Real Estate Investing in New York by Christina Kremidas

This episode features Daniel Mizrahi from Chase Bank and discusses significant changes to condo mortgage lending requirements in New York, primarily driven by the 2021 Surfside building collapse 

The details may surprise you — though some of these updates make it more difficult to obtain financing, other updates make it easier. You’ll want to know these details! 

I help people every day both find ideal properties for their goals and sell properties that have served their purpose. I always look forward to hearing from you and your real estate objectives! 

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 among the top 1.5% of licensed Agents in the United States for Sales Volume and among the Top 10 highest producing Small Teams at Douglas Elliman Real Estate.

Beyond her professional achievements, Christina is deeply involved in the NYC community.  She is a founding Steward at 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 Christina:
Instagram: https://www.instagram.com/christina.kremidas
TikTok: https://www.tiktok.com/@christina.kremidas
Check out my website: https://christinakremidas.com/
Email me: [email protected]

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

Key Takeaways

Proactive building management matters: Banks now reward buildings with strong maintenance histories, proper budgeting, and compliance

records; waiting until problems become critical creates financing obstacles and depresses property values

Budget transparency is non-negotiable: Current-year operating budgets with 10% reserve allocations are now mandatory for condo

financing; buildings without budgets face lending denials regardless of other qualifications

Work with New York-based lenders: Condo and co-op financing requires local expertise; national lenders and brokers often misunderstand

NYC-specific requirements (right of first refusal, Local Law 11, co-op board dynamics) causing deal failures

Conditional commitments protect you: Ensure your lender provides conditional commitment letters with building approval still pending;

accepting willy-nilly commitment letters eliminates mortgage contingency protection and leaves you vulnerable

Higher maintenance = quality investment: Buildings with elevated maintenance fees often reflect proactive capital planning and safety

compliance; this indicates financial health, not poor management

Episode Highlights

00:02:15: Daniel Mizrahi introduces himself as a 15-year mortgage industry veteran with 10 years at Chase, specializing in home loans and real estate finance. 

00:04:30: The Surfside building collapse in Florida catalyzed widespread regulatory changes, forcing lenders to scrutinize building maintenance, budgeting, and safety standards more rigorously. 

00:08:45: "Limited review" has been eliminated; banks now require full financial review including 10% reserve fund budgeting for all condo projects, with requirements increasing to 15% in 2026. 

00:12:20: Reserve requirements are calculated as 10% of annualized building income that must be allocated as a line-item expense, not just held in reserves. 

00:18:30: Chase retained its own limited review process to accommodate New York market nuances while still requesting budgets and conducting thorough due diligence. 

00:22:15: Local Law 11 designations (Safe, Unsafe, SWARM) now heavily influence lending decisions; banks require engineering reports and proof of proactive compliance. 

00:28:45: The waiver of project review expanded from 4-unit to 10-unit buildings, significantly benefiting Brooklyn and Queens developers seeking faster financing. 

00:35:10: Investor concentration limits have been removed; buildings can now have 90% investor-owned units without triggering financing restrictions. 

00:42:20: Single-entity ownership limits remain (Fannie Mae 20%, Freddie Mac 25%, Chase Flex 30%) to prevent scenarios where one investor controls building operations. 

00:48:50: Working with New York-based lenders familiar with condo/co-op dynamics prevents 11th-hour surprises and protects mortgage contingencies. 

00:55:30: Conditional commitment letters with cleared conditions protect buyers; full building approval must occur before contingencies are satisfied. 

In this episode, we are discussing why the traditional version of the American Dream may have been keeping us small instead of truly allowing us to ‘live the dream.’ Success in any economic season is always about how you are willing to adapt your strategy to benefit from current market conditions. 

The math will surprise you — I’m outlining exactly how you can round out your financial portfolio, live in the same home FOR LESS MONEY OUT OF POCKET, pay less interest on your mortgage and enjoy the true freedom and flexibility that the ‘American Dream’ promises.   

Finding the right investment property is the difference between finding yourself in a desirable vs. undesirable financial position. Reach out to me if you are interested in starting your search or if you have any general questions! 

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 among the top 1.5% of licensed Agents in the United States for Sales Volume and among the Top 10 highest producing Small Teams at Douglas Elliman Real Estate.

Beyond her professional achievements, Christina is deeply involved in the NYC community.  She is a founding Steward at 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 Christina:
Instagram: https://www.instagram.com/christina.kremidas
TikTok: https://www.tiktok.com/@christina.kremidas
Check out my website: https://christinakremidas.com/
Email me: [email protected]

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

In this I'm breaking down the surprising truth about co-ops versus condos in New York City real estate. While co-ops are known as the more affordable option with lower purchase prices, I'll show you the shocking math that reveals they actually require MORE income and cash on hand than their pricier condo counterparts.

Through a detailed side-by-side comparison of a $1M co-op and $1.25M condo, I'll expose how co-op down payment requirements, debt-to-income ratios, and post-closing liquidity demands dramatically change the affordability equation.

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 among the top 1.5% of licensed Agents in the United States for Sales Volume and among the Top 10 highest producing Small Teams at Douglas Elliman Real Estate.

Beyond her professional achievements, Christina is deeply involved in the NYC community.  She is a founding Steward at 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 Christina:
Instagram: https://www.instagram.com/christina.kremidas
TikTok: https://www.tiktok.com/@christina.kremidas
Check out my website: https://christinakremidas.com/
Email me: [email protected]

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

Timestamps

0:00 "The co-op math ain't mathing"
1:19 Setting up the comparison: $1M co-op vs. $1.25M condo
3:47 Breaking down financing options and down payment requirements
6:19 Analyzing debt-to-income ratio requirements
9:29 Calculating income requirements 
11:52 Post-closing liquidity requirements 
14:14 Comparing closing costs 
16:22 Co-op requires $200K more cash and $30K higher income

In this episode of Real Estate Investing in New York, I'm thrilled to sit down with the remarkable Michael Liebowitz, CEO of Douglas Elliman Real Estate, whose journey from Staten Island to leading one of the most prestigious luxury real estate brands is nothing short of inspirational. Michael's genuine approach to business, from trusting his gut on a game-changing insurance deal to manifesting success through visualization, showcases why he's not just a brilliant business mind, but truly one of the most down-to-earth leaders I've encountered.

About the Guest:
Michael Liebowitz serves as the President and Chief Executive Officer of Douglas Elliman and as a member of our Board of Directors. Mr. Liebowitz is an entrepreneur, private investor, and seasoned business executive with extensive experience founding, acquiring, and monetizing businesses in the insurance and financial industries.

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 among the top 1.5% of licensed Agents in the United States for Sales Volume and among the Top 10 highest producing Small Teams at Douglas Elliman Real Estate.

Beyond her professional achievements, Christina is deeply involved in the NYC community.  She is a founding Steward at 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 Christina:
Instagram: https://www.instagram.com/christina.kremidas
TikTok: https://www.tiktok.com/@christina.kremidas
Check out my website: https://christinakremidas.com/
Email me: [email protected]

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

Timestamps

0:00 Michael Liebowitz Introduction
3:03 Michael's humble beginnings and background
9:10 The insurance transaction story that put Michael on the map,
17:38 Douglas Elliman's brand positioning in the high-end luxury real estate market
28:55 Achieving exclusivity with major companies like General Motors, Goldman Sachs, and JP Morgan
39:15 Michael's perspective on leadership intuition
43:52 The future of the real estate industry and AI technology
47:27 Michael's forecast for the 2025 residential real estate market
50:01 Michael's beliefs on visualization, manifestation, and the importance of personal development for success

Jonathan Movtady graduated from the University of Florida in 3 short years with a Bachelor of  Arts in Business Administration. He also studied International Business, while living abroad, at Universitat Autonoma de Barcelona.  After that, he earned a Juris Doctor at the University of Miami School of Law.   Shortly thereafter, Jonathan was admitted to the New York & New Jersey Bars in early 2011. Jonathan has been practicing Real Estate Law ever since.  Cl

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 among the top 1.5% of licensed Agents in the United States for Sales Volume and among the Top 10 highest producing Small Teams at Douglas Elliman Real Estate.

Beyond her professional achievements, Christina is deeply involved in the NYC community.  She is a founding Steward at 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 Christina:
Instagram: https://www.instagram.com/christina.kremidas
TikTok: https://www.tiktok.com/@christina.kremidas
Check out my website: https://christinakremidas.com/
Email me: [email protected]

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

Timestamps 

0:00 Jonathan Movtady Introduction
5:49 What due diligence entails
8:13 Analyzing building financials
14:11 Key factors in building financial health and detecting warning signs
21:11 Special considerations for new development buildings and litigation risks
28:28 Consequences of inadequate due diligence and potential financial impact
31:00 Christina's personal story of poor due diligence experience
50:22 Sponsor ownership concerns and important questionnaire topics

Welcome back to Real Estate Investing in New York with me, Christina Kremidas. In this episode, we are talking about how to maximize your property's value by leveraging the appraisal, a critical part of the purchase and sale process that can make or break your transaction in the competitive New York market.

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 among the top 1.5% of licensed Agents in the United States for Sales Volume and among the Top 10 highest producing Small Teams at Douglas Elliman Real Estate.

Beyond her professional achievements, Christina is deeply involved in the NYC community.  She is a founding Steward at 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 Christina:
Instagram: https://www.instagram.com/christina.kremidas
TikTok: https://www.tiktok.com/@christina.kremidas
Check out my website: https://christinakremidas.com/
Email me: [email protected]

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

Timestamps

0:00 Andrew Goodman of Gotham Valuation Introduction
1:46 What an appraisal is and its importance in the mortgage process
3:34 When sellers or buyers should proactively call an appraiser before the bank does
7:39 Personal bias in appraisals versus market reactions to property features
9:49 Using appraisals strategically in negotiations to provide reality checks on pricing
12:34 What to do when an appraisal comes in under the contract price
21:54 The law of diminishing returns on renovations 
27:02 How outdoor space affects property value 
31:21 The impact of views on property value
35:03 Duplex apartments and how they impact property value
37:45 The value of ceiling height in apartments 
39:17 Whether adding bedrooms or bathrooms increases property value
42:03 Impact of building amenities on property value, especially in remote locations
44:20 How subway proximity affects property values in different neighborhoods
47:41 Considerations for land lease buildings
50:53 The value of in-unit laundry versus building laundry facilities
57:11 Limitations of using price per square foot as a valuation metric

Disclaimer: All information provided by Christina Kremidas and/or Douglas Elliman is furnished strictly for educational and entertainment purposes only. Christina Kremidas is licensed in the State of New York. Some concepts discussed here may not be relevant in other states. The principles covered here are general statements, every concept mentioned here may not be applicable to you. Christina Kremidas/Douglas Elliman is not making any legal or financial recommendations. You agree that use of the information contained in any content provided by Christina Kremidas and/or Douglas Elliman is at your own risk.

About the Guest:
Avery Reavill is an experienced deal maker in New York City working diligently for both tenants and owners. Avery’s thoughtful approach with consistent communication will give you the confidence and support needed to navigate all transactions in the commercial market.

Prior to joining Okada & Company, Avery worked as a Tenant Representative at Gold Properties NYC. This foundation exposed him to a variety of business owners, all facing unique challenges when searching for a space to best facilitate their growth. Avery’s proactive mindset helps deliver positive results to all his clients.

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 among the top 1.5% of licensed Agents in the United States for Sales Volume and among the Top 10 highest producing Small Teams at Douglas Elliman Real Estate.

Beyond her professional achievements, Christina is deeply involved in the NYC community.  She is a founding Steward at 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 Christina:
Instagram: https://www.instagram.com/christina.kremidas
TikTok: https://www.tiktok.com/@christina.kremidas
Check out my website: https://christinakremidas.com/
Email me: [email protected]

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

Timestamps

0:00 Avery Reavill introduction and background 
2:52 Debunking the stigma around commercial properties and discussing current market opportunities
6:04 How banks and property owners are handling commercial real estate loans
10:11 How landlords are renovating spaces to attract new commercial tenants
15:22 How to find good commercial property deals and the importance of working with a broker
18:16 The Midtown South rezoning plan and its impact on the Garment District
27:23 Why having a commercial real estate expert on your team is valuable
43:51 Which NYC neighborhoods currently offer the best commercial real estate deals

Are you seeing what I'm seeing? We are in the midst of a new cultural renaissance in New York City, with a return to 1920s Great Gatsby glamour transforming everything from our restaurants and homes to fashion and music."

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: [email protected]

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

Timestamps

0:00 Introduction to "The New York Cultural Renaissance"
1:20 New York's Evolving Dining Scene & Restaurant Design Trends
3:54 The Return of Luxury Food Culture (Caviar & Martinis)
6:00 Shift from Hustle Culture to Domestic Luxury Living
12:30 Interior Design Trends: Rich Colors, Wood & Vintage Elements
17:20 Fashion Revival: Fur, Designer Labels & Statement Jewelry
19:41 Music Shift: The Return of Positive, Uplifting Music
25:39 What This Cultural Renaissance Means for Real Estate

Financing restrictions are rampant in co-op buildings—it's really their main way of weeding out people that they don't feel are prestigious enough to live in these buildings, and the way they do that is by limiting the percentage that you can finance.

In this episode, I'm going to let you decide if the prestige and appeal of co-ops in New York City has dwindled as we cover everything you need to know about this evolving real estate landscape.

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: [email protected]

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

Timestamps
0:00 Episode introduction 
1:24 Overview of condos as a newer, more flexible property type
4:37 Co-ops explained: exclusivity and ownership structure
7:07 Shift in buyer preferences from co-ops to condos
9:12 Co-op financing restrictions as a barrier to entry
11:41 Subletting policies and community aspects of co-ops
13:19 Financial requirements: debt-to-income ratio and post-closing liquidity
17:29 The co-op interview process and potential discrimination issues

The Financial District is finally rebranding, and I am here for it. Welcome back to Real Estate Investing in New York with me, Christina Kremidas, and in this episode, we're discussing the great rebrand of the Financial District, so stay tuned as we cover everything from luxury developments to high-end dining and why this neighborhood is about to experience a major boom.

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:   / christina.kremidas 
TikTok:   / christina.kremidas 
Check out my website: https://christinakremidas.com/
Email me: [email protected]

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

Timestamps
0:00 Introduction to the 5 key reasons why FiDi is booming
0:53 The Financial District is worth investing in
1:16 History of the Financial District, particularly post-9/11 decline
2:34 The waterfront advantage of the Financial District
3:30 The area's architecture and aesthet