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 Fresh Meadows Co-op

Sell Your Co-op in Fresh Meadows

Co-op sales require board package expertise and the right buyer profile. Milton has managed hundreds of co-op transactions in Fresh Meadows.

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Why Sellers Choose Milton

The Co-op Seller Advantage

Board Package Expertise

Milton identifies the right buyer profile for your building before listing. Attracting a buyer who will pass the board package prevents the most common deal-killers.

Co-op Specific Pricing

Co-ops carry different premiums by floor, maintenance, and building financials. Milton prices against closed co-op comps, not mixed data.

Coming Soon Pre-Marketing

Your listing hits RLS, Zillow, StreetEasy, and Trulia as Coming Soon. Builds buyer interest before the official launch date.

Broker Network Outreach

57,000+ REBNY agents receive your listing. Milton personally reaches out to top buyer agents in ${n.name} when your listing goes active.

Before You List: Prep Checklist

Know Your Building Rules

Subletting policy, financing percentages, and flip tax details must be disclosed upfront. Milton reviews house rules with you before pricing.

Prepare for Board Review

Buyers will submit board packages that your building will review. Understanding what your board approves helps target the right buyers from day one.

Pre-War Details Sell

Herringbone floors, high ceilings, and original moldings are assets. Milton stages and photographs pre-war details prominently.

Co-op Listing Expert in Fresh Meadows

25+ Years, 1,000+ Transactions
Former Managing Partner and Principal Broker. I know Fresh Meadows's co-ops 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 Co-op in Fresh Meadows: FAQ

What is my Fresh Meadows co-op worth?

The median co-op asking price in Fresh Meadows is $974,500, trending 0% year-over-year. Co-op values depend heavily on maintenance, floor, exposure, and building financial health. Milton provides a building-specific CMA within 24 hours.

What is a flip tax and how does it affect my net proceeds?

A flip tax is a transfer fee charged by your co-op corporation, typically 1-3% of the sale price or a per-share fee. It is usually paid by the seller. Milton calculates your exact flip tax obligation and includes it in your net proceeds estimate before you list.

How long does a co-op sale take in NYC?

Co-op sales typically take 3-4 months from listing to closing. Board package preparation adds 2-3 weeks after contract. Well-priced co-ops in Fresh Meadows often receive offers within the first 2-4 weeks of active listing.

Get Your Free Fresh Meadows Co-op Valuation

Building-specific analysis. Flip tax calculation included. No obligation.

Milton Coste

Licensed Associate Broker

Keller Williams NYC | Lic. #10401274378

(917) 416-7433

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Sell Your Co-op in Fresh Meadows

The Co-op Seller Advantage

Board Package Expertise

Co-op Specific Pricing

Coming Soon Pre-Marketing

Broker Network Outreach

Before You List: Prep Checklist

Know Your Building Rules

Prepare for Board Review

Pre-War Details Sell

Co-op Listing Expert in Fresh Meadows

Milton Coste

What Sellers Say

Selling a Co-op in Fresh Meadows: FAQ

What is my Fresh Meadows co-op worth?

What is a flip tax and how does it affect my net proceeds?

How long does a co-op sale take in NYC?

Get Your Free Fresh Meadows Co-op Valuation

Milton Coste

Schedule with Milton

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