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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Sell Your Carnegie Hill Condo

Sell Your Condo in Carnegie Hill

No board approval delays. Strong buyer pool. Fee-simple ownership sells fast when priced right. Get a free condo valuation for Carnegie Hill.

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Why Sellers Choose Milton

The Condo Seller Advantage

No Board Approval for Buyers

Condo buyers skip board approval, cutting 4-6 weeks off the transaction. Faster closings mean fewer deal fallouts for you as the seller.

Coming Soon Pre-Marketing

Your listing appears across RLS, Zillow, StreetEasy, and Trulia as Coming Soon before the official launch. Two launches instead of one.

Condo-Specific Comp Analysis

Milton prices your condo against actual closed condo comps, not co-op data. Condos carry a 15-30% premium and need accurate benchmarking.

HDR Photography and Virtual Staging

Professional photography, wide-angle, twilight shots, and virtual staging of vacant spaces included in every listing.

Before You List: Prep Checklist

Gather Your Offering Plan and Financials

Buyers and their attorneys will request the offering plan, most recent financials, and meeting minutes. Assembling these early prevents delays.

Know Your Common Charges and Taxes

Monthly common charges and real estate taxes are key buyer filters. Milton helps you present these accurately to maximize qualified interest.

Neutral Staging for Broadest Appeal

Condos attract a wide buyer profile including investors and pied-a-terre buyers. Neutral staging and minimal personal items maximize offers.

Recent Condo Sales in Carnegie Hill

4 recent closings from RLS · Updated daily

Closed

$2,175,000

40 E 94th Street #18B

2 bed 2 bath Condo

Listing by Sothebys International Realty

Closed

$8,000,000

1289 LEXINGTON Avenue #19B

5 bed 6 bath 3,501 sqft Condo

Listing by Brown Harris Stevens Residential Sales LLC

Closed

$2,910,000

170 E 87TH Street #W7C

3 bed 3 bath 1,706 sqft Condo

Listing by Corcoran Group

Closed

$799,000

110 E 87TH Street #2A

1 bed 1 bath 898 sqft Condo

Listing by Brown Harris Stevens Brooklyn LLC

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.

Your Competition: Active Condos

Know what you are up against before pricing

See All →

Active

$1,350,000

120 E 87TH Street #P14B

1 bed 1 bath 787 sqft Condo

Listing by Coldwell Banker Warburg

Active

$2,195,000

200 E 89th Street #37D

3 bed 3 bath 1,327 sqft Condo

Listing by Jade Stone Real Estate Consulting Inc

Active

$3,795,000

134 E 93RD Street #PH15B

3 bed 3 bath 1,735 sqft Condo

Listing by Brown Harris Stevens Residential Sales LLC

Active

$16,500,000

60 E 88TH Street #PH

5 bed 6 bath 3,660 sqft Condo

Listing by Corcoran Group

Condo Listing Expert in Carnegie Hill

25+ Years, 1,000+ Transactions
Former Managing Partner and Principal Broker. I know Carnegie Hill's condos inside and out.

Coming Soon Pre-Marketing
Your listing reaches buyers on RLS, Zillow, StreetEasy, and Trulia before the official MLS launch date.

Bilingual Service
English and Spanish representation. Servicio completo en Espanol.

Keller Williams NYC
Backed by the world's largest real estate company with global buyer reach.

Milton Coste

Licensed Real Estate Associate Broker

Keller Williams NYC | License #10401274378

Client Reviews

What Sellers Say

★★★★★

"Milton sold our Washington Heights co-op in 45 days, $30K over asking. His knowledge of the market and negotiating skills are second to none."

Tim W.

Seller · Washington Heights · 45 days, $30K over asking

★★★★★

"He has a deep understanding of the value of apartments in NYC. Intelligent, professional, and always had my best interests in mind."

Sasha

Client · Google Review · 5 stars

★★★★★

"Jorge Espitia: He's incredibly patient and responsive. I felt confident knowing Milton was handling every detail of my sale."

Jorge E.

Seller · Google Review · 5 stars

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Selling a Condo in Carnegie Hill: FAQ

What is my Carnegie Hill condo worth right now?

The median condo sale price in Carnegie Hill is currently $3,200,000, trending +4.1% year-over-year. Your specific unit's value depends on floor, exposure, condition, and building financials. Milton provides a detailed CMA within 24 hours.

How long does it take to sell a condo in Carnegie Hill?

Well-priced condos in Carnegie Hill typically go into contract within 30-60 days. The closing timeline after contract is typically 45-60 days for condo sales (no board approval required). Milton's Coming Soon strategy often generates offers in the first week.

What are my closing costs as a condo seller in NYC?

NYC condo seller closing costs typically include: broker commission (negotiated), NYC transfer tax (1% under $500K, 1.425% above), NY State transfer tax (0.4%), attorney fees ($2-4K), and any flip tax if applicable. Milton provides a full net proceeds estimate before listing.

Get Your Free Carnegie Hill Condo Valuation

No obligation. Delivered within 24 hours. Based on live RLS closed sales data.

Milton Coste

Licensed Associate Broker

Keller Williams NYC | Lic. #10401274378

(917) 416-7433

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Sell Your Condo in Carnegie Hill

The Condo Seller Advantage

No Board Approval for Buyers

Coming Soon Pre-Marketing

Condo-Specific Comp Analysis

HDR Photography and Virtual Staging

Before You List: Prep Checklist

Gather Your Offering Plan and Financials

Know Your Common Charges and Taxes

Neutral Staging for Broadest Appeal

Recent Condo Sales in Carnegie Hill

Your Competition: Active Condos

Condo Listing Expert in Carnegie Hill

Milton Coste

What Sellers Say

Selling a Condo in Carnegie Hill: FAQ

What is my Carnegie Hill condo worth right now?

How long does it take to sell a condo in Carnegie Hill?

What are my closing costs as a condo seller in NYC?

Get Your Free Carnegie Hill Condo Valuation

Milton Coste

Schedule with Milton

You're Confirmed!