Recently, due to the recovery of the New York rental market, many buildings do not provide broker fees. Please note that broker fees may be incurred for current customers. In the case of apartments without broker fees, you do not need to pay, but most apartments do have broker fees. The broker fee is one month's rent according to the New York standard, and you only need to pay it once during the contract process. Occasionally, other broker companies may demand 12-15% of the annual rent or vary depending on the contract date, but Koriny charges a one-time fee equivalent to one month's rent.

In general, New York apartments have annual contracts. You need to submit proof of income and credit (credit score). If these conditions are not met, you can proceed with moving in through a guarantee insurance company (Guarantor). Detailed information can be obtained through connection with a New York real estate expert.

For renting a New York apartment, proof of income (30-40 times the monthly rent) and credit (680 or higher credit score) are required. For students or professionals who find it difficult to meet these criteria, there is a method to move in by joining a guarantee insurance called 'Guarantor.' The guarantee insurance company charges a certain fee, and if you are unable to pay the monthly rent, the insurance company takes responsibility. The fee is determined through an assessment by the guarantee company. Detailed information will be assisted by Koriny real estate experts.

For the first move-in, you should consider the following expenses: deposit (security deposit), first rent, Guarantor (guarantee insurance), and broker fee. Prepare four times the total monthly rent for these expenses. In the case of proceeding with a guarantor, the guarantee insurance company's cost is excluded (in this case, a total of three times the monthly rent).

Document submission with images (two conditions must be met, and if one is lacking, move-in must be processed through a guarantor or guarantee company).

Document submission with images (two conditions must be met, and if one is lacking, move-in must be processed through a guarantor or guarantee company).

1. Documents submitted by the Guarantor: (Guest - Student) - Passport - Visa - I-20 - Welcome letter - 2 recent bank statements (amount doesn't matter) (Parents) - Passport - 2 recent bank statements (proof of bank account balance for the last 2 months) 2. Documents submitted by the apartment: - Passport - I-20 - 2 recent bank statements - Welcome letter

1. Guarantor application form (Signed guarantor application form) 2. Copy of ID (Copy of government-issued ID) 3. Copy of the two most recent tax returns 4. Copy of the two most recent pay stubs 5. Copy of the two most recent bank statements

In the New York market, most rentals require move-in within 1 to 2 months, so there are currently no listings available in the market for that time frame. The New York market generally requires move-in within one month. Sometimes, listings are updated for each building 2 months in advance, so it is recommended to look for listings released in the early month of 2 months before your move-in date. If you contact us during that period, we will assist you.

In the New York market, most rentals require move-in within one month. Sometimes, listings are updated for each building 2 months in advance, so it is recommended to look for listings released in the early month of 2 months before your move-in date.

After the recovery from COVID-19, rental prices in New York have increased, so it may be a bit difficult with the budget you provided. Please refer to the following post for information that may be helpful.
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Korea and the United States have different systems, and it takes time to create listings. After contacting the building by phone and requesting information by email, when confirmation is made, the listing will be created. It takes a minimum of 3 days to a maximum of one week for the agent to prepare the listing, and if it is further delayed, we will contact you in advance.

Unlike Korea, in the United States, you need to contact the building in advance and schedule a visit to be able to visit. It may be difficult for you. After connecting with the agent, we will assist you with the showing process.

It is recommended to find a school district directly because in New York, the supported schools vary from block to block. After specifying the desired school district, it is recommended to receive listings of properties that can apply to that school through connection with an agent.

The New York market generally proceeds with contracts on an annual basis, so unfortunately, Koriny is currently not supporting short-term rentals. For short-term rentals, we recommend Airbnb or sublet services.

We do not provide roommate services.

We provide an All-in-One service, including customized consulting for New York real estate based on your desired location and budget, assistance with establishing a U.S. corporation, connecting you with local bank loans, legal advice from attorneys, accounting advice, and lease management.

All our services are provided for free. In the case of real estate purchase in New York, the expert (agent) commission for real estate purchase is provided by the building (apartment), so you don't have to worry about service costs.

In New York, one of the significant advantages of real estate purchase is that it is possible regardless of status or nationality. You can buy without U.S. citizenship or a green card.

To apply for a loan, you usually need to submit tax information for the past two years to the bank. The exact loan amount can be determined after submitting documents to the bank and going through the assessment process.

If you are a U.S. citizen, the down payment ratio varies based on personal income. The exact amount is determined by the bank's assessment using tax filing information from the past two years. (Average minimum down payment is 20%.)

Getting a loan from major U.S. banks can be challenging, and some cases may be possible with Korean-American banks. Korean-American banks assess loans based on income tax in Korea, and each case is different, so it is recommended to consult with an expert. For Koreans (foreigners), if assuming that a loan is possible, it is advisable to secure enough cash, as down payment is required, typically ranging from 30% to 50% of the property value.

You need to contact the bank you are dealing with to obtain mortgage pre-approval. Each bank has specific document requirements, and they generally assess mortgage eligibility based on two years of tax filing and income.

When purchasing a condo in New York, you will pay monthly maintenance and property tax. New York property tax is calculated based on the assessed value determined by the local government. Typically, the monthly property tax rate for Manhattan real estate is 1.72% per year.

In New York, transfer taxes and mansion taxes are paid only once when purchasing a condo. This is called closing costs and is usually around 4-5% of the condo purchase price.

In the U.S., capital gains tax is deductible for residential real estate, specifically for the primary main home. The deduction for a primary residence is up to $500,000 for a married couple and $250,000 for a single individual. To qualify, you must have owned and lived in the home for a minimum of 5 years, with at least 2 years of residency during that period. Detailed calculations can be provided by an accountant.

The U.S. does not have inheritance tax or multi-home taxation.

One of the significant advantages of purchasing real estate in New York is that it is possible regardless of status or nationality. Many people visit New York with an ESTA visa and purchase a home. Koriny provides services from real estate purchase to lease management, allowing you to receive rental income even if you are not in New York. However, if you plan to reside, obtaining a U.S. residency visa (green card, citizenship, etc.) is recommended. For this, it is advisable to consult with an immigration consultant. Koriny can assist with all aspects of New York real estate purchase and related services.

After acquiring New York real estate, Koriny, a real estate professional company, will find a tenant and handle rental payments on behalf of the landlord. There is no need to separately report a rental business. Rent is settled by paying one month's rent to the agent when the tenant contract is concluded. (12-month cost = one month's rent)

To open a U.S. bank account, you need to visit a U.S. bank in person and provide a TIN (tax reporting number) and SSN (Social Security Number). Since most customers purchasing from Korea do not have a U.S. bank account, Koriny, in collaboration with affiliated New York real estate companies, provides a service to find a tenant and send rental payments to a Korean bank account.

When selling real estate, please note that there is a 6% commission fee for experts. Capital gains tax for the sale depends on income, holding years, marital status, tax reporting history, market gain, etc. Detailed information can be obtained through consultation with an expert. (If the market gain is less than $250,000 for a single person or $500,000 for a married couple, it is almost non-existent. It depends on whether it is above $250,000/$500,000.)

When receiving gift money, documents related to gift money are required. A gift letter must be written and submitted before receiving the deposit.

The gift letter is usually provided by the lender, but there are cases where you need to write it personally. Generally, the information included is: - Donor's name and contact information - Relationship between yourself and the donor - Information about the purchased property - Exact amount of gift money - Information about the source of the money (bank information, account information, etc.) - Date the money was sent - Confirmation that the amount is a gift and not a loan

We will help you find a tenant through verified Koriny agents. Since the New York market operates on a yearly contract basis, you will need a new tenant every year. (Extension with the same tenant or a new tenant contract is possible) After that, the Koriny management department will transfer the monthly rental income (rent) from the tenant to your desired account. (If you do not have a U.S. bank account, it is possible to transfer the funds to a Korean bank account.)

As an agent employment cost, you only need to pay once a year when the tenant contract is concluded, by paying one month's rent amount. (12-month cost = one month's rent)

You can proceed for the desired duration. Since the New York market operates on a yearly contract basis, you will need a tenant (tenant) every year. (Extension with the same tenant is possible / a new tenant contract is possible) Typically, many people continue to renew the Koriny leasing management service because they are satisfied after one year.

It can be transferred to any account you want. If you need to receive it overseas (Korea/other countries), you can send it to the desired account by adding a 10% additional fee for the transfer fee. For those who do not want additional fees, usually, they receive rental rent into an account of their children or family living in New York.

We also provide services for the purchase of commercial buildings such as small buildings and retail spaces, not just condos (apartments) in New York.

We assist in finding business spaces such as offices, restaurants, etc., tailored to various sizes, budgets, needs, and industries.

What type of office are you looking for? We will help you secure a business space that suits your size, budget, needs, and industry, whether it's a conference room, executive office, shared space, additional facilities, or a whole floor office. We also assist in securing rental contracts for dispatched employees to settle in.

In New York, the amount varies widely depending on the location, area, and industry, so it is challenging to provide an average amount. New York often calculates the amount either per square foot (sf) or as an annual amount, so please provide the desired location or expected budget. Getting recommendations from experts based on your budget and location preferences would be more convenient and faster. We will provide detailed assistance through consultation with experts.

For further consultation on commercial buildings, we will provide detailed assistance through expert consultation.

Currently, consultations with the Korean branch are conducted over the phone, and after basic screening, we connect you with real estate experts from the U.S. If on-site consultation is needed, we will assist in scheduling after coordination.