the waiver of the right of first refusal will be issued.
Once your loan has received final underwriting approval and all conditions have been satisfied, your lender will issue a “clear to close.” This means the financing is fully approved and your attorney can schedule the closing with all parties. Your Turnstone Advisor will stay in close communication with your lender, attorney, and the seller’s side to help ensure a smooth timeline and coordinated finish. At this point, the home is nearly yours — just one final step remains.
Once the bank issues the clear to close, your attorney will coordinate with the seller’s attorney and the managing agent to schedule the closing date. This meeting is typically held at the managing agent’s office, the lender’s office, or occasionally at one of the attorneys’ offices. Your Turnstone Advisor will confirm all logistics and ensure you know exactly what to expect and what to bring. As the final details come together, this is the moment when preparation gives way to anticipation — you’re about to own your new home.
Just before closing, you’ll complete a final walk-through of the property with your Turnstone Advisor to confirm that everything is in the same condition as when you last saw it and that any agreed-upon repairs have been completed. This is your opportunity to make sure all appliances and systems are functioning properly and the home is ready for your arrival. Once the walk-through is complete and everything is in order, you’re officially ready to close — and to begin your next chapter.
Congratulations — you’ve officially closed on your new home. The keys are yours, and a new chapter begins. Your Turnstone Advisor will remain a trusted resource long after closing, whether you need recommendations for contractors, designers, movers, or simply want guidance as you settle in. We take pride in the relationships we build and the trust our clients place in us — because at Turnstone Advisory, every ending is truly a beginning.
Assessment of the property’s market value, typically done for the purpose of obtaining a mortgage.
Monthly maintenance fee paid by condo owners. Property taxes are not included in the common charges.
A percentage of the agreed-upon purchase price paid by the buyer at the time of signing the contract and held in escrow until closing.
Owner of a co-op unit, since what they are actually purchasing are shares of stock in the co-op corporation.
The percentage of an individual’s monthly gross income relative to the amount of debt owed.
Deposit of funds from contract execution to be transferred to the seller upon completion of the deal.
A formal detailed record of your income, assets, and liabilities.
A tax levied by a co-op and paid by the seller when a sale is made. They are designed to generate funds for the co-op’s cash reserve.
Fees paid by co-op shareholders that contribute to building operations and real estate taxes.
A background check on the property and the seller to ensure there are no outstanding debts or claims upon the property.
The amount of cash the buyer must have on hand after deducting the down-payment and closing costs.
Advanced approval from a bank or other lending institution for a home mortgage.
Potential buyers provide an overall financial picture and mortgage brokers provide an estimate of what level of loan you will likely be pre-approved for.
A fee paid to the local government to officially report a sale of a home; usually paid by the buyer.
Some buildings offer tax abatements that reduce property taxes for a limited period — a valuable benefit that can significantly lower monthly expenses while the abatement is in effect.
The entity responsible for developing a new building or converting an existing rental building to a condo or co-op.
While both condos and co-ops offer paths to ownership in New York City, the experience of purchasing and living in each can differ significantly. Buying a condo is more like owning a home outright — you receive a deed and have greater independence when it comes to financing, subletting, and resale. Purchasing a co-op means buying shares in a corporation that owns the building, giving you the right to occupy your unit but also requiring board approval for both purchase and future sales. Condos generally involve higher upfront costs and closing expenses, while co-ops often have lower purchase prices but stricter rules and approval processes. The chart below outlines the key distinctions to help you determine which option best aligns with your goals and lifestyle.
| Co-op | Condo | |
|---|---|---|
| Supply | 75% of NYC’s housing Built before 1980s |
25% of NYC’s housing Built after 1980s |
| Estimated Closing Time | 3–4 months after contract signing | 1–2 months after contract signing |
| Approval Process | Very strict and thorough Personal interview required |
Less rigorous - no interview Quicker to approve |
| Ownership Type | Indirect Stock certificate and lease |
Direct Buyer owns real property |
| Taxes |
Some tax deductions can be taken for owner’s share. Taxes are included in monthly maintenance |
Owner pays typical homeowner taxes |
| Renting Out Your Unit | Limited - based on building regulations | Investor friendly |
| Resale | New buyer must be approved by co-op board | New buyer will rarely be denied |
| Investor Friendly | Rarely | Yes |