Buyer Closing Costs in Manhattan

A Breakdown Of What You Can Expect To Pay

Contact WILLIAM!

Call:  (212) 405-1468
Email: wkb@corcoran.com
Visit: 888 Seventh Avenue, 39th Floor New York, NY 10106

There’s a lot to think about when you’re looking at a buying a property, but one factor that can be easy to overlook are closing costs. Closing costs are high fees that can affect both buyers and sellers, but if you’re a buyer they can impact your buying power, so they’re important to consider when making you’re ultimate purchase decision.

The good news is that the seller covers many of the closing costs because they usually are responsible for covering the broker’s commission, and many of the ones that aren’t can be negotiated down.

Co-op Apartment Costs  

The costs associated with co-ops can be higher because of the inclusion of flip taxes (also known as transfer fees), these are fees that go to the apartment’s funds, but buyers generally aren’t responsible for covering them.

  • Own Attorney: Varies
  • Building Management Agent Fee: $500 and up
  • Move-in Deposit: $500 – $1,000 (usually refundable if no damage)
  • Lien Search: $350
  • Maintenance Adjustment: Pro-rated for month of closing
  • Mansion Tax: Sale price over $1M but less than $2M – 1%
    • Sale price from $2M to less than $3M – 1.25%
    • Sale price from $3M to less than $5 – 1.5%
    • Sale price from $5M to less than $10M – 2.25%
    • Sale price from $10M to less than $15M – 3.25%
    • Sale price from $15M to less than $20M – 3.5%
    • Sale price from $20M to less than $25M – 3.75%
    • Sale price from $25M and up – 3.9%

Mortgage Associated Fees

  • Origination Costs – points: 0 – 3% of loan
  • Application, Credit Check, etc: $500 and up
  • Appraisal: Varies
  • Bank Attorney: $800 – $1,250
  • UCC-1 Filing: $125

Condo and Townhouse Costs


The buyer’s closing costs for townhouses can differ from that of co-op apartments because of fees related to property taxes and contributions to the superintendent’s residence.

  • Own Attorney: Varies
  • Building Application: $500 and up
  • Title Insurance, Title Search & Recording Fees: 0.6% of sale price and up
  • Move-in Deposit: $500 – $1,000 (usually refundable if no damage)
  • Contribution to the Superintendent’s Residence: Prices can vary so be certain to inquire
  • Common charges, property taxes & insurance premium: Adjustments pro-rated as of closing
  • Mansion Tax: Sale price over $1M but less than $2M – 1%
  • Sale price from $2M to less than $3M – 1.25%
  • Sale price from $3M to less than $5M = 1.5%
  • Sale price from $5M to less than $10M = 2.25%
  • Sale price from $10 to less than $15M – 3.25%
  • Sale price from $15M to less than $20M – 3.5%
  • Sale price from $20M to less than $25M – 3.75%
  • Sale price from $25M and up – 3.9%

Mortgage Associated Fees

  • Origination Costs – points: 0 – 3% of loan
  • Application, Credit Check, etc: Varies
  • Appraisal: Varies
  • Bank Attorney: $800 – $1,250
  • Mortgage Recording Tax: 1.8% for all mortgages less than $500,000; 1.925% for all mortgages of $500K or more minus $30 for townhomes
  • Real Estate Tax Escrow: 0 – 6 months, depending on lender requirements

Exclusive to New Developments

  • NYC Real Property Transfer Tax: 1% to 1.425% of sale price
  • NYS Transfer Tax: 0.4% of sale price, 0.65% of sale price for transactions greater than or equal to $3M (Transfer taxes are calculated and added to sale price (for tax purposes only) and then recalculated based on the bulked up price)
  • Sponsor Attorney Fee: $2,500 – $3,500
  • Working capital fund contribution: One-time fee equal to 1 or 2 months common charges, depending on the condominium

 

"William Bolls is THE broker you want when buying and selling in Manhattan"

"William Bolls is THE broker you want when buying and selling in Manhattan. He is a wealth of knowledge and really takes the time to make sure you understand the process and are getting exactly what you want. I can't recommend him highly enough, and send him to anyone I know looking to buy and sell, especially the UWS."

Sarah S.

"William was able to find me my perfect first apartment in Manhattan"

"William was able to find me my perfect first apartment in Manhattan and then 5 years later he guided me seamlessly through the sale. William was always friendly and responsive and he answered every one of my random texts! He is a genuine pleasure to work with!"

Edward H.

"“I can't imagine purchasing a property in New York City without William"

I can't imagine purchasing a property in New York City without William. As an out-of-town buyer, we faced additional challenges when we decided to buy an apartment in the city. As cliched as it sounds, William truly made us feel like his only clients. It's not a simple process and we required a decent amount of hand-holding. He was there for us every step of the way, even anticipating a lot of our concerns. One of the most valuable characteristics of a good agent is responsiveness. Any time we contacted William--and it was often--he responded quickly and completely. William will definitely be our agent on future transactions.

Tim M.

"The market was tough, but William stuck with it and brought it home"

I worked with William over a lengthy period, trying to sell a lobby level doctor's office in a residential co-op building on the upper west side. The market was tough, but William stuck with it and brought it home. He showed patience and was always straightforward, honest and friendly throughout the process. Definitely 5 star.

Matt R.

Start Your Search Today

The Corcoran Group is dedicated to personally delivering the best guidance in real estate world. For the finest Upper West Side expertise contact William Bolls.