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Eirik Gislason

Lic. Assoc. R.E. Broker
Office:(917) 558-3992

Expertise. Knowledge. Honesty. Advocacy.

My Blog

Purchasing An Apartment In New York City, Part 1: Put Me In Coach!...Am I Ready To Play?

I recently had a good friend ask if it was OK to "pick my brain" about buying an apartment in NYC. He was concerned that he was wasting my time, and didn’t want to take too much of my  morning. I told him, regardless of whether you purchase in two months or two years, reaching out to me was precisely the right first step on his journey to purchase a new home. Stories of evil co-op boards, the next great neighborhood and hidden fees often distract buyers from what is most important in the initial stages – preparation. The truth is, purchasing a co-op or condo in NYC is akin to playing the biggest game of the year, in a physically and mentally exhausting sport, at a very high level. The competition is stiff and, no matter how good you are, the opposing players on the “field” are often...
Posted to real estate on Friday, October 21, 2016 at 10:50:36 AM

Working with Real Estate Brokers In NYC: Why or Who?

I am often asked by clients and friends,  why should I use a broker to find an apartment?   Early on, I developed my 30 second “elevator pitch” defending myself and my industry, and extolling the benefits of working with a broker.  Not surprisingly, my pitch didn’t land.  I quickly realized the question was loaded, and I was failing to address what they were  really  asking.    Can you convince me I cannot do better on my own?  was the real question.  Frankly, it is a reasonable question given the well-deserved and hard-earned awful reputation the real estate industry has in NYC and you have likely asked the question yourself. Now, I know what you are thinking.   Why should I listen to the advice of someone who works for an NYC brokerage firm?   Right?  I cannot blame you for your skepticism, but I ask that you trust that...
Posted to real estate on Friday, October 21, 2016 at 10:44:57 AM

What's Up With Down Payment?

I am often asked by buyers, "Why does the seller care about my down payment amount? As long as I am satisfying the building's down payment requirement, and the bank has approved the loan, aren't they getting their money at the closing table whether I 'put down' 20%, 50% or 100%?" It is a very reasonable question. Unfortunately, the answer is more complicated than you might think. 100% of the purchase price will certainly be delivered at the closing whether the bank is providing 8% or 80% of the funds. However, the seller being "made whole" is only one small piece of the puzzle and doesn't take into account two major factors in any purchase -  risk  and  competition . To read the full post click here
Posted to real estate on Friday, October 21, 2016 at 10:36:00 AM

Letters of Recommendation: A Little Board Package Levity

Whether you've had the "pleasure" of purchasing an apartment in NYC or not, it seems everyone knows the horrors of putting together a co-op (or even condo) board package.  What is asked for in terms of down payment, post closing reserves, debt-to-income ratio and pedigree is the stuff of legend in New York City real estate, and is often true.   Purchasers get frustrated with the process (and rightly so), but how they deal with the demands of a building, management company or board is truly fascinating to watch.  Occasionally a client will use their wit, sense of humor and writing skills to offer a comical reminder of how ridiculous this whole process can be.   This week I give you a wonderfully written mockery of the board package process… Dear Co-op Board, I have known Tom Stevenson for over 60 years. He is one of...
Posted to real estate on Thursday, October 20, 2016 at 5:29:30 PM

Decoding Real Estate Ads: A Helpful Glossary of Terms

Every once in a while we need to poke a little fun at ourselves and our industry. This is especially true in stressful world of New York City real estate. Agents often act as Copywriter, Editor, and Designer for their own advertisements, resulting in extremely creative descriptions and interesting new “buzz words” or “catch phrases” designed to catch the eye of a potential buyer or renter. Below is a glossary of terms and definitions poking some much needed fun at our industry's creative writers. Original Floors : How did the real estate community fool us into thinking this is a good thing?  Don't people want new floors?  I mean, I love a good antique chair.  I can even appreciate one of those wooden Pier 1 wash buckets purposefully designed to look weather worn and damaged.  But my floors?!  That's like driving a Rolls Royce on four bald...
Posted to real estate on Thursday, October 20, 2016 at 5:27:08 PM

Mind Games: Let's Play!

Any prior explanation of this exercise could ruin its effectiveness, so grab the nearest calculator and enjoy the ride! Think of a number between 1 and 10. Multiply that number by 2 (don't hesitate to begin using your calculator judging!) Add 8 to your new number. Divide that number by 2 . (don't you wish you started using your calculator in step 2! Feel free to start over and give your brain a rest) Subtract your original number. OK, if you didn't fall to pieces from humiliating flashbacks of elementary school math class, you should have a number between 1 and 26. Take that number and match it to its corresponding letter below . . . Got it?  Now take that letter and think of a country in the world which begins with your letter.  Commit it to memory (don't worry, no...
Posted to real estate on Thursday, October 20, 2016 at 5:23:57 PM

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