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.