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

Turtle Bay vs Westchester Village

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

Manhattan|Bronx

Detailed Comparison

Metric	Turtle Bay	Westchester Village
Median Sale Price	$1,025,000	$552,500
Median Condo Price	$1,350,000	N/A
Median Co-op Price	$750,000	N/A
Median Rent	$3,800	$1,500
Active Listings	187	1
Rental Inventory	160	3
Days on Market	65	0
Price Cut Share	15.0%	0.0%
Monthly Sales Volume	28	4
YoY Price Change	+3.1%	0.0%
YoY Rent Change	+4.0%	0.0%
YoY Inventory Change	+6.0%	-66.7%
Subway Lines	4 5 6 7 E M S	N/A

Neighborhood Profiles

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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Westchester Village

Westchester Village features a blend of classic pre-war co-ops and sophisticated townhouses, reflecting its architectural history. The neighborhood is served by key transit lines and boasts proximity to green spaces and local landmarks. Residents enjoy access to quiet streets and well-maintained community parks.

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Transit Access

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

Westchester Village

No subway data available

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Turtle Bay vs Westchester Village

Turtle Bay

Westchester Village

Detailed Comparison

Neighborhood Profiles

Turtle Bay

Westchester Village

Transit Access

Turtle Bay

Westchester Village

Active Listings

Turtle Bay for sale

Westchester Village for sale

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