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| Term |
Description |
| Tax Abatement: |
The city of New York often offers developers tax breaks in the form of abatements in order to induce development in a particular area of the city. Most recently the wave of development in the downtown area has been spurred on by tax incentives offered by the city for the conversion of commercial space to residential housing. |
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| Tax Deductibility: |
Each co-operative has a yearly number that reflects an amount that each individual shareholder is allowed to deduct from his/her personal taxes each year. This number will be in the form of a percentage. The number reflects the shareholders proportionate share of the building's underlying mortgage and the New York City real estate taxes paid in that particular year. |
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| Term: |
Each rental lease is for a duration of time. This period of time is called the term and will range from one month to a two or three years. Typically an unfurnished apartment will rent for a term of 12-24 months. |
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| Terrace: |
By definition, a terrace is a roof or part of a roof in a building. In Manhattan, terraces can be found when there is a setback on a high-rise. These terraces are also enjoyed for the private use of an individual apartment owner. We categorize a terrace as outdoor space. A terrace and balcony are often confused and the terms are used interchangeably. |
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| Townhouse: |
This type of structure was pre-eminent in the 1900s and up through the 1930s. The townhouse primarily built as private residences for its occupants with one family owning and occupying the entire structure. These structures were usually built in groups and were commonly referred to as row houses. They were built four to five stories high and enjoyed many common design elements. Typically, the houses were built with an English basement level (slightly below street grade) which housed the kitchen at the front of the building underneath the building stoop (or stairs) and was entered via a service entrance. At the rear of the first level was usually a Dining Room leading to the private garden. The second level, commonly referred to as the Parlor Floor was the garden floor and used for entertaining. Visitors entered the townhouse via the steps leading to this floor. |
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| Triple-Mint: |
This terms refers to the condition of an apartment. In this case the 'triple' refers to the general condition of the apartment, the condition of the kitchen and the condition of the bathroom. |
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| Triplex Apartment: |
An apartment that is spread out over three levels. |
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