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.

Jackson Heights vs NoMad | NYC Neighborhood Comparison

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Median Sale Price

$415K

$2.8M

Median Rent

$2K

$5K

Active Listings

201

Avg Days on Market

63.5 days

82 days

YoY Price Change

0.0%

+7.1%

Monthly Sales Volume

Detailed Comparison

Metric	Jackson Heights	NoMad
Median Sale Price	$415,000	$2,800,000
Median Condo Price	$520,000	$2,800,000
Median Co-op Price	$369,500	N/A
Median Rent	$2,474.5	$5,250
Active Listings	201	74
Rental Inventory	104	60
Days on Market	63.5	82
Price Cut Share	11.4%	16.0%
Monthly Sales Volume	29	14
YoY Price Change	0.0%	+7.1%
YoY Rent Change	+3.3%	+5.3%
YoY Inventory Change	-0.5%	+8.4%
Subway Lines	7 E F M R	1 2 3 7 A B C D E F M N Q R S W

Neighborhood Profiles

Jackson Heights

Jackson Heights is a landmarked planned community originally built in the early 1900s, featuring prewar garden cooperatives with interior courtyards that are listed on the National Register of Historic Places. Approximately 80% of the housing stock consists of co-ops, with the remainder split among attached single-family homes, multi-family row houses, and detached residences, all served by the 7, E, F, M, and R trains at the Roosevelt Avenue hub. Travers Park provides green space, and the commercial corridors along Roosevelt Avenue and 37th Avenue anchor the neighborhood's retail activity.

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NoMad

NoMad, named for its position North of Madison Square Park, spans from roughly 25th to 30th Streets between Sixth and Lexington Avenues. The neighborhood's housing includes Beaux-Arts prewar cooperatives, boutique condo conversions, and modern luxury towers, all within walking distance of the N, Q, R, W, and 6 trains. Madison Square Park anchors the southern edge, and the area's commercial corridor along Broadway features a concentration of ground-floor restaurant and retail space.

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Transit Access

Jackson Heights

7EFMR

Jackson Heights (7 E F M R) — 0.7 mi

NoMad

1237ABCDEFMNQRSW

34 St-Herald Sq (B D F M N Q R W) — 0.3 mi

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

Times Sq-42 St (1 2 3 7 N Q R S W) — 0.7 mi

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Jackson Heights vs NoMad

Jackson Heights

NoMad

Detailed Comparison

Neighborhood Profiles

Jackson Heights

NoMad

Transit Access

Jackson Heights

NoMad

Active Listings

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