What is the difference between a co-op and a condo in NYC?

Co-ops (approximately 75% of NYC apartment inventory): You buy shares in a corporation that owns the building and receive a proprietary lease. Board approval is required. Condos (approximately 25% of inventory): You own your individual unit with a deed. No board approval is required. Co-ops typically have stricter financial requirements and higher monthly fees that include property taxes, while condos offer more subletting flexibility and different closing costs.

What are typical financial requirements for buying a co-op in NYC?

Co-ops typically require a 20-50% down payment plus post-closing liquidity (cash reserves often equal to 1-2 years of maintenance). Condos are more flexible, with 10-20% down payment options common. Both property types require lenders to evaluate debt-to-income ratios and credit history. Individual buildings may have additional requirements, so always verify with the listing agent before making an offer.

How long does it take to close on a property in NYC?

Closing timelines vary by property type. Condos and townhouses typically close in 30-45 days from signed contract. Co-ops take longer: 60-90 days or more, because the board package must be assembled and submitted, the board must review it, and an interview must be scheduled before approval. All-cash purchases close faster than financed purchases regardless of property type.

What closing costs should I expect when buying in NYC?

NYC closing costs for buyers range from approximately 2-6% of the purchase price depending on property type and financing. Condo buyers pay title insurance, NYC/NYS transfer taxes paid by the seller, mortgage recording tax (if financing), and mansion tax on purchases over $1M. Co-op buyers do not pay title insurance or mortgage recording tax but do pay attorney fees, application fees, and the mansion tax on purchases over $1M. Both need a real estate attorney, which typically costs $3,000-4,500 in NYC.

Can I see NYC homes before they hit the market?

Yes. Through the RLS Coming Soon listing status and Keller Williams pre-market tools, Milton Coste can show buyers properties before they officially go active on the MLS. Coming Soon listings appear on RLS, Zillow, Trulia, and StreetEasy with full photos, details, and pricing. Showings and offers cannot be accepted until the listing goes active, but buyers get early access to prepare their offer strategy before competition arrives.

What is the FARE Act and how does it affect NYC renters?

The FARE Act (Fairness in Apartment Rental Expenses Act) took effect June 11, 2025. It requires that whoever hires a broker, typically the landlord, pays the broker fee. Tenants can no longer be required to pay broker fees on landlord-engaged broker listings. Tenant-engaged brokers can still charge tenants. The FARE Act applies to rental transactions only, not to buying or selling.

What is a flip tax in an NYC co-op?

A flip tax is a fee some co-op buildings charge when a unit is sold. It typically ranges from 1-3% of the sale price, though some buildings calculate it per share. The seller usually pays it, though some buildings assign it to the buyer or split it. On a $1.2M sale with a 2% flip tax, the seller owes $24,000 to the building before taking proceeds. Always verify flip tax policies before making an offer or listing.

Do I need a real estate attorney to buy or sell in NYC?

Yes. Unlike most US states, New York real estate closings are attorney-driven. Both the buyer and seller are represented by licensed real estate attorneys who review the contract, negotiate riders, handle due diligence, coordinate with the lender and title company, and attend the closing table. Attorney fees in NYC typically run $3,000-4,500 per side. Title companies play a secondary role compared to states with escrow-based closings.

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NYC Neighborhood Comparison

Fordham vs Vinegar Hill

Side-by-side market data, transit, and neighborhood profiles to help you decide.

Bronx|Brooklyn

Median Sale Price

$662K

$1.1M

Median Rent

$2K

$4K

Active Listings

Avg Days on Market

0 days

68 days

YoY Price Change

0.0%

+4.2%

Monthly Sales Volume

Detailed Comparison

Metric	Fordham	Vinegar Hill
Median Sale Price	$662,107	$1,125,000
Median Condo Price	N/A	$1,125,000
Median Co-op Price	N/A	N/A
Median Rent	$2,014.5	$3,850
Active Listings	19	3
Rental Inventory	20	12
Days on Market	0	68
Price Cut Share	15.8%	12.0%
Monthly Sales Volume	6	7
YoY Price Change	0.0%	+4.2%
YoY Rent Change	+0.9%	+4.6%
YoY Inventory Change	+46.2%	-15.0%
Subway Lines	N/A	2 3 A C F R

Neighborhood Profiles

Fordham

Fordham centers on the Grand Concourse and Fordham Road, one of the Bronx's busiest commercial corridors, with six-story Art Deco apartment buildings, prewar walk-ups, and brick rowhomes lining the surrounding residential streets. The B and D trains at Fordham Road, the 4 train on the Jerome Avenue Line, and Metro-North at Fordham Station provide multiple transit options. The New York Botanical Garden's 250 acres and the Bronx Zoo border the neighborhood, and Fordham University's Gothic campus occupies the historic Rose Hill Manor at its center.

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Vinegar Hill

Vinegar Hill is a compact Brooklyn neighborhood of Belgian-block streets lined with 19th-century Federal and Greek Revival rowhouses, repurposed industrial loft buildings, and newer townhouse developments. The F train at York Street and the A/C at High Street are both a short walk away, and Brooklyn Bridge Park's waterfront is accessible within minutes. Commodore Barry Park, Brooklyn's oldest park, is a notable neighborhood landmark.

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Transit Access

Fordham

No subway data available

Vinegar Hill

23ACFR

York St (F) — 0.1 mi

High St (A C) — 0.3 mi

Clark St (2 3) — 0.5 mi

Court St (R) — 0.6 mi

Jay St-MetroTech (A C F R) — 0.7 mi

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Fordham vs Vinegar Hill

Fordham

Vinegar Hill

Detailed Comparison

Neighborhood Profiles

Fordham

Vinegar Hill

Transit Access

Fordham

Vinegar Hill

Active Listings

Fordham for sale

Vinegar Hill for sale

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