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.

Schedule with Milton

Licensed Real Estate Associate Broker

What can I help you with?

Your Name *

Email Address *

Phone Number *

Preferred Date (optional)

Preferred Time (optional)

Additional Notes (optional)

By submitting, you agree to receive communications from Milton Coste. Your information is secure and will never be shared.

Sell Your DUMBO House

Sell Your Single Family Home in DUMBO

Single family homes in DUMBO sell for land value, not just living space. Get a precise valuation backed by actual closed comps.

Call (917) 416-7433 WhatsApp

Why Sellers Choose Milton

The Single Family Home Seller Advantage

Land Value Pricing

Single family homes in NYC sell partly on land value and FAR potential. Milton prices both the structure and the land separately to maximize your number.

Exterior and Interior Photography

Curb appeal matters. Milton packages professional photography of the exterior, all interior rooms, and outdoor spaces in a format that drives clicks.

Coming Soon Across All Platforms

Your listing appears on RLS, Zillow, Trulia, StreetEasy, and 100+ sites. Single family homes attract suburban and in-city buyers simultaneously.

Investor and Owner-Occupant Outreach

Single family homes attract both investors (conversion potential) and families. Milton targets both segments to generate the most competitive offers.

Before You List: Prep Checklist

Resolve Open Violations Before Listing

DOB and ECB violations are the single most common deal-killer in single family transactions. Milton helps identify and resolve them before launch.

Updated Survey

Buyers expect a survey. Having one ready signals a clean sale and accelerates due diligence, reducing the risk of deal renegotiation.

Curb Appeal First

Single family home buyers decide in the first 30 seconds outside. A clean exterior, tidy landscaping, and a freshly painted door change first impressions.

Single Family Home Listing Expert in DUMBO

25+ Years, 1,000+ Transactions
Former Managing Partner and Principal Broker. I know DUMBO's single family homes 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

Read all reviews →

Selling a Single Family Home in DUMBO: FAQ

What is my DUMBO house worth?

Single family home values in DUMBO depend on lot size, square footage, condition, and zoning. The neighborhood median across all types is $1,950,000, but houses vary widely. Milton provides a full CMA within 24 hours based on actual closed single family comps.

How long does it take to sell a house in NYC?

Well-priced single family homes in DUMBO typically receive offers within 3-6 weeks. Closing typically takes 45-60 days after contract. Investor buyers sometimes close faster with all-cash offers.

What do I pay to sell my house in NYC?

NYC single family seller costs include broker commission, NYC transfer tax (1% under $500K, 1.425% above), NY State transfer tax (0.4%), and attorney fees. No flip tax typically applies to single family homes. Milton provides a full net proceeds estimate before listing.

Get Your Free DUMBO Home Valuation

Land value analysis, violation check, and full net proceeds estimate. No obligation.

Milton Coste

Licensed Associate Broker

Keller Williams NYC | Lic. #10401274378

(917) 416-7433

Text (917) 416-7433

[email protected]

Hablo Español · English & Spanish

Schedule with Milton

What can I help you with?

Name *

Phone *

Email *

Date

Time

Message

Your info is secure and never shared. By submitting you agree to receive communications from Milton Coste.

Schedule with Milton

You're Confirmed!

Sell Your Single Family Home in DUMBO

The Single Family Home Seller Advantage

Land Value Pricing

Exterior and Interior Photography

Coming Soon Across All Platforms

Investor and Owner-Occupant Outreach

Before You List: Prep Checklist

Resolve Open Violations Before Listing

Updated Survey

Curb Appeal First

Single Family Home Listing Expert in DUMBO

Milton Coste

What Sellers Say

Selling a Single Family Home in DUMBO: FAQ

What is my DUMBO house worth?

How long does it take to sell a house in NYC?

What do I pay to sell my house in NYC?

Get Your Free DUMBO Home Valuation

Milton Coste

Schedule with Milton

You're Confirmed!