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| Term |
Description |
| Security Deposit: |
A rental tenant will put down a security deposit on an apartment so that the owner of the apartment has security against any potential damages in the apartment during the term of tenancy. This security deposit is not in lieu of a tenant paying his/her last month's rent. |
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| Service Entrance: |
This term refers to a second entrance to a kitchen from the common hallway or a rear or private smaller hallway. This entrance is basically used for deliveries and as a means of egress for the servants of the house. |
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| Service Level: |
When one refers to a building's service level, one is referring to the level of the front-door service available in a particular building. |
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| Shares: |
Each apartment in a co-operative actually owns shares in the co-operative (The same way that an individual might own shares in a publicly traded cooperation). These shares represent the proportion of the building that is owned by that individual shareholder. This is determined by the size of the apartment, the floor on which the apartment is located and if there are any particular special features associated with a particular apartment. Two identical apartments located on different floors will possess a different number of shares. |
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| Short-Term: |
Many apartments are available on a short-term basis ranging from 1-6 months. These apartments are typically furnished and offer the tenant a less expensive alternative to weekly hotel bills. These apartments are typically not subject to New York City Hotel taxes and average out to be far less expensive on a per diem basis. |
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| Shortfall: |
A situation in which a building owner is unable to meet the operating expenses of a building because the building's income is less than the building's expenses. In a co-operatives where there is sponsor maintaining unsold shares, there is a good chance that the tenants occupying unsold share apartments are paying below-market rents while the sponsor is responsible for the maintenance payments to the co-operative for the particular apartment. There is a tremendous likelihood that the difference between the collected rent and the maintenance due the co-operative can create a long-term financial burden for a sponsor. This is referred to as a shortfall. Obviously, the more unsold shares owned by a sponsor the greater the financial strain. |
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| Square Footage: |
When referencing square footage in the Manhattan residential marketplace, the term can mean almost anything. Measurements are usually approximate and most often done by the subjective eye of the real estate broker or the apartment owner. Brokers should always use the term approximate when describing the square footage of an apartment. In the sale of condominium units, square footage is measurements are fairly accurate because people refer to the condominium offering books where by law these measurements need to accurately reflect the square footage of the units. |
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