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.

NYC Neighborhood Comparison

Hudson Yards vs Long Island City

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

Manhattan|Queens

Hudson Yards

Manhattan

Long Island City

Queens

Median Sale Price

$2.2M

$1.2M

Median Rent

$6K

$5K

Active Listings

252

Avg Days on Market

88 days

104.5 days

YoY Price Change

+8.4%

+38.6%

Monthly Sales Volume

Detailed Comparison

Metric	Hudson Yards	Long Island City
Median Sale Price	$2,200,000	$1,237,500
Median Condo Price	$2,200,000	$1,124,830
Median Co-op Price	N/A	N/A
Median Rent	$5,500	$4,500
Active Listings	61	252
Rental Inventory	50	942
Days on Market	88	104.5
Price Cut Share	19.0%	7.5%
Monthly Sales Volume	10	8
YoY Price Change	+8.4%	+38.6%
YoY Rent Change	+6.1%	+3.4%
YoY Inventory Change	+12.5%	+56.5%
Subway Lines	1 2 3 A C E	7 E G M N R W

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.

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Long Island City

Long Island City sits directly across the East River from Midtown Manhattan, reachable in one stop on the 7 train. LIC has added more than 12,000 residential units since 2015, transforming former industrial blocks into a corridor of glass-tower condos, converted loft co-ops, and rental high-rises along the waterfront. Gantry Plaza State Park, MoMA PS1, and the Hunters Point Library anchor the neighborhood’s cultural identity. Median condo prices run roughly 30-40% below comparable Manhattan waterfront units, drawing both first-time buyers and investors looking for appreciation in one of the city’s highest-growth zip codes.

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