Oxford Property Group | Terms To Know

B

Brownstone or Townhouse

These are typically 4 to 6 story buildings built between the 1800s to the early 1900s. Originally meant to be single-family dwellings, some have been converted to house multiple apartments. As a single family home, a townhouse or brownstone offers buyers or renters privacy and freedom from the cooperative board process. Apartments in townhouses can have grand living spaces and can be quite expensive. Many of these buildings offer certain charming features such as gardens, fireplaces, hardwood floors and ornamental moldings. In almost all cases these buildings will not have a doorman.The term "brownstone" simply refers to the material used as facing on the front of the structure.

C

Condominium (aka Condo)

A building in which the apartment is classified as a "real property" and is owned by an individual.

Cooperative Building (aka Co-op)

A building that is owned by the tenants as shareholders in a private company. Each tenant owns a number of shares in the corporation associated with their apartment (the number of shares are usually determined by the square footage of the apartment and where the apartment is located in the building) rather than owning the actual property. The tenant shareholder has a right to occupy the apartment as his/her home by holding a proprietary lease to that apartment.

E

Elevator Buildings

This description is reserved for a non-doorman building that is six to twenty stories tall, which means they have an operational elevator. There is usually an intercom security system, and some may have video security. These buildings could fall into either the pre-war or the post-war category.

H

High-Rise Luxury Building

This description is reserved for a non-doorman building that is six to twenty stories tall, which means they have an operational elevator. There is usually an intercom security system, and some may have video security. These buildings could fall into either the pre-war or the post-war category.

L

Loft Buildings

These are former commercial or industrial buldings that have been converted into residential space. Lofts are characterized by open spaces and high ceilings and can feature details such as supporting columns or tin ceilings. Most are found in Greenwich Village, SoHo, TriBeCa, Chelsea, Flatiron, Nolita, and lower Manhattan and generally do not have doormen.

P

Pre-War Building

Pre-war buildings are those built before World War II and are usually ten to twenty stories tall. The building design allows for spacious apartment layouts and they are known for architectural interest, including larger rooms, fireplaces, hardwood floors and higher ceilings. These building may or may not have a doorman. Amenities common to modern high-rises such as fitness centers, however, tend to be lacking.

W

Walk-Up Buildings

This is usually the least expensive type of housing and the quality can vary widely. Usually these are 4 or 5 story buildings without an elevator (hence the term "walk-up"). They were originally constructed as multi-family housing and lack the charm or elegance of townhouses.