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Real estate transactions may involve opulent apartments

The well-known NBA coach, Phil Jackson, recently decided to part ways with his apartment in New York. The apartment he is selling is located in a building that is 132 years old, known as the Osbourne. These types of real estate transactions can be complex to complete in New York but rewarding when executed properly.

Jackson spent about four years in the New York Knicks' front office before being dismissed in the latter part of June of this year. Now, his luxury apartment is up for grabs for a whopping $4.95 million. The apartment is generally considered to be desirable with its two bedrooms and its convenient location, which will allow the new apartment owners to easily access the best parts of Manhattan. In addition, Central Park is essentially the back yard of the apartment building.

Some of the features of Jackson's apartment include mahogany paneling, hardwood flooring and windows made of stained glass. There are also three fireplaces and a library that is mahogany paneled. Furthermore, the living room is 33 feet long. The apartment has been marketed as featuring both a comfortable atmosphere and unparalleled architectural grandeur.

Selling or buying residential real estate in New York can be tricky due to the competitive nature of the state's market. A mistake that seems minor may end up being extremely costly, either financially or time wise, during real estate transactions. However, an attorney can provide guidance during each phase of a deal to make sure that one's best interests are protected and one's goals are achieved in the end.

Source: realtor.com, "Phil Jackson Selling NYC Apartment After Knicks Firing", Erik Gunther, Oct.19, 2017

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