Jul 23, 2018

HDFC Coops - Affordable Home Ownership in NYC


HDFC Coops - Affordable Home Ownership in Manhattan

Q: What is an HDFC coop?

A: HDFC (Housing Development Fund Corporations)
Since 1979, the Department of Housing Preservation and Development (HPD) has sold formerly City-owned buildings to Housing Development Fund Corporations (HDFC's)

HDFC coops are affordable cooperatives in New York City. They sell below market (40%-50%) below non HDFC comparable coops and condos.

45 West 110th Street, HDFC
If you qualify an HDFC coop may be right for you. It may be a great deal.

Many HDFC coops are considered a form of limited equity home ownership. HDFC coops offer many of the same benefits as regular coops but they have some eligibility (maximum income restriction, primary residence requirement and many have a "flip tax" paid by the seller.

Since they are sold below market and the maintenance remains low because the city reduces real estate tax on HDFC coops upon selling a portion of the profit is often shared with the coop and sometimes the city (60/40 buildings) hence "flip tax".

Back in the late 70' and 1980's many rental buildings were abandoned by landlords and owners that may have owed back taxes or city water charges and the buildings were taken over by the city. NYC HPD (Housing Preservation Department) through an affordable housing program helped to rehabilitate the buildings, trained the tenants on ownership, set the Coop up financially to be self-sustaining, and then sold the apartments to the existing tenants for very low sale prices many as low as $250 in exchange the new owners had to maintain the buildings and keep them affordable.

The City helped rehab many of the buildings and trained the existing tenants, even some squatters about maintaining their building and becoming a self sufficient housing cooperative. It has been a very successful program. Over the years they rarely sold and remained within families.

While they still sell below market many sellers are now able to get the highest possible price for their 

More recently I've represented sellers and buyers in Harlem's most sought after HDFC coop as well as HDFC's in Hamilton Heights, Sugar Hill, Morningside HeightsManhattan Valley, Hell's Kitchen the East Village and Williamsburg, Brooklyn.

While prices vary building to building and neighborhood to neighborhood it should be noted that under the private Housing Finance Law, all HDFCs must be low to moderate/middle income households.. 

The specific definition of low income for some HDFC cooperatives were time limited and have expired, the cooperation must adopt a new standard. The highest standard that HPD will accept is 165% of the median income for the metropolitan area.

 An HDFC coop must be a primary residence and the income restrictions are based on area income standards. In many cases either less than 120% or 165% area median income. Therefore individual HDFC coops have different income requirements. It also varies depending on the household size. A household of five can have a substantially higher income enabling larger households to afford larger apartments. At 165% AMI the maximum income allowed for a household of five is $185,955. 

The cost of owning and maintaining shares in a cooperative include apartment maintenance, the monthly payments on any loan used to purchase the shares, utilities, and homeowners insurance.

Generally buyers should not pay more than 30% of their gross income in housing costs. HDFC boards have the same discretion to approve or reject a buyer like any regular coop. The only difference is there is a maximum income allowed to purchase or lease in HDFC coop apartments.

An HDFC coop represents a great opportunity to own a home  in New York City, at below market price of other coops and condos but with some restrictions on purchasing and upon selling.

When buying or selling an HDFC Coop it is important to use a broker, attorney and lender that understands the rules, restrictions and nuances of HDFC coops.

More reading:

HDFC Coops | Facts vs Myths
HDFC Coop Income Standards
The Flip Tax
Restrictive Covenants

If you would like more information about buying or selling an HDFC coop please contact me.

Jul 16, 2018

Manhattan Monthly Market Report | June 2018

Manhattan Monthly Market Report | June 2018

Market Wide Summary 

There was a divergence in June sales activity amongst condos and co-ops, as contracts signed rose for co-ops but fell by double-digits for condos. All pricing metrics for condos decreased, with median sale price being the most significant.

Price statistics for co-ops were varied as average price increased substantially due to some very high-priced deals but median price decreased. The average price per square foot remained relatively flat for condos, while it increased almost 30% for co-ops. Listed inventory for condos reached a 12-month high for the third consecutive month, and co-op inventory rose 33% to its highest level for any June since 2012.

Average days on market stayed relatively flat for condos, while it increased significantly for co-ops. Negotiability was up monthly and annually for condos and co-ops, as high inventory continues to drive up that figure.

Jul 5, 2018

Manhattan Market Report | Second Quarter 2018


  • Second Quarter market activity cooled: Manhattan experienced fewer closed sales and signed contracts, as well as high inventory levels and steadying prices compared to a year ago. The effects of the new tax law, high real estate taxes and volatility in the financial markets all contributed to a dampening of buyers’ purchase intent in Q2.   

  • Market-wide closed sales decreased 14% and contracts signed decreased 9% compared to last year: Though closings in Q2 responded to diminished buyer urgency, there were still nearly 3,200 closings, which was a 26% increase over last quarter, reflecting a typical Q2 seasonal uptick in buyer activity.

  • Manhattan market-wide prices were unchanged from last year: Average sale price of $2.15 million was essentially level with Q2 2017, supported by select penthouse sales and record-breaking transactions. Median sale price, however, decreased 3% to $1.14 million as market share shifted in favor of lower-priced transactions that accompanied a decline in new development closings.

  • Inventory increased 17% market-wide this quarter to 7,491 units: This was the tenth consecutive quarter that inventory increased year-over-year. Supply expanded for all bedroom types and most price ranges. By product type, co-op inventory rose most, up 26% year-over-year, and resale condos increased by 11%. New development inventory increased only by 4%.

Jul 2, 2018

REBNY Index: RE Broker Confidence Falls in 1Q18

 The Real Estate Board of New York’s (REBNY) Real Estate Broker Confidence Index for the first quarter of 2018 was 5.78 out of 10, a decrease of 1.21 since brokers were surveyed about the fourth quarter of 2017.
The overall decline in the Real Estate Broker Confidence Index was attributable to brokers’ concern for future leasing and financing conditions in both the residential and commercial real estate markets. However, several brokers noted that despite recent increases, interest rates are still low when compared to years past.
“Residential and commercial broker confidence was decidedly more upbeat in the fourth quarter of 2017, but market confidence in the first quarter of 2018 remained positive overall,” said John H. Banks, REBNY President. “Though the pace of transactions has slowed, REBNY brokers are seeing movement among well-priced inventory. Prices are continuing to undergo a natural correction with new developments and a more competitive leasing environment.”
The Commercial Broker Confidence Index in the first quarter of 2018 was 6.02, a decrease of 1.39 since brokers were surveyed about the fourth quarter of 2017 when they expressed confidence in their expectations of the recently passed federal tax reform. The Commercial Broker Confidence Index has grown by 0.74 year-over-year, up from 5.28 in the first quarter of 2017.
Brokers’ assessment of the current leasing market in the first quarter of 2018 showed confidence with responses indexed at 6.49, dipping slightly by 0.23 since the fourth quarter of 2017. One office-leasing broker attributed current confidence to the effects of tax reform, writing, “tax cuts are already leading to hiring and expansion.”
Another commented on the challenges in commercial leasing, saying: “While the commercial rent tax has been reduced, it needs to be eliminated for retailers.”
The decline in the Commercial Broker Confidence Index was attributable to concerns about the leasing and financing market six months from now.
One commercial broker expressed uncertainty about the future, writing, “Who knows how [WeWork’s business model] will work out”.
The Residential Broker Confidence Index was 5.54, a decrease of 1.03 since brokers were surveyed about the fourth quarter of 2017. The Residential Broker Confidence Index, though still positive, has been trending downward since last year with the exception of a noticeable uptick in the fourth quarter of 2017. Meanwhile, confidence surrounding brokers’ expectations of the effects of the federal tax reform have leveled off.
The dip in the Residential Broker Confidence Index in the first quarter of 2018 was attributable in part to the question asking about the rental market six months from now. These responses were indexed at 5.01, a decrease of 0.53 since the fourth quarter of 2017.
“In rentals, concessions seem to be at an all-time high and I’m curious to see how that will affect the summer season. Renters are asking more and more whether there are ‘any concessions’,” said one residential broker.
Residential brokers also revealed some uneasiness about residential sales financing. Concerns about the current financing market were indexed at 7.17, a decline of 1.59 since the fourth quarter of 2017. The belief that the residential market benefited from tax reform may have boosted confidence in the fourth quarter of 2017. However, the residential broker responses in the first quarter of 2018 suggest that they have returned their focus to actual market conditions.
One residential broker stated, “Tax changes have not had a noticeable effect on demand in the first three months of the year.”
REBNY regularly surveys its residential and commercial brokerage division members to measure their confidence in the New York City real estate market now and six months from now. Survey results are published quarterly with a maximum index of 10

Jun 12, 2018

Manhattan Monthly Market Report | May 2018

Market Wide Summary

There was a divergence in May sales activity between condos and co-ops, as contracts signed fell for condos but rose for co-ops. Pricing metrics for condos were down across the board, with median sale price dropping considerably more than average price, off unusually high figures last year.

Alternatively, co-op pricing metrics rose over the last year, with average and median price up by double-digits. Listed inventory continued to rise, with total inventory again reaching recent highs, up 22% across all product types.

With a total of 8,489 listed units, inventory surpassed last month’s figure, and rose to its highest level since November 2011. Days on market rose for both product types, although a steeper rise was seen in the condo market. Negotiability remained high, with the difference from last ask to sale for both product types greater than a year ago.

Condominium Market Snapshot 

Sales activity for condos dipped, down year-over-year for the eighth consecutive month. Compared to abnormally high figures last year that were derived from a large number of sales over $5M, pricing metrics fell by double digits. The decline in median price was significant, down 26%, driven in part by the number of sales over $5M versus May 2017.

Average price per square foot, similar to average and median price, fell, though less significantly. The decline in price per square foot by bedroom, however, was varied, as two bedroom units had a rise in price, while all other bedroom types had a decline. Inventory rose 14%, to over 4,200 actively listed units, reaching its highest point since October 2010. The increase in inventory corresponded with an even greater surge in days on market, which rose 19% annually. Negotiability remains high at 3.5%, though down from the month prior

Cooperative Market Snapshot 

Sales activity in the co-op market saw a Spring boost, rising for the first time in seven months, up 2% annually. At 702 contracts signed, this was the most since June 2015. Average and median sale price rose by double-digits annually, as a sale on Fifth Avenue asking $20M and a large boost in sales over $2M shifted pricing metrics higher. Average price per square foot rose 7% annually, as every bedroom type had a gain in that figure. Inventory rose to a new high, with over 3,700 listed units, the greatest supply of co-op inventory since June 2012. Days on market meanwhile stayed stable, up just 2% annually despite the very high inventory. Difference from last ask to sale continued to deepen, at 1.8%, compared to 1% the year prior, but down monthly.


May 2018 had the greatest annual increase in active listings since May 2009, at 22%, fueled by the large 35% increase in co-op inventory, as well as considerable growth in condo and townhouse inventory. Condo growth continues to be outpaced by the growth in co-op inventory, leading to a decrease in condo inventory as a share of overall inventory, as that figure shrunk to 50.3%, it’s lowest share since October 2015.


As inventory advances towards a seven-year high, various price points are growing at different rates. Year-over-year, units listed under $1M have grown by the most of any category, with over 700 more units listed than a year ago, a 45% increase. Units priced from $1M to $3M had an increase in listed inventory of around 600 units, a 22% increase year-over-year. While units priced over $3M saw an increase of under 200 units, the lowest annual increase, at just 8%

Jun 6, 2018

Renting an Apartment in New York City

Renting an Apartment in Manhattan, NYC

Everyone wants their first New York City rental experience to be a positive one. As a current or future Manhattanite, you should familiarize yourself with the rules of renting in order to make your experience as hassle and worry free as possible. 

Carefully read any documentation presented to you by your future landlord before entering into any contract. Although many leases contain predominantly boilerplate language, in many instances clauses may be added to the lease contract that supersede or alter the lease agreement in some way. Such additions are called riders.

Also, the type of lease may vary. A Standard Form of Lease, for instance, may differ greatly from a Rent Stabilized Lease Agreement or a Cooperative Sublease Agreement. Take the time to read and digest the language of any documentation presented to you, and always ask questions should it contain something you don't fully understand.

Make a checklist of information to bring with you in order to finalize your lease agreement. You will almost certainly need all or most of the following:
1.     A letter of employment and salary verification
2.     Bank account numbers (checking and savings), as well as any credit card numbers
3.     Current bank statements
4.     Contact information (names, addresses, phone numbers) of previous landlords
5.     Contact information of your personal accountant or attorney, if applicable
6.     Contact information of any personal or professional references
7.     Tax returns from the last two years
8.     Recent (current) pay stubs, typically from the last two pay periods
9.     Two forms of personal identification (driver’s license, passport, etc)
10.    40-45x the monthly rent in annual income is required.

If you are relocating from outside of New York, prepare your funds ahead of time. Landlords will not accept personal out-of-state checks. Bring traveler’s checks or certified bank checks in amounts sufficient to cover two months rent, any brokerage fees, a credit check fee, and any additional fees such as a move-in/move-out fee or building application fee.

The Corner - 72nd & Broadway
Once your personal and financial documentation is in order, you will then be prepared to view and select prospective apartments. Remember, your agent can provide you with a wealth of information to assist you in making an informed decision. Ask plenty of questions about neighborhoods, building types, public transportation access, or anything else that might be of interest to you.

When you have selected a suitable apartment, you must then fill out a rental application, or other applicable documents. Once you or your agent has negotiated agreeable lease terms, a credit report and reference check will be done.

Upon final confirmation, you will be asked to sign a lease and settle any outstanding applicable fees.

In Manhattan, residential real estate is made up of rental buildings,  condos, condops, coops and townhouses. All can make fine homes and all are available for rent.

South Harlem 1 BR Condo For Rent

Please contact me to rent your Manhattan Apartment.

courtesy of:
Mitchell Hall, Associate Broker, The Corcoran Group
REBNY member

May 11, 2018

Manhattan Monthly Market Report | April 2018

Market Wide Summary 

Contract activity again dropped for both condos and co-ops, with condos experiencing a larger drop. Co-op pricing metrics declined slightly as compared to a year ago, but remained almost flat compared to last month. However, pricing metrics were up considerably for condos, with both average and median sale price up compared to last year, though this isn’t indicative of an overall market trend, as the average was skewed by several high-priced sales.

Listed inventory continued to rise, with co-op inventory growing at nearly three times the pace of condos. With a total of 8,204 listed units, total inventory is at its highest point since April 2012. Days on market fell for condos despite the rise in inventory, while co-op days on market grew by a quarter, in line with inventory gains. Negotiability increased for both product types annually, as growing inventory has driven greater discount prevalence.

Condominium Market Snapshot 

Sales activity for condos declined, down year-over-year for the seventh consecutive month. Pricing metrics were skewed up substantially, with average sale price increasing 48% and median sale price rising 31%. The jump in average and median sale price was attributable to a larger number of high-priced sales, as 43% of sales occured over $2M in April 2018, compared to 32% the year prior. Furthermore, five sales occured over $14M this year, while none occured in that range last year, further accounting for the rise in average sale price. Average price per square foot, in line with average and median price, rose significantly, up 22%, as a 27% jump in three bedroom pricing drove the average higher. Inventory rose 11%, to over 4,000 actively listed units, reaching the highest point since April 2011. Despite the increase in inventory, days on market dropped, down 10%. Negotiability remained very high, at a 3.7% difference from last ask to sale.

Cooperative Market Snapshot

Sales activity amongst co-ops continued to decline annually, though less so than condominiums. Average sale price and median sale price both dropped minimally, down 2% and 3%, respectively. On the contrary, average price per square foot rose 7%, as the sale of smaller units resulted in a higher price per square foot, but lower average sale price. Two and three bedroom units experienced the same 3% rise in price per square foot, while studios and one bedrooms both rose a more substantial 11% and 9% respectively. Days on market rose 25%, as a sharp 31% rise in inventory continued to extend the amount of time units spent on market. Negotiability remained high, as the difference from last ask to sale matched the greatest difference in two years. April 2017 had an unusually low difference from last ask to sale, which exaggerated the difference in negotiability between this year and last year.


Inventory continued to grow in Manhattan, up 19% compared to last year to its highest point since April 2012. April 2018 had the greatest annual increase in active listings since March 2016, fueled by a large increase in co-op inventory. However, condos and townhouses also saw increases in inventory, with the 4% rise in townhouse inventory marking the largest rise for that product type since March 2017. The continued surge of co-op inventory has continued to shift the makeup of listed inventory overall towards co-ops, as condos have trended down to be 50% of active listings, the lowest proportion condos have made up since October 2015.


A large increase in actively listed units, paired with slowing sales has driven greater negotiability, as sellers are increasingly willing to reduce pricing to sell. In April, 71% of units were sold below ask, the second highest figure since December 2012. While units selling below ask reached relative highs in April 2018, the number of units selling above ask as a proportion of total sales reached a low. Only 9% of units sold above ask in April 2018, the lowest that figure has been since September 2012. Units sold at ask has held steady at 20%, which is below the 29% seen in April 2017, but relatively consistent with the 21% seen in April 2016.

Apr 25, 2018

Brooklyn Townhouse Report | 2017

The Brooklyn townhouse market is more diverse, more sprawling, and more active than its counterpart in Manhattan. In fact, more than six times as many townhouses sell in Brooklyn annually than are traded in any other borough.

 Brooklyn Townhouse Report

Corcoran’s 2017 Brooklyn Townhouse Report a detailed analysis of single-family and multi-family (two- to four-family) townhouse sales that closed in Brooklyn last year.

Among its findings:

* The Brooklyn townhouse market backed off from the robust activity seen in 2016: Rising prices throughout the borough slowed both townhouse sales and the trend of townhouses undergoing extensive renovations as either a value-add investment, rental income property or even a quick flip. Some neighborhoods, particularly Bedford-Stuyvesant, Crown Heights and Bushwick, experienced fewer quick resells in 2017.

* Overall price figures, as well as average and median price, were higher in 2017: This trend likely contributed to tempered activity. Last year, buyers paid an average price of $1.853M for a townhouse in Brooklyn, 11% more than in 2016. Median townhouse price increased 9% year-over-year, driven by an increase in townhouse sales over $2M in addition to prices continuing to appreciate rapidly in western parts of Brooklyn.

* Single-family townhouses sales increased and expanded into more neighborhoods: Single-family townhouse sales increased 8% compared to 2016 as buyers were enticed by newly renovated townhouses. Those sales also expanded throughout western parts of Brooklyn, particularly in Red Hook, Park Slope and Boerum Hill. Conversely, multi-family sales declined 7% year-over-year which drove the overall townhouse market down in 2017. Although multi-family townhouse sales improved in few neighborhoods such as Park Slope, Greenpoint and Brooklyn Heights, the decline in northern and eastern parts of Brooklyn far outweighed those gains.

Please feel free to reach out to me if you have any questions about the Brooklyn Townhouse Report. I welcome the opportunity to be of assistance to you.

Apr 16, 2018

Brooklyn Monthly Market Report | March 2018

Market Wide Summary

The Brooklyn market experienced a year-over-year increase in contracts signed for the third consecutive month. Strong new development sales in South Brooklyn, driven by contract activity at 2128 Ocean Avenue and 26 East 19th Street, sustained from the previous month into March. However, Brooklyn price metrics showed mixed trends compared to March 2017.

Average sale price improved compared to last year and last month skewed by Cobble Hill and Park Slope townhouse sales.When excluding those high priced townhouse sales in Cobble Hill and Park Slope,average sale price was essentially level and the average price per square foot increased 5% versus March 2017.

Average price per square foot, also affected by t he high priced sales Cobble Hill and Park Slope, increased 9% versus March 2017. The difference from last ask price to sale price was 0.9% below the average asking price, slightly deeper when compared to last year. The average days on market figure of 87, while up year -over-year, still indicates a very competitive market in Brooklyn.


Days on market dipped from last month’s five-year record high of 105 days to 87 days in March, but was up 17% year-over-year. Days on market has been above the Brooklyn five-year average for five consecutive months as higher prices and an annual increase in newly listed apartment inventory slowed buyers decision-making.


Newly listed apartment inventory continued its expected seasonal climb after declining during the winter months. In addition, newly listed apartment inventory grew 17% annually as more apartments were introduced in March 2018 compared to last year. The number of apartments introduced this month set a new seven-year record high as sellers anticipated the Spring selling season along with the launch of Brooklyn Point and the relaunch of Austin Nichols House.

Apr 13, 2018

Manhattan Monthly Market Report | March 2018

Market Wide Summary

 Contracts signed dropped annually in March for both product types, with condos seeing a larger decline. Condo pricing metrics were up, with both average and median price increasing, while co-op pricing metrics were all down annually. Listed inventory continued to rise, with co-ops seeing almost four times the annual increase of condos. Days on market increased for condos, reaching the second highest point in the last twelve months; meanwhile days on market for co-ops declined. Negotiability increased for both product types annually, as sellers competed with newly listed inventory

Condominium Market Snapshot

 Sales activity for condos declined, down year-over-year for the sixth consecutive month, although due to the market’s typical seasonality, sales were the highest seen since June 2017. Pricing metrics were positive, with average and median sale price up. Average price rose largely due to the sale of a high-priced unit at 432 Park Avenue. Average price per square foot rose annually as well, off a low price per square foot in March 2017. Average price per square foot was lifted by annual rises across studio, two bedroom and three bedroom units, with one bedroom unit price per square foot down slightly annually. Two and three bedroom units experienced the greatest gains, up 9% and 8% respectively. Days on market rose monthly and annually, up 16% year-over-year. Negotiability remained fairly high, deepening to 3.2% off last ask versus 1.9% last year. The increase in negotiability coincided with an increase in discount prevalence, as 79% of units told at a discount last month, compared to 63% last year. Inventory continued to rise, up 5% annually.

Cooperative Market Snapshot

 Sales activity amongst co-ops continued to decline annually, though less so than condominiums. Average sale price and median sale price both dropped, down 19% and 8%, respectively. Similarly, average price per square foot declined, as every unit type saw declines in price per square foot. After an abnormally high figure last year, three bedroom units experienced the largest decline, down 28% due to fewer sales in traditionally expensive neighborhoods. Studios experienced a decline of 11%, while one and two bedroom units had milder annual declines. Days on market fell, reversing a trend of annual rises seen the prior three months, as time spent on market dropped below 100 days for the first time this year. Negotiability remained high, with average difference from last ask to sale at 1.7%. Inventory rose significantly as compared to last year, with more than 3,000 listed units available, the most in five years.

Manhattan Total Lisstings

Inventory continued to grow in Manhattan, up 10% compared to last year. March 2018 saw the most actively listed units for that month since 2012. However, total listings were down from recent highs in the Fall. The only category to not have an annual increase was townhouses, which saw inventory remain level, while both condos and co-ops had annual rises in inventory. The condominium share of overall inventory has been declining and at just over 50% in March 2018 was the lowest seen since November 2015

Contracts Signed By PPSF Category

As sales activity continues to fall below the volume seen a year ago, the price point of units sold continues to shift. Notably, units asking greater amounts per square foot have seen a steady decline in market share. A year ago, units priced over $1,250 per square foot made up 59% of sales, in March 2018 that figure dropped to 47%, the lowest market share for units in that range since July 2015. The price range that experienced the greatest year-over-year gains in market share was amongst units priced from $1,000 to $1,250 per square foot, which rose from 17% of sales a year ago to 24% last month. The price range with the largest decline was amongst units priced from $1,250 to $1,500, which made up 22% of sales in March 2017, and just 15% in March 2018. Interestingly, sales over $2,000 per square foot stayed stable yearover-year at 10%. This shift in pricing is likely attributable to greater sales of co-ops, which traditionally sell at lower price point

This blog site is designed and published as a consumer service by local real estate broker to help Manhattan, New York City buyers, sellers and renters make informed real estate decisions. This site and its feeds are owned and operated by Mitchell J Hall, a NY State licensed real estate associate broker associated with The Corcoran Group and member of the Real Estate Board of New York.

Legal Disclaimer - The opinions expressed here are those of the authors and do not neccessarily reflect the opinions or policy of The Corcoran Group. This site is not the official website of The Corcoran Group or its affiliated companies, and neither The Corcoran Group nor its affiliated companies in any way warrant the accuracy of any information contained herein. Any product and/or services offered for sale on this website shall not be considered an offer to sell such goods and/or services in any state other than New York.

Legal Disclaimer - Information on this site is not intended as legal or financial advice. - All material herein is intended for information purposes only and has been complied from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. I operate a business that supports Fair Housing.“We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program which there are no barriers to obtain housing because of race, color, religion, sex, handicap, familiar status or national origin.”

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