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.

Free NYC Property Tax Grievance CMA | Is Your Assessment Too High?

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Why Challenge Your Assessment?

NYC property taxes for co-ops and condos are calculated on an assessed value set by the Department of Finance. That value is not the same as your apartment's market value. When the assessed value is set too high relative to comparable recent sales, you are paying more than you owe.

The NYC Tax Commission accepts grievance applications annually. The deadline is March 15 for most residential properties (Tax Class 2). Filing requires a market value opinion. That is what the CMA provides.

How the NYC Tax Grievance Process Works

Receive your Notice of Property Value (NOPV) in January
Compare assessed value to recent comparable sales in your building and neighborhood
If assessed value is higher than market evidence supports, file with the NYC Tax Commission by March 15
Submit supporting documentation, including a CMA or appraisal showing market value
Tax Commission reviews and may reduce your assessment

Annual Deadline: March 15

The Tax Commission deadline for Tax Class 2 residential properties (most co-ops and condos) is March 15 each year. Missing the deadline means waiting another full year. Request your CMA before February so you have time to file.

Request Your Free CMA

Milton will pull recent comparable sales in your building and neighborhood and prepare a written market value opinion. Delivered within 48 business hours.

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Tax Year

Current Assessed Value (from your NOPV)

Found on your Notice of Property Value, mailed in January

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No spam. Your information is used only to prepare your CMA.

Prefer to talk through it first?

Call or text Milton directly at (917) 416-7433

What the CMA Shows

Recent Comparable Sales

3 to 6 closed sales of similar units in your building and neighborhood, pulled from the RLS/REBNY database within the past 12 months.

Estimated Market Value

A written opinion of your unit's current market value based on the comparable sales. This is the number to compare against your assessed value.

Tax Commission Filing Notes

Guidance on which NYC Tax Commission form to use (TC201 for co-ops, TC106 for condos) and where to attach the CMA in your filing package.

NYC Property Tax Grievance: Key Facts

Tax Class 2 covers most co-ops, condos, and small rental buildings (3+ units)
Annual deadline: March 15 (Tax Commission Form TC201 for co-ops, TC106 for condos under $2M)
A CMA from a licensed broker is accepted evidence of market value at the Tax Commission
The Tax Commission review is free and does not require an attorney
A successful grievance reduces your assessed value for that tax year, lowering your maintenance charge (co-op) or property tax bill (condo) going forward
Filing a grievance does not increase your assessment if the Commission disagrees with your estimate

Questions about your specific situation?

Call (917) 416-7433 Email Milton