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

NoMad vs Springfield Gardens

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

Manhattan|Queens

Median Sale Price

$2.8M

$675K

Median Rent

$5K

$3K

Active Listings

Avg Days on Market

82 days

0 days

YoY Price Change

+7.1%

+13.0%

Monthly Sales Volume

Detailed Comparison

Metric	NoMad	Springfield Gardens
Median Sale Price	$2,800,000	$675,000
Median Condo Price	$2,800,000	N/A
Median Co-op Price	N/A	N/A
Median Rent	$5,250	$3,099.5
Active Listings	74	12
Rental Inventory	60	3
Days on Market	82	0
Price Cut Share	16.0%	41.7%
Monthly Sales Volume	14	8
YoY Price Change	+7.1%	+13.0%
YoY Rent Change	+5.3%	0.0%
YoY Inventory Change	+8.4%	-36.8%
Subway Lines	1 2 3 7 A B C D E F M N Q R S W	N/A

Neighborhood Profiles

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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Springfield Gardens

Springfield Gardens is a southeastern Queens neighborhood of single-family detached homes with private driveways and yards, along with scattered two-family houses. The neighborhood is served by local buses connecting to the LIRR at Rosedale and the A train at Far Rockaway. Baisley Pond Park, one of the largest freshwater ponds in the city, provides green space at the neighborhood boundary.

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Transit Access

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

Springfield Gardens

No subway data available

Active Listings

NoMad for sale

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Springfield Gardens for sale

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More Comparisons

NoMad vs Flatiron Springfield Gardens vs Flatiron NoMad vs Midtown South Springfield Gardens vs Midtown South NoMad vs Gramercy Park Springfield Gardens vs Gramercy Park NoMad vs Kips Bay Springfield Gardens vs Kips Bay NoMad vs Murray Hill Springfield Gardens vs Murray Hill NoMad vs All Midtown Springfield Gardens vs All Midtown NoMad vs Brookville Springfield Gardens vs Brookville NoMad vs Laurelton Springfield Gardens vs Laurelton

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NoMad vs Springfield Gardens

NoMad

Springfield Gardens

Detailed Comparison

Neighborhood Profiles

NoMad

Springfield Gardens

Transit Access

NoMad

Springfield Gardens

Active Listings

NoMad for sale

Springfield Gardens for sale

More Comparisons

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