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

Pelham Bay vs Turtle Bay

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

Bronx|Manhattan

Median Sale Price

$810K

$1.0M

Median Rent

$3K

$4K

Active Listings

187

Avg Days on Market

0 days

65 days

YoY Price Change

0.0%

+3.1%

Monthly Sales Volume

Detailed Comparison

Metric	Pelham Bay	Turtle Bay
Median Sale Price	$810,000	$1,025,000
Median Condo Price	N/A	$1,350,000
Median Co-op Price	N/A	$750,000
Median Rent	$3,312.5	$3,800
Active Listings	8	187
Rental Inventory	12	160
Days on Market	0	65
Price Cut Share	0.0%	15.0%
Monthly Sales Volume	1	28
YoY Price Change	0.0%	+3.1%
YoY Rent Change	+10.4%	+4.0%
YoY Inventory Change	+100.0%	+6.0%
Subway Lines	N/A	4 5 6 7 E M S

Neighborhood Profiles

Pelham Bay

Pelham Bay is a Bronx neighborhood of single-family detached homes, two-family brick houses, and co-op apartment buildings near the 2,772-acre Pelham Bay Park, the largest park in New York City. The 6 train terminates at Pelham Bay Park station, providing direct subway access to Manhattan. Orchard Beach, the Bartow-Pell Mansion Museum, and the Pelham Bay/Split Rock Golf Course are all within the park.

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Turtle Bay

Turtle Bay is a refined and diplomatic corridor, home to the United Nations Headquarters and numerous international consulates. The neighborhood is famous for the historic Turtle Bay Gardens and its tree-lined streets. Real estate in Turtle Bay offers a wide selection, from elegant pre-war townhouses to modern luxury condominiums that provide a quiet residential atmosphere just steps away from the bustle of Midtown.

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Transit Access

Pelham Bay

No subway data available

Turtle Bay

4567EMS

51 St (6) — 0.4 mi

Lexington Av/53 St (E M) — 0.4 mi

Grand Central-42 St (4 5 6 7 S) — 0.4 mi

5 Av/53 St (E M) — 0.6 mi

59 St (4 5 6) — 0.7 mi

Active Listings

Pelham Bay for sale

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Turtle Bay for sale

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More Comparisons

Pelham Bay vs Country Club Turtle Bay vs Country Club Pelham Bay vs Schuylerville Turtle Bay vs Schuylerville Pelham Bay vs Parkchester Turtle Bay vs Parkchester Pelham Bay vs Pelham Parkway Turtle Bay vs Pelham Parkway Pelham Bay vs Throgs Neck Turtle Bay vs Throgs Neck Pelham Bay vs Bronx Turtle Bay vs Bronx Pelham Bay vs Midtown East Turtle Bay vs Midtown East Pelham Bay vs Murray Hill Turtle Bay vs Murray Hill

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Pelham Bay vs Turtle Bay

Pelham Bay

Turtle Bay

Detailed Comparison

Neighborhood Profiles

Pelham Bay

Turtle Bay

Transit Access

Pelham Bay

Turtle Bay

Active Listings

Pelham Bay for sale

Turtle Bay for sale

More Comparisons

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