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Glossary

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Alcove: An alcove is an L-shaped area off the main living space in an apartment. There are two types of alcoves, a sleeping alcove and a dining alcove. Sleeping alcoves can be found in alcove studios; dining alcoves are found in one or two bedroom apartments and often can be converted into an additional smaller bedroom.

Assessment: A charge imposed by a co-operative or condominium apartment building on apartment owners to cover the cost of an improvement on the building. Assessments are levied proportionately to the number of shares or the percentage of the common charges owned/paid by an apartment owner.

Assignment: The right to transfer a contract or a lease from one party to another. The term is often used to describe the process of assigning one's primary lease to that of a second party until the end of the term.

Appraisal: The process of determining the value of an apartment usually against values of apartments in the same building or similar-type buildings in the immediate neighborhood.

Attended Elevator: Some older buildings in the city have manual elevators that need to be operated by an elevator operator on a full-time basis.. In some pre-war buildings, these operators also serve as a form of full-time security for residents. Usually these operators also control access into the building by a video security system. In some of the city's full-service buildings, the staff of the building will include elevator operators.

Abstract of Title: A chronological summary of the recorded instruments and proceedings on the tile of a property.

Air Rights: The right to build above or add square footage to a structure. These buildable rights are determined by city zoning regulations and public need. Air rights can be sold to adjoining structures for a negotiated price between land owners. Many of the city's taller structures have risen to their final height as a result of purchasing additional air rights from neighboring structures. Case in point is the Trump World Tower currently being built on East 48th Street.

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