Residential Sales

Guiding Every Chapter
of Manhattan Life.

Beautifully styled modern Manhattan apartment

First-Time Buyers

Buying your first home in Manhattan is one of the most significant financial decisions you will ever make — and one of the most disorienting. The market has its own vocabulary. The buildings have their own personalities. The board approval process has rules that nobody tells you in advance.

The Ruth Reffkin Team has spent four decades guiding first-time buyers through this market with patience, honest counsel, and a long-term view of the relationship — not the transaction.

Beautifully packed moving boxes in an elegant apartment

Upsizing & Downsizing

Manhattan does not stand still, and neither do the people who live in it. The studio that was perfect at 28 becomes the one-bedroom that was perfect at 35 becomes the family apartment on the Upper West Side becomes — eventually — the smaller, smarter residence that fits the next chapter.

Each of these transitions is more consequential than buying a single home, because it involves two transactions running in parallel. The Ruth Reffkin Team has spent four decades getting that parallel right.

“ Mission Before Commission. ”
First-Time Buyers

Patient Counsel for
Your First Move.

First-time buyers in Manhattan face a learning curve that is steeper than almost anywhere else in the country. Co-ops, condos, condops, townhouses, new development, sponsor units — each carries different financial requirements, different ownership structures, different rules about what you can do with the property, and different consequences when you eventually sell.

Buildings vary enormously in their financial strength, board strictness, sublet policies, and personality. Two apartments at the same price in adjacent buildings can produce very different ownership experiences.

Our job is to make sure you understand what you are buying before you buy it.

We approach first-time buyers as the start of a long-term relationship, not a single transaction. Many of our current clients first came to us as first-time buyers fifteen, twenty, even thirty years ago. They have come back through every move since — the upsize when the family grew, the relocation, the eventual downsize. The trust we build at the first purchase is what sustains the relationship through the moves that follow.

Ruth's hands-on experience renovating multiple homes adds a particular dimension for first-time buyers tempted by properties that need work. When she tells a first-time buyer whether a renovation is realistic on their timeline and budget, she is speaking from experience. That perspective regularly saves first-time buyers from the most expensive lessons in real estate.

Upsizing & Downsizing

Two Transactions,
One Plan.

An upsize or downsize is not one move. It is two — and the way you sequence, time, and structure them shapes everything from the price you get for the current home to the rate you lock in on the next one. Most clients underestimate this. They focus on finding the new home or selling the old one, and the other side of the transaction becomes an afterthought. By the time the second side gets the attention it deserves, options have narrowed and leverage has shifted.

Our approach is built around handling both sides at once. We help clients think through whether to sell first, buy first, or run them in parallel — and the answer is genuinely different for different families. A buyer with strong post-closing reserves and a high tolerance for moving twice may have the luxury of selling first. A family that cannot move twice and cannot carry two homes may need to time the transactions to within days of each other.

Each path has tradeoffs. We help clients see them clearly before they commit.

Ruth's hands-on experience with renovating multiple homes adds a particular dimension when clients are weighing a property that needs work. She has been on the buyer's side of a renovation. She has been the one writing the checks, supervising the contractor, living through the dust. When she tells a client whether a property's projected renovation cost is realistic, she is speaking from experience, not just from contractor estimates.

How We Work

A Process for
Every Chapter.

Whether you are buying your very first apartment or coordinating a complex downsize, our process is designed to take the surprise out of the experience—ensuring every decision is made with absolute clarity.

Consultation and education conversation
Phase 01

The Foundational Conversation

We start with an unhurried conversation. If this is your first purchase, we demystify co-ops, condos, and board requirements so you understand how Manhattan actually works. If you are transitioning to a new chapter, we look at how your life is changing—not just square footage—to define what the next home needs to support.

Reviewing financial requirements and documents
Phase 02

Honest Financial Preparation

We build a clear picture before we ever tour a property. For buyers, we outline the exact reserves, closing costs, and carrying costs the board will require. For families making a transition, we map out both sides of the trade—providing realistic expectations for what your current home will sell for and what the next will cost.

Scouting neighborhoods and touring properties
Phase 03

Strategy, Search & Sequencing

With clarity established, we execute. For buyers, this means setting up smart searches and touring properties with a highly critical eye. For those upsizing or downsizing, we solve the ultimate strategic puzzle: whether to sell first, buy first, or run them in parallel—guiding you toward the path that best protects your leverage.

Beautifully staged and marketed home
Phase 04

Diligence & Market Execution

On the buy side, we do the rigorous diligence most buyers don't know to do—analyzing building financials, board reputations, and upcoming assessments to structure a winning offer. On the sell side, we position your home for the strongest possible return, utilizing Compass Concierge for smart improvements and our network's full marketing reach.

Keys handed over at closing
Phase 05

Board Approvals & Coordinated Closings

We meticulously manage the contract and board approval process, preparing you thoroughly for the interview itself. If you are navigating a dual transaction, we coordinate with attorneys, lenders, and movers to ensure both closings land in the exact right sequence without the surprises that undo months of work.

Why This Team

Advisors for
Every Chapter.

From the steep learning curve of a first purchase to the complex orchestration of a dual-transaction transition, the team you choose shapes whether you look back on the move with confidence or regret.

01

An Education-First Approach

We treat every client as the start of a long-term relationship. Most of our early conversations start with education — how the market works, co-op vs. condo nuances, and what you actually need — before any property is in play. Clients consistently tell us they leave feeling more informed and less pressured than after meetings with other agents.

02

Managing Both Sides of the Move

For clients upsizing or downsizing, we represent you on both the sale of the current home and the purchase of the next. That gives us a unified view of timing, financing, and risk that you simply cannot get when one team handles the sale and a different team handles the purchase. The two transactions talk to each other through us.

03

Renovation Insight That Saves Money

Many buyers are tempted by properties that need work. Ruth has personally renovated multiple homes herself. When she tells a client whether a particular renovation is an opportunity or a money pit, she is speaking from direct experience with budgets and contractors. That perspective routinely saves clients from expensive mistakes.

04

Strategic Sequencing Expertise

Sell first, buy first, or run them in parallel — this is the most consequential decision in a transition. We have helped hundreds of families work through this choice, structuring the move to fit their financial picture, their tolerance for risk, and the realities of the current Manhattan market.

05

Building-by-Building Knowledge

Manhattan buildings vary enormously in financial requirements, board strictness, sublet rules, and personality. Four decades of combined experience means we know which buildings will approve which kinds of buyers, which have known issues, and which to avoid entirely. That granular knowledge does not appear in any database.

06

A Lifelong Real Estate Partner

Many of our current clients first came to us as first-time buyers fifteen or twenty years ago. They have come back through every move since — the upsize when the family grew, the eventual downsize, the estate planning. The trust we build at the first purchase is what sustains the relationship through the decades that follow.

The Inquiries

Frequently Asked Questions

Ask a Private Question

More than the down payment alone. Most Manhattan co-ops require 20-25% down (some require 40-50%), plus post-closing reserves of 12-24 months of carrying costs in liquid assets, plus closing costs of roughly 2-4% of the purchase price. Condos are more flexible on financing but typically more expensive per square foot. We help buyers see the full financial picture — what the building will require, what the lender will require, what your monthly cost will actually be — before any property is in play.

Co-ops are corporations where you own shares allocated to a unit; the building approves you through a board interview process and sets the financial requirements. Condos are real property; you own your unit outright and the purchase process is simpler. Co-ops are typically less expensive at comparable square footage but harder to qualify for, less flexible (sublet rules, financing limits), and harder to sell to certain buyer profiles. Condos are more expensive but more flexible. The right choice depends on your situation, your timeline, and what you intend to do with the property over the next decade.

Expert representation is more critical than ever. In today's market, who pays the professional fee is a negotiable term of the deal - just like the price or closing date. What shouldn't be negotiable is having an advocate to handle the hyper-local analysis, board packages, and diligence required in NYC. The risk of an unforeseen building issue or a poor negotiation can cost significantly more than the price of a proven expert.

There is no universal right answer — only the right answer for your situation. Selling first gives you certainty about your budget and removes the risk of carrying two homes, but it can put you under time pressure to find the next home. Buying first gives you the time to find the right next home, but exposes you to carrying costs if your sale takes longer than expected. We talk through the variables that matter for your situation — financial cushion, market conditions, family timing — and structure the move accordingly.

It happens regularly. Most lenders offer bridge financing or other solutions that let you buy before you sell, and we have relationships with lenders who handle these structures well in New York. We help clients evaluate whether a bridge makes sense for their situation, what the cost actually is, and how to manage the risk of carrying two homes briefly. Sometimes the right answer is to move on the property; sometimes it is to wait. We give honest counsel either way.

Compass Concierge fronts the cost of pre-sale improvements — painting, staging, light renovation, refinishing floors — and is repaid at closing from the proceeds of the sale. There is no interest on the funds and no out-of-pocket cost to the seller. Whether it is worth using depends on the property. For some homes, $20,000 in targeted improvements adds $80,000 to the sale price and shortens days on market. For others, the marginal cost of improvement does not return at closing. We are honest about which category a particular home falls into.

Boards typically ask about your career, your finances, your reasons for buying, and how you fit with the building's culture. The interview is not a test you can fail through preparation, but it is one you can fail through unfamiliarity. We prepare every buyer thoroughly. If you are upsizing or downsizing, we coordinate the approvals on both sides to ensure the timelines align. The board approval rate for clients we represent is significantly higher than the market average.

From the first conversation to closing, most clients move through the process in three to six months. Faster is possible when the right property appears quickly or a buyer is fully prepared; slower is normal when the search is more selective or a current home requires extensive preparation. We plan around your actual timeline, rather than imposing an artificial one.

New York City skyline
Start The Conversation

Let’s Talk About
Your Next Chapter.

Whether you are preparing for your first Manhattan purchase, planning a strategic upsize, or navigating a complex family transition, we welcome a confidential conversation. There is no obligation. The right first conversation often clarifies the path forward—even when the move itself is months or years away.

Click To Schedule Consultation
Phone 516-903-9097
Email ruth.reffkin@compass.com
susan.hirschorn@compass.com
Office 110 Fifth Avenue, New York, NY
Hours 8am to 9pm, seven days a week
Compass Real Estate · New York City