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

Fort George vs Kips Bay

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

Manhattan|Manhattan

Median Sale Price

$540K

$860K

Median Rent

$2K

$4K

Active Listings

120

Avg Days on Market

48 days

60 days

YoY Price Change

+2.4%

+3.4%

Monthly Sales Volume

Detailed Comparison

Metric	Fort George	Kips Bay
Median Sale Price	$540,000	$860,000
Median Condo Price	N/A	$1,050,000
Median Co-op Price	$540,000	$650,000
Median Rent	$2,200	$3,500
Active Listings	7	120
Rental Inventory	22	140
Days on Market	48	60
Price Cut Share	11.0%	14.0%
Monthly Sales Volume	5	22
YoY Price Change	+2.4%	+3.4%
YoY Rent Change	+4.7%	+3.9%
YoY Inventory Change	-8.3%	+4.8%
Subway Lines	1 A	4 5 6 7 B D F M N Q R S W

Neighborhood Profiles

Fort George

Fort George sits on the high ridge of Upper Manhattan, where the elevated terrain produces distinctive terraced apartment buildings, stair-street passages, and sweeping views of the Hudson River and the George Washington Bridge. The neighborhood's prewar brick cooperatives and multi-family townhouses are served by the A train at 190th Street and the 1 train at 191st Street, providing express access to Midtown. Fort Tryon Park, home to The Cloisters Museum and Gardens, and Bennett Park, the highest natural point in Manhattan, anchor the neighborhood's green space.

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Kips Bay

Kips Bay is a relaxed and highly convenient residential neighborhood located on the East Side of Manhattan. Known for its mix of mid-century high-rises and charming brick townhouses, it offers a more approachable price point than its neighbors to the north and south. Residents enjoy proximity to the East River Esplanade, a variety of local dining options, and easy access to the city's major medical centers and Midtown business hubs.

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Transit Access

Fort George

Dyckman St (1 A) — 0.2 mi

190 St (A) — 0.2 mi

191 St (1) — 0.3 mi

207 St (1) — 0.6 mi

181 St (1 A) — 0.7 mi

Kips Bay

4567BDFMNQRSW

Grand Central-42 St (4 5 6 7 S) — 0.7 mi

34 St-Herald Sq (B D F M N Q R W) — 0.7 mi

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Fort George vs Kips Bay

Fort George

Kips Bay

Detailed Comparison

Neighborhood Profiles

Fort George

Kips Bay

Transit Access

Fort George

Kips Bay

Active Listings

Fort George for sale

Kips Bay for sale

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