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 Yards vs South Ozone Park

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

Manhattan|Queens

Median Sale Price

$2.2M

$689K

Median Rent

$6K

$3K

Active Listings

Avg Days on Market

88 days

0 days

YoY Price Change

+8.4%

-18.9%

Monthly Sales Volume

Detailed Comparison

Metric	Hudson Yards	South Ozone Park
Median Sale Price	$2,200,000	$689,000
Median Condo Price	$2,200,000	N/A
Median Co-op Price	N/A	N/A
Median Rent	$5,500	$3,000
Active Listings	61	10
Rental Inventory	50	2
Days on Market	88	0
Price Cut Share	19.0%	14.3%
Monthly Sales Volume	10	8
YoY Price Change	+8.4%	-18.9%
YoY Rent Change	+6.1%	0.0%
YoY Inventory Change	+12.5%	-9.1%
Subway Lines	1 2 3 A C E	N/A

Neighborhood Profiles

Hudson Yards

Hudson Yards is the largest private real estate development in U.S. history, built on Manhattan's far west side between 30th and 41st Streets above the active LIRR rail yard. The neighborhood features new construction luxury condominiums and high-rise rental towers with full-service amenities, connected by the 7 train extension at 34th Street-Hudson Yards. Bella Abzug Park, Hudson River Park, and 14 acres of public open space complement the glass-and-steel residential towers.

View Full Market Report

South Ozone Park

South Ozone Park is a residential Queens neighborhood of single-family detached and semi-attached homes, two-family houses, and low-rise apartment buildings between the Belt Parkway and the Van Wyck Expressway. The A train at Ozone Park-Lefferts Boulevard provides subway service, and the JFK AirTrain is accessible at Howard Beach station. The Aqueduct Racetrack and Resorts World Casino border the neighborhood.

View Full Market Report

Transit Access

Hudson Yards

123ACE

34 St-Penn Station (1 2 3 A C E) — 0.4 mi

42 St-Port Authority (A C E) — 0.6 mi

South Ozone Park

No subway data available

Active Listings

Hudson Yards for sale

View all Hudson Yards listings

South Ozone Park for sale

View all South Ozone Park listings

More Comparisons

Hudson Yards vs Midtown South South Ozone Park vs Midtown South Hudson Yards vs Chelsea South Ozone Park vs Chelsea Hudson Yards vs Midtown West South Ozone Park vs Midtown West Hudson Yards vs All Midtown South Ozone Park vs All Midtown Hudson Yards vs Midtown South Ozone Park vs Midtown Hudson Yards vs NoMad South Ozone Park vs NoMad Hudson Yards vs Ozone Park South Ozone Park vs Ozone Park Hudson Yards vs South Jamaica South Ozone Park vs South Jamaica

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 Yards vs South Ozone Park

Hudson Yards

South Ozone Park

Detailed Comparison

Neighborhood Profiles

Hudson Yards

South Ozone Park

Transit Access

Hudson Yards

South Ozone Park

Active Listings

Hudson Yards for sale

South Ozone Park for sale

More Comparisons

Need Help Choosing?