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.

Schedule with Milton

Licensed Real Estate Associate Broker

What can I help you with?

Your Name *

Email Address *

Phone Number *

Preferred Date (optional)

Preferred Time (optional)

Additional Notes (optional)

By submitting, you agree to receive communications from Milton Coste. Your information is secure and will never be shared.

NYC Neighborhood Comparison

Hudson Heights vs Mill Basin

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

Manhattan|Brooklyn

Detailed Comparison

Metric	Hudson Heights	Mill Basin
Median Sale Price	$549,000	$1,252,500
Median Condo Price	N/A	N/A
Median Co-op Price	$549,000	N/A
Median Rent	$2,550	$2,400
Active Listings	68	25
Rental Inventory	85	3
Days on Market	52	0
Price Cut Share	13.0%	4.0%
Monthly Sales Volume	12	3
YoY Price Change	+3.2%	+76.4%
YoY Rent Change	+5.1%	0.0%
YoY Inventory Change	+4.6%	+8.7%
Subway Lines	1 A	N/A

Neighborhood Profiles

Hudson Heights

Hudson Heights is a sought-after northern Manhattan neighborhood known for its dramatic views and varied housing stock. From historic pre-war cooperatives to modern luxury condominiums, the area offers a sophisticated urban lifestyle with easy access to the city's world-class dining, shopping, and cultural institutions.

View Full Market Report

Mill Basin

Mill Basin is a waterfront neighborhood in southeastern Brooklyn defined by detached single-family brick houses, many with private docks and direct access to Jamaica Bay. The housing stock ranges from mid-century brick bungalows to large custom-built homes on generous 50-by-100-foot lots. Marine Park offers 798 acres of trails and athletic fields nearby.

View Full Market Report

Transit Access

Hudson Heights

181 St (1 A) — 0.1 mi

175 St (A) — 0.4 mi

191 St (1) — 0.5 mi

190 St (A) — 0.5 mi

Mill Basin

No subway data available

Need Help Choosing?

With 25+ years of experience across all five boroughs, I can help you find the right neighborhood for your lifestyle and budget.

Call (917) 416-7433 WhatsApp

Schedule with Milton

You're Confirmed!

Hudson Heights vs Mill Basin

Hudson Heights

Mill Basin

Detailed Comparison

Neighborhood Profiles

Hudson Heights

Mill Basin

Transit Access

Hudson Heights

Mill Basin

Active Listings

Hudson Heights for sale

Mill Basin for sale

More Comparisons

Need Help Choosing?