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.

Chelsea New Developments for Sale | New Construction Chelsea 2026

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Why Buy a New Development in Chelsea?

What makes new developments stand out in this market

Modern Finishes and Systems

New construction delivers current building codes, energy-efficient systems, and contemporary layouts unavailable in resale stock.

No Board Approval

New development sponsor sales skip the co-op board entirely. Faster closings, fewer contingencies.

Warranty Coverage

NYC new construction carries a 1-year general warranty and up to 6-year coverage on structural elements under state law.

Pre-Launch Access

Milton's sponsor relationships provide early access to new developments before they hit StreetEasy, often at pre-launch pricing.

Know Before You Buy

Construction Risk

Buying before completion carries risk: delays, finishes that differ from renderings, and sponsor default. Contract review is critical.

Sponsor Contract Terms

Sponsor contracts heavily favor the developer. Milton's attorney partners specialize in new development contract negotiation.

Higher Closing Costs

In NYC new developments, buyers typically pay transfer taxes (usually covered by the seller in resale). Budget an additional 1.825-1.925% of purchase price.

Active New Developments in Chelsea

366 listings · Updated every 15 minutes

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Active

$4,795,000

215 W 28TH Street #20B

3 bed 3 bath 1,675 sqft Condo

Listing by Douglas Elliman Real Estate

Active

$4,495,000

215 W 28TH Street #17C

3 bed 4 bath 1,848 sqft Condo

Listing by Douglas Elliman Real Estate

Active

$4,650,000

215 W 28TH Street #15A

4 bed 5 bath 2,100 sqft Condo

Listing by Douglas Elliman Real Estate

Active

$1,599,000

125 W 21st Street #5B

1 bed 2 bath 992 sqft Condo

Listing by Compass

Active

$795,000

155 W 20TH Street #6J

1 bed 1 bath Co-op

Listing by Corcoran Group

Active

$1,950,000

540 W 28th Street #4B

2 bed 2 bath 1,181 sqft Condo

Listing by Sothebys International Realty

This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2026 The Real Estate Board of New York, Inc., All rights reserved.

Recently Sold New Developments in Chelsea

4 recent closings · Live RLS data

Closed

$5,400,000

166 W 18th Street #PHB

3 bed 4 bath 3,008 sqft Condo

Listing by Compass

Closed

$2,800,000

110 W 17th Street #5th Floor

2 bed 2 bath 1,875 sqft Condo

Listing by Compass

Closed

$1,550,000

166 W 18th Street #7D

1 bed 2 bath 844 sqft Condo

Listing by Compass

Closed

$3,110,000

100 11th Avenue #9D

2 bed 3 bath 1,760 sqft Condo

Listing by Compass

New Development Expert in Chelsea

25+ Years, 1,000+ Transactions
Former Managing Partner and Principal Broker. I know Chelsea's new developments inside and out.

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Milton Coste

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Keller Williams NYC | License #10401274378

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Buyer · Washington Heights · $25K under asking

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"He has a deep understanding of the value of apartments in NYC. Intelligent, professional, and always had my best interests in mind. This is the person you want on your side."

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Client · Google Review · 5 stars

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"Pia Isabella Palomino: So thankful to work with Milton! He worked so fast to make sure I got my dream place. Great communication, super friendly and responsive."

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New Developments in Chelsea: FAQ

What new developments are available in Chelsea?

Current new development inventory in Chelsea is shown below, updated in real time from the RLS. Contact Milton for pre-market and sponsor-direct opportunities not yet listed.

Do I need board approval to buy a new development?

No. New development sponsor sales bypass co-op board approval entirely. Closings are typically faster, though construction timelines add their own variables.

What are the closing costs for new development in NYC?

In most NYC new developments, buyers pay NYC and NY State transfer taxes (typically 1.825-1.925% of the purchase price), plus the standard buyer closing costs. Some sponsors offer concessions on transfer taxes as an incentive. Milton negotiates these terms directly with sponsors.

Get First Access: Chelsea New Developments

Pre-launch pricing, sponsor relationships, and contract review included. No obligation.

Milton Coste

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Keller Williams NYC | Lic. #10401274378

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New Developments for Sale in Chelsea

Why Buy a New Development in Chelsea?

Modern Finishes and Systems

No Board Approval

Warranty Coverage

Pre-Launch Access

Know Before You Buy

Construction Risk

Sponsor Contract Terms

Higher Closing Costs

Active New Developments in Chelsea

Recently Sold New Developments in Chelsea

New Development Expert in Chelsea

Milton Coste

What Clients Say

New Developments in Chelsea: FAQ

What new developments are available in Chelsea?

Do I need board approval to buy a new development?

What are the closing costs for new development in NYC?

Get First Access: Chelsea New Developments

Milton Coste

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