Building and Unit Types | Features and Components | Renting and Brokers | Abbreviations
ALCOVE STUDIO (ALC) - A studio apartment unit annexed with an additional and smaller alcove space, which often forms an L shape. Screens or other partitions are optionally used for privacy, creating a separate sleeping area/bedroom.
BROWNSTONE/TOWNHOUSE (BSTN, TWNHSE, TH)- Four to five story high buildings that were built in the late 1800’s through the early 1900’s as single-family homes. Their architectural styles usually reflect early Dutch, French and German influences. Many brownstones and townhouses were converted to multi-unit buildings (with 7-10 units) around World War II, but in recent years many have been restored and converted back to single-family homes. Generally, apartments in these types of buildings can have high ceilings, fireplaces, gardens or ‘garden views’ (if on a high floor and in the back) and hardwood floors. Prices range from mid-priced to expensive, depending on location, size and renovations. Virtually none have a doorman.
CLASSIC 6, 7 OR 8 (CLASSIC 6/7/8) - The term classic followed by a number (usually starting at six) refers to the number of rooms in an apartment. It is most often used with pre-war apartments. For example, a ‘Classic 6' would be a two bedroom with a living room, dining room, kitchen and maid's room. Bathrooms are not included when counting the rooms of an apartment.
CONDOMINIUM (CONDO) - A condominium apartment is real property. A buyer receives a deed to the property, and owns the apartment outright. By law, there cannot be an underlying mortgage on the property. A unit owner must pay a monthly common charge to cover the costs of maintaining and running the building. Since a condo is real property, the owner is responsible for paying real estate taxes. If the unit owner has a mortgage, the bank collects 1/12 of the yearly real estate taxes every month and pays the city directly out of an escrow account. If the owner pays all cash and has no mortgage, the city will bill them twice a year.
Buying a Condo
You can finance up to 90% of the purchase price, provided you have good credit and sufficient income.
There is an application process when buying a condo, but it is not nearly as rigorous as that of a co-op. You will still need to provide some financial information about yourself, but you do not have to interview. The managing agent of the building sets the rules for buying and renting in the building.
Condos are generally more expensive than a comparable co-op. This price difference is due to the fact that there are less condominium buildings in New York; they are less expensive to carry; easier to rent out; and easier to purchase and sell.
Renting a Condo
Though much less complicated than a co-op application, there is a formal application procedure that must be followed when renting a condo.
The documents and requirements asked of the prospective tenant are similar to those in a rental building, but the process takes one to three weeks.
The condo board has the 'right of first refusal', meaning they can turn you down if they have an applicant of their own, but this is rarely exercised.
CONVERTIBLE/FLEXIBLE 1,2,3, OR 4 BEDROOM (CONV1/2/3/4 OR FLEX1/2/3/4) - An apartment that is convertible or flexible in terms of the number of bedrooms it can provide. For example, a convertible two bedroom is a one bedroom apartment with enough space (usually in the living room/dining area) to partition off an area for the second bedroom. A convertible three bedroom is a two bed apartment where a third bedroom is carved out of the living space, and so on and so forth. The terms 'convertible' and 'flex' are used interchangeably.
COOPERATIVES/CO-OP (COOP) - A co-operative is a form of ownership in which individual owners do not own their actual apartments, but rather they own shares in a corporation that owns the building. The resident/shareholder then has a proprietary lease for the apartment. It is important to note that co-ops often have an underlying mortgage on the entire building, meaning the tenant will have to pay a monthly share of the mortgage. This payment, along with the other costs associated with running the building (real estate taxes, employee salaries, fuel oil, etc) are passed along to the resident/shareholder in the form of a monthly 'maintenance' fee. The amount of shares the resident owns determines their proportion of fees. The amount of shares a resident owns is determined by their apartment's size, floor, light, and views. A Board of Directors, (known as the 'co-op board' and comprised of tenants of the building), determine the rules of the co-op and the requirements for applicants looking to either buy or rent in the building. There are both modern and older co-op buildings. Most prewar buildings will fall into the co-op category. About 85% of apartment units for sale and purchase in New York City are in co-ops.
Buying in a Co-op
In all co-ops there is a minimum down payment set by the board of directors. It is usually 20-25%, but can be any amount of the board's choosing.
A prospective buyer must go through a formal approval process set forth by the Board of Directors. This usually involves divulging all of your financial information, gathering a set number of reference letters from friends and business associates, and sitting for an interview with the board.
The co-op board has the final say on all applications, and does not have to give a reason if they deny an application.
Most co-ops want the applicant to have a set number of month's or year's worth of maintenance fees in liquid assets after they make the down payment. For example, if the board's rule is that the applicant must have one year of maintenance fees in liquid assets, and the monthly maintenance is $1,000, you must have at least $12,000 in cash equivalents after you make the down payment.
A portion of the maintenance charge will be tax deductible - this is the interest on the underlying mortgage. The deductible portion is usually expressed in an apartment listing as "Maint. $750/mo, 35% TD", meaning that $262.5 of the $750 is tax deductible.
Real estate taxes are included in the monthly maintenance fee
Renting in a Co-op
Renting an apartment in a co-op can be difficult, as many co-ops have very strict rules in regard to shareholders 'sub-leasing' their apartments.
Many co-ops have rules that stipulate that the apartments may only be sub-leased three out of five years, only one year at a time with no renewal, or not at all.
Most co-ops will subject prospective sub-tenants to the same application process as a buyer.
Co-op boards usually meet only once a month at a set time, making the timing of an application very important. If an applicant misses the co-op board meeting one month, they will have to wait until the following month for the board to review their application.
DUPLEX (DPLX) - An apartment with two levels.
ELEVATOR BUILDING (ELEV BLDG) - This term refers to a building, which has elevator service but no doorman. Usually these buildings have some type of intercom security system, and a laundry facility.
FLOOR-THROUGH (FLR-THRU) - This refers to an apartment that runs from the front to the rear wall of the building, occupying an entire floor. Usually found in brownstones and townhouses.
JUNIOR FOUR (JR4) - A one-bedroom apartment with a separate alcove area – usually the dining area. The "junior" refers to the fact that the alcove qualifies as a junior fourth room. The other three rooms are the bedroom, the kitchen and the living room. This separate alcove can be used as an office area, or, if the building management or owner allows, as a walled off second bedroom.
LOFT (LFT, LOFT) - Originally commercial buildings converted for residential use. Characterized by wide, open airy space, most lofts have very high ceilings, huge windows and a uniqueness in design. Lofts commonly do not have a doorman. Many have private, locked elevators and are located in downtown areas such as SOHO, Chelsea, Greenwich Village, Flatiron and Tribeca. Lofts command very high prices.
LUXURY HIGH RISE (LUX HI RISE) - This term refers to buildings over twenty stories tall. Many in Manhattan have been built in the 1980’s or later. They typically have a doorman and many feature concierge services. You may also find many with health clubs and swimming pools.
PENTHOUSE (PTHSE) - A luxury apartment in a high rise building, on the highest floors of the building.
PIED A TERRE - A French expression; translated literally it means "foot on the earth". It refers to an apartment that someone uses as a second home, usually because their business requires them to spend several days or weeks in New York every month, with their primary residence being too far away for a daily commute. Pied á terre are also kept by those who simply enjoy having a place to stay, of their own, when they visit New York for shopping and social activities.
POST-WAR BUILDING (POST-WAR BLDG) - Typically constructed between the late 1940's through the 1970's, these buildings are usually ten to thirty stories tall and constructed of white, red or brown brick. Most will have a doorman. Post-war buildings often have larger layouts when compared to pre-war or luxury high rise style buildings.
PRE-WAR BUILDING (PRE-WAR BLDG) - Known for their character, pre-war buildings were built prior to World War II. They can be recognized by their unique architecture and attractive, often ornate exterior and interior details. The apartments typically have higher, beamed ceilings, with some featuring fireplaces and other decorative touches. Laundry facilities can usually be found in the basement. Doormen are common, but a good number will only have an intercom and buzzer system. Most pre-war buildings are co-ops. Pre-war buildings are in great demand and command premium prices.
QUADRAPLEX (QDRPLEX) - An apartment with four levels.
RAILROAD FLAT (RR) - An apartment with all rooms organized in a linear sequence, which requires passing through one room (Bedroom) to get to the next (Kitchen, Bath).
RENTAL BUILDING - A building where the apartments are only rented and not sold.
SHARE - An arrangement whereby one rents an apartment with one or more individuals who already live in the apartment.
STUDIO - A one or two room apartment where living and sleeping areas are combined as a single room. The kitchen is either a separate room or set in a wall off the living area. This type of kitchen is usually referred to as a “Pullman Kitchen”, after the Pullman railroad cars.
SUBLET - An arrangement whereby a legal tenant of an apartment rents part or all of the apartment to someone else. The legal tenant becomes the ‘Over-Tenant’ acting as landlord to the ‘Under-Tenant’ (Subletter). The Subletter’s relationship is with the ‘Over-tenant’ only. They pay rent directly to the ‘Over-tenant’ and have no contact with the original landlord.
TENEMENT - A building with many apartments of which most open into an airshaft.
TRIPLEX (TRPLX) - An apartment with three levels.
TOWNHOUSE (TWNHSE, TH) - A townhouse is a private residence where at least one wall is shared with another residence. In New York City, townhouses are a very popular providing more private way of living.
WALK-UP BUILDING (WLK-UP BLDG) - This term refers to any building that does not have elevator service. It can apply to a brownstone, townhouse or a post-war 3-6 story building. These apartments can also be situated over storefronts located on the avenues or on side streets.
WINGED APARTMENT - You enter a winged apartment through the kitchen. To the left is the door to bedroom #1. Bedroom #2 is to the right. The bathroom is located straight through the kitchen. This kind of floor-plan allows roommates to share with privacy.
ALCOVE (ALC) - This is the bottom of the “L” in an L-shaped space. It’s a good place for your bed, or you can use it as a sitting or dining area. It can be made private with a screen, drape, or temporary wall.
BARS - Security Bars installed on windows to prevent brake-ins.
BULKHEAD - A bulkhead is the room on the roof that some duplexes have as their second floor.
BALCONY (BAL) - An outdoor space that protrudes from a building. Most balconies are private but some are shared between neighbors.
BUILDING AMENITIES - Extra features and services offered by a building. Amenities include a gym, concierge services, high-speed internet access, a business center, pool, etc.
COMMON AREA - The area on the property or in the building that is available to all owners and tenants for use.
CONCIERGE - A caretaker of an apartment building or hotel; who lives on the premises, oversees people leaving and entering the building, handles mail, and may even act as a janitor or porter.
DINETTE - A small space or alcove; usually in or near the kitchen, that can be used as an informal dining area.
DOORMAN (DRMN) - A building employee who is stationed at the building entrance to provide security.
EAT-IN-KITCHEN (EIK) - A kitchen large enough to accommodate possibly a table and chairs for meals. This is a popular apartment feature.
FACADE - The front of a building. A façade can be made out of a number of materials, such as granite, glass, marble, limestone, etc.
FIREPLACE (NON-WORKING) (FRPL - NW) - A fireplace that is no longer operational, or a decorative façade that never was. Found often restored in older apartment buildings, they can be a pleasing and attractive feature. A good place to put a plant, pictures, or a TV set.
FULL BATH - A full bathroom has a toilet, a sink, and a bathtub or shower.
FULL SEPARATE EAT-IN-KITCHEN - All kitchen appliances, and room for a dining table or a dining bar.
HALF BATH (HF BTH) - A bathroom with no shower or bath. Often used as a guest bath.
INTERCOM (INTRCM) - A two-way communication system with microphones and speakers used to identify visitors before unlocking the door. Some have a video feature.
KEYED ELEVATOR - Refers to an apartment that has an elevator that opens directly into it. One must use a key to operate the elevator. This feature is found mostly in lofts and penthouses.
KITCHENETTE - A very small, compact kitchen.
KITCHEN (KIT) - Self-contained space you can stand in – it can even be a converted closet. Usually includes all regular kitchen appliances (stove, oven, refrigerator, countertop…).
LOFT AREA - Apartments with high ceilings will sometimes have a 'loft area' built into them. A ‘loft area’ is a platform constructed over the living space for the purpose of extra storage, a sleeping area, a home office, etc. Generally you can access the area with a staircase or ladder. ‘Loft areas’ are very useful because they make use of otherwise wasted vertical space.
MURPHY BED - A bed that is built into the wall or attached to the wall and pulled down when needed. A popular piece in studios, Murphy Beds are a great space saver and come in a variety of styles and price ranges.
OPEN KITCHEN (OP-KIT) - A kitchen that is not separated from the living space of an apartment by a complete wall. Open kitchens, may have a window or breakfast bar that opens to the rest of the apartment, and are a common feature of loft apartments.
ORIGINAL DETAIL - Refers to the details originally carved and built into pre-war or old apartments. Apartments from previous era typically had very ornate patterns, moldings, and decorations around doorways, fireplaces, etc. Sometimes during renovations these details can be lost.
PASS-THROUGH KITCHEN (PASS-THRU KIT) - A kitchen with a doorway opening to the living or dining space of the apartment.
PULLMAN KITCHENETTE (PLMN KIT) - Recessed into a wall, this arrangement includes a sink, countertop, cabinet, refrigerator and two-burner hotplate, but no stove.
ROOM COUNT - The number of 'rooms' in an apartment. A living area, a bedroom, and a walled kitchen count as 'rooms'. Therefore, a one bedroom apartment with a living room and kitchen has three rooms. A studio with a separate kitchen has two rooms. A studio with a Pullman Kitchen has one room.
SLEEP LOFT - A platform at least six feet above the floor, containing a bed. (See ‘Loft Areas’)
TERRACE (TER) - Used as outdoor space for an apartment. Often confused with a balcony, the terms are used interchangeably.
TRIPLE-MINT - Refers to the condition of the apartment. An apartment is 'Triple-Mint' if the apartment, kitchen and bathrooms are all in mint condition.
TWO-FARE ZONE - A location that requires two means of transportation to get to Manhattan (ex: a bus and a train).
WALK-THROUGH KITCHEN (WLK-THRU KIT) - A kitchen with two means of entrance. You can actually 'walk through' the kitchen from one room to another. Used interchangeably with ‘Pass-thru Kitchen’.
WINDOWED (EAT-IN) KITCHEN (WKIT, WEIK) - Stands for Windowed Eat-In-Kitchen, a very popular feature as having a window in a Manhattan apartment is not always guaranteed.
ASSIGNMENT - A lease assignment conveys to another person all the tenant's rights to occupy the apartment. A tenant may not assign his/her lease without the written consent of the owner, which may be unconditionally withheld without cause. However, an owner who unreasonably refuses to grant permission to assign the lease, must release the tenant from the lease upon request of the tenant upon 30 days notice. If the owner reasonably withholds consent, the lease may not be assigned and the tenant will not be released from the lease. (DHCR Fact Sheet #7)
BROKER (BKR)- A state licensed sales agent who acts for property owners and prospective purchasers in Real Estate transactions.
CO-BROKE - When brokers are working on a 'co-broke' basis, they are sharing exclusive listings with each other. In a co-broke transaction, one broker will represent the buyer or renter, while the other will represent the owner of the property. The commission is usually split 50/50.
COMMISSION (COMM) - Payment to the broker for his or her efforts on marketing, selling, or renting the property. It is usually a percentage of the total purchase price, or annual rent.
CO-TENANT - One of two or more persons who holds an interest in real property (rents) or who own a piece of property, each having an undivided right of possession.
EVICTION - The action of removing a tenant or other occupant from real property.
EXCLUSIVE LISTING (EXCL) - When a broker has an 'exclusive' listing, the owner of that property has hired them on an exclusive basis to either rent or sell their apartment. The broker will try to rent or sell the property through the brokerage community or through their own marketing efforts.
FIXTURE FEE (FIX FEE) - A fee that the tenant pays for the appliances provided in a dwelling.
GUARANTOR OR CO-SIGN (GUAR) - A guarantor is a person who assumes financial responsibility of a lease for a tenant or tenants who otherwise would not meet the landlord’s financial qualifications. For example, someone attending law school that might not have an income would use a guarantor (often a family member) to satisfy the landlord that rent payment will not be a problem. The guarantor is a 'backstop' for the tenants in the event of non-payment. In Manhattan, guarantors generally need to make 80 times the monthly rent in annual income to qualify.
LANDLORD (LL) - The person who owns the apartment, house, or building; and to whom the rent is paid.
LEASE - An agreement, usually in writing, granting possession and use of property for a set period of time in exchange for rent. The tenant to whom the property is leased is called the LESSEE, and the landlord who owns the property is called the LESSOR. The typical lease period for rental apartments is one or two years. Under New York law, leases for more than a year must be in writing to be enforceable.
MANAGEMENT COMPANY OR MANAGING AGENT(MGT CO, MNG AGT) - A third party-organization that manages most co-op and condominium buildings. Most co-op and condo buildings will hire a managing agent or company to maintain the building, collect rent or monthly maintenance fees, manage the building staff, etc.
MARKET RATE OR NON-STABILIZED BUILDING - With a market rate apartment, a landlord, at his own discretion, determines how much monthly rent he will charge on any given apartment. Renewals are not guaranteed unless stated in the lease. Introduced in 1993, "Luxury destabilization" is the newest form of a Non-Stabilized Lease. It provides for lease-end destabilization of apartments, which rent for over $2,000.00 per month.
NOTARIZE - To verify the authenticity of a signature by a certified Notary Public. This is often done to certify the authenticity of a lease.
REFERRAL - A recommendation made to a client about the services of a particular agent or firm.
RENT STABILIZATION/REGULATION - Rent regulation limits the amount an owner/landlord may charge a tenant for rent and sets guidelines and restrictions on eviction and rent increases. Rent stabilization is a form of rent regulation. Rent control is another form of this governmental rent regulated process. Under rent regulation, owners are obligated to provide certain essential services.
ROOMMATE/SHARE - A Roommate/Share is an arrangement whereby one rents an apartment with one or more individuals who already live in the apartment. This kind of arrangement may be organized in a variety of different ways where one or more roommates may or may not be on the lease as a tenant or even an occupant. Roommate issues, more common than may be expected, can escalate in to costly and annoying legal battles. It is recommended that you take care to thoroughly screen your potential roommate. Make sure to consider the legal implications of having a roommate as well. For more information see the Roommates Advisory section of this website.
SECURITY DEPOSIT (SEC. DEP) - A deposit, usually one month's rent, that a rental tenant will give to the landlord at lease signing as security against damage to the apartment during the course of their tenancy. At the end of the lease term, the landlord will take the cost of any damages caused by the tenant out of the security deposit before returning it. Most of the time the deposit will be held in an interest bearing escrow account.
SUBLEASE - An agreement whereby a tenant grants possession and use of all or part of the leased property to another party, who is known as the (sub)‘lessee’, ‘subtenant‘ or ‘undertenant’. Subletting may be prohibited by the original lease or require written permission from the landlord. In a sublease, the original tenant, who is now regarded as the ‘sublessor’ or ‘over-tenant’, remains directly responsible for making the rent payments to the landlord. In co-ops, there may be rules that prohibit, limit, or otherwise control subletting.
TENANT - A person who rents an apartment from the landlord.
When in doubt, the vowels are taken out. For definitions, see above.
A/C - air conditioned
AG - agency or agent
APT - apartment
AVAIL - available
BARS - security bars installed on windows to prevent break-ins
BDRM - bedroom
BKR - broker
BRNSTN - brownstone
COED - both males and females
CONDO - condominium
CONV TRNSP - convenient to transportation
DA - dining area
DNRM - dining room
DRMN - doorman
D/W - dishwasher
EFF - efficiency: a studio apartment
EIK - eat-in-Kitchen
ELEC - electricity
ELEV - elevator
FIX FEE - fixture fee
FLR-THRU - floor-through
FPLC - fireplace
GAL - female
G/E - gas and electricity
HI CEIL - high ceilings (at least 10 ft.)
IMM OCC - immediate occupancy
INCIN - incinerator for burning trash
INCL - includes or including
JR3 (4) - junior 3 (or 4)
LG - large
LUX - luxury
LVRM - living room
MO. - monthly
MOD APPL - modern appliances
NR - near
NWLY REN - newly renovated
OWNR - owner-managed building
OWNER/OCC - owner-occupied building
PENTHSE - penthouse
PKVU - park view
PREM - premises
PVT - private
PVT RM - private room
PUL KIT- pullman kitchen
REF REQ - references required
RENV - renovated
RIV VW - river view
RM - room
RR FLAT - railroad flat
SEC - security deposit
SEP KIT - separate kitchen
SF - square feet
SL ALCOVE - sleeping alcove
SE - southern exposure
STRY - story or floor
SBWY - subway
TERR - terrace
TWNHSE, TH - townhouse
TIK - tub in kitchen
24HR DRMN - 24 hour doorman
2FR ZONE - two fare zone
UTIL - utilities (gas and electricity)
UTIL INCL - utilities included in the rent
VIC - in the vicinity of
VU - view
W/ - with
WIN KIT - kitchen with a window
WIC - walk-in closet
UTIL INC - utilities included in the rent
XLNT - excellent
EXP BRK - exposed brick
YNG - young
