How NYC seller closing costs work
The single biggest line on most NYC net sheets is the broker commission, which is negotiable and set in your listing agreement. After that, sellers in New York City pay two transfer taxes that catch many first-time sellers off guard. The NYC Real Property Transfer Tax is 1% of the price up to $500,000 and 1.425% above $500,000. The New York State transfer tax is 0.4% of the price, rising to 0.65% on residential sales of $3 million or more. Both are paid by the seller.
The mansion tax is the buyer's cost, not yours
New York's 1% to 3.9% mansion tax on sales of $1 million and up is paid by the buyer, not the seller, so it does not come out of your proceeds. It can still affect negotiation, because a buyer factors their total cash-to-close into the offer.
If you own a co-op, your building may charge a flip tax when you sell. It is set by the building, not the city, and ranges widely, often 1% to 3% of the price, a flat per-share amount, or a percentage of your profit. Check your proprietary lease or ask the managing agent for the exact figure, since it comes straight out of your proceeds. Condos and houses generally have no flip tax. Round out the sheet with your attorney fee, any building move-out or processing fees, and the payoff of your remaining mortgage balance.
The calculator above gives a fast, realistic estimate. For an exact number, the variable that matters most is your building's specific flip tax and the comparable sale prices in your line, which is where a real comparative market analysis comes in. You can also see the buyer's side of the table on the closing cost calculator and read the full NYC closing costs breakdown. When you are ready to plan a sale, start with the sell your NYC property page.
