FAQ

  • Condo vs. co-op—what’s the real difference?

    Ownership: Condo = real property; Co-op = shares + proprietary lease.

    Approval: Condo waiver + simple application; Co-op full board package + interview. New Development contract only.

    Flexibility: Condos & New Developments favor subletting, pieds-à-terre, investors; Co-ops set stricter use rules.

  • What are typical NYC buyer closing costs?

    Condos: ~2–4% cash; 3–5% financed (adds Mortgage Recording Tax ~1.8–1.925% of the loan).

    Co-ops: ~1–3% (no Mortgage Recording Tax).

    Mansion Tax: starts at 1% at $1M and scales up on higher prices.

    New Development: Transfer Taxes, Mansion Taxes, WIC, Super’s Unit, Attorney Fee all paid by buyer. Each building has their own requirements which need to be verified.

  • How long does it take to close?

    Condo: about 30–60 days (app + lender + building review).

    Co-op: about 60–90+ days (board package + interview).

    New development: plan on 60–120 days depending on TCO and sponsor timing.

  • What is a co-op board package—and how do I strengthen mine?

    What it is: full financials, tax returns, pay stubs, reference letters, contract, building forms.

    What boards look for: steady income, reasonable DTI, solid post-close liquidity, clean history.

    How to win: complete, quiet, consistent file—no surprises; prep for a professional interview.

  • I’m an international buyer with no U.S. credit—can I purchase or finance?

    Yes. Many banks offer foreign-national programs (larger down payment + extra docs).

    Product fit: Condos and new developments work best.

    Documents to prepare: passport/ID, proof of funds, income/asset letters, ITIN path, U.S. banking.

  • What monthly costs should I expect after closing?

    Condo: Common charges + property taxes (separate), plus utilities/insurance; amenity fees as listed.

    Co-op: Maintenance (includes building expenses + a tax component), plus utilities/insurance.

    New Developments: Common Charges are likely to increase when the building is fully staffed. Real Estate taxes likely to be re-assessed.

    Both: watch for assessments (temporary), storage/parking, and reserve contributions.

  • What is the average price of a Manhattan condo?

    Manhattan condo prices vary widely by neighborhood, building, and amenities, but luxury condos in NYC often range from $1M to $10M++

  • Should I buy a new development in NYC?

    New developments in NYC offer modern finishes, amenities, and lower maintenance early on, making them attractive to both primary buyers, pied-a-terre buyers, and investors.

    However, it’s especially important to work with an agent who has new development experience. The agent needs to understand offering plans, closing costs and what type of protection can be layered on for the buyer.