Buying New Development in NYC: Hidden Savings and Dangerous Pitfalls

When it comes to new development buildings in New York, there are major pros and cons that buyers need to understand before jumping in. 

In this episode, I'll break down everything you need to know about purchasing in these luxury properties, from the unique negotiation strategies that can save you hundreds of thousands to the timing issues that could leave you waiting months longer than expected.

About the Host:
Christina Kremidas is a lifelong New Yorker who brings her extensive background in advertising to her successful real estate career in Manhattan. Her personal experience as a property investor and landlord in New York City gives her unique insight into her client's needs, while her negotiation expertise and market knowledge have quickly established her as a top-performing agent, ranking in the top 5% at her first firm in 2018. 

Beyond her professional achievements, Christina is deeply involved in her community as a founding Steward at the St. Nicholas Greek Orthodox Church and National Shrine at the World Trade Center, where she serves on the Parish Council and leads social media, marketing, and young adult initiatives. 

Get in touch with me: 
Instagram: https://www.instagram.com/christina.kremidas
TikTok: https://www.tiktok.com/@christina.kremidas
Check out my website: https://christinakremidas.com/
Email me: Christina.Kremidas@elliman.com

What Is Your Property Worth?: https://christinakremidas.com/home-valuation
The Virtual Agent Experience: https://christinakremidas.com/virtual-agent

Timestamps

0:00 Episode Introduction
1:45 Helping viewers make informed decisions about new developments
2:16 PROS: Different negotiation approach in new developments
5:37 Benefits for financing buyers
8:32 PRO: Brand new apartments with high-quality materials and no previous owners
10:30 PRO: Warranty benefits and prestige associated with new luxury developments
14:18 PRO: No board approval process and simplified purchase compared to co-ops
15:20 CONS: No guaranteed timing for completion and lack of buyer recourse for delays
22:38 CON: One-sided contracts favoring developers with limited recourse for buyers
27:56 CON: Higher closing costs in new developments and why broker representation is essential
32:16 CON: Potential construction malfunctions after move-in with real examples
38:44 CON: Walkthrough process concerns and declining priority after closing
42:40 The critical importance of experienced broker representation in new development purchases