Buying a condo in New York City involves more moving pieces than most first-time buyers expect. Below is a general breakdown of the fees you should plan for as a purchaser. Actual costs vary by lender, building, and purchase price — your attorney and The Braswell Team will walk you through your specific numbers before you go to contract.
Attorney
| Fee | Estimated Cost |
|---|---|
| Your Attorney | Consult your attorney (~$2,500) |
Bank
| Fee | Estimated Cost |
|---|---|
| Points | ~0% – 3% of the loan value |
| Bank Application, Credit Check, etc. | $400 – $600 |
| Bank Attorney | $900 – $1,500 |
| Appraisal | $300 – $1,500 |
| Tax Escrow | Typically 2–6 months of property taxes |
| Mortgage Tax ($500,000+ on 1–3 family dwellings) | 1.925% |
| Mortgage Origination Rate | ~0–3% of loan amount |
| Mortgage Title Insurance | Rates may vary |
Building
| Fee | Estimated Cost |
|---|---|
| Board Package Processing Fees | $500 – $2,000 |
| Move-in Fee | $250 – $1,000 |
| Move-in Deposit (refundable) | $500 – $1,500 |
| Common Charges Adjustment | Prorated during month of closing |
| Condo Credit Check (per buyer) | $300 – $500 |
Government / Transfer Taxes
| Fee | Estimated Cost |
|---|---|
| Residential NYC Transfer Tax: up to $500,000* | 1% |
| Residential NYC Transfer Tax: over $500,000* | 1.425% |
| NY State Transfer Tax* | 0.4% (transactions under $3M) / 0.65% (transactions over $3M) |
*NYC & NYS Transfer Taxes are paid by the purchaser in the case of a new development.*
Mansion Tax (applies to purchases of $1M+)
| Purchase Price | Rate |
|---|---|
| $1M to under $2M | 1.00% |
| $2M to $3M | 1.25% |
| $3M to $5M | 1.50% |
| $5M to $10M | 2.25% |
| $10M to $15M | 3.25% |
| $15M to $20M | 3.50% |
| $20M to $25M | 3.75% |
| $25M+ | 3.90% |
Additional Government Fees
| Fee | Estimated Cost |
|---|---|
| Recording Fees | $625 – $750 |
| Title Insurance | ~0.45% of purchase price |
| Municipal Searches | $350 – $500 |
| Real Estate Tax Adjustment | Pro-rated |
| Residential Deed Transfer Title Fee | $75 |
| Fee Closer | $100 – $500 |
*This is a general estimate for informational purposes only and does not constitute financial, legal, or tax advice. Costs vary by transaction. Please consult your attorney and lender for figures specific to your purchase.*
Download the full Co-op Closing Costs sheet (PDF)