Manhattan & Brooklyn real estate, answered
Common questions from buyers and sellers, answered plainly. If yours is not here, just ask.
How much is my Manhattan or Brooklyn apartment worth?
Online tools are unreliable in Manhattan because value depends on the line, floor, light, condition, building health, and carrying costs, none of which a national model sees well. An accurate figure comes from truly comparable sales adjusted for your specifics. You can request a free, no-obligation valuation from a licensed broker.
Should I buy a co-op or a condo?
It depends on your goals. Co-ops often offer more space for the price but require board approval, larger down payments, and limits on renting out. Condos cost more but are faster to buy, easier to finance, and far more flexible if you may want to rent the home later.
What are typical closing costs in NYC?
Buyers may pay attorney fees, the mansion tax on purchases at or above one million dollars, and, for condos and houses, mortgage recording tax and title insurance. Sellers pay broker commission, city and state transfer taxes, any co-op flip tax, and attorney fees. Exact figures depend on price and property type, so confirm with your attorney and accountant.
What is the mansion tax?
It is an additional New York State tax on residential purchases at and above one million dollars, paid by the buyer, that increases in tiers for higher-priced homes. Confirm the current rate for your price point with your attorney.
What is a flip tax?
A flip tax is a fee many co-ops charge the seller at closing, set by the building. The amount and structure vary by building, so check your co-op's rules early when planning a sale.
What is a co-op board package and interview?
When buying a co-op, you submit a detailed package of financial statements, references, and disclosures to the building's board, and usually attend an interview. The board can approve or decline. It is the main reason co-op deals take longer than condo deals.
How long does it take to sell in Manhattan or Brooklyn?
It varies with price accuracy, property type, and the market. A well-priced condo can move quickly; a co-op runs longer because of the board package and interview. Pricing right from day one is the single biggest factor in a fast sale.
Do I need a real estate attorney?
Yes. Unlike many parts of the country, essentially every NYC purchase and sale is handled by real estate attorneys on both sides. Your broker can recommend experienced ones.
How much down payment do I need for a co-op?
Co-op boards commonly set minimum down payment requirements, often higher than a condo would require, and review a buyer's overall finances closely. The specific minimum is set by each building.
How do I get started?
The simplest first step is a free valuation if you are selling, or a conversation about your search if you are buying. Request a valuation on the home page and we will take it from there.
How much do I need for a down payment in NYC?
It depends on the property. Condos often allow lower down payments, while co-op boards frequently require more, sometimes substantially, and each building sets its own minimum. Confirm your specific figure with a lender and with the building's rules.
Should I get pre-approved before I start looking?
Yes. A pre-approval tells you your real budget and makes your offer credible. In Manhattan, sellers and co-op boards expect buyers to be pre-approved before they take an offer seriously.
Can I finance a co-op?
Usually yes, but through a share loan rather than a traditional mortgage, since you are buying shares in a corporation, not real property. Buildings set limits on how much you can finance, and some are all-cash or cap borrowing. Check the building's rules early.
Why does a co-op board review my finances so closely?
Because you are buying into a corporation, and the board wants confidence you can carry the maintenance long term. They typically review income, assets, and debt-to-income, and each building sets its own thresholds. A lender and your broker can help you understand where you stand.
How much income do I need to buy in Manhattan or Brooklyn?
It depends on the price, your down payment, and the building's requirements. Co-op boards often want your housing costs to stay within a set share of your income. Your specific number comes from a lender and the building's rules, not a general figure.
What does a buyer's agent cost me?
Commission practices are changing across the industry and are increasingly negotiated and disclosed up front. Before you start touring, ask your agent to explain exactly how they are compensated so there are no surprises.
Is the commission negotiable?
Yes. Commissions are set by agreement between you and your agent, not fixed by law, and have always been negotiable. Discuss it directly and get the terms in writing.
Is now a good time to buy or sell in Manhattan or Brooklyn?
There is no single answer, and trying to time the market usually matters less than whether the move fits your life and finances. The better questions are whether a specific property is priced right and whether the timing works for you. A broker can give you a read on current conditions in your segment.
Should I sell before I buy, or buy first?
Both approaches work. It is a tradeoff between briefly carrying two homes versus needing temporary housing between sales. The right choice depends on your finances and risk tolerance, and it is worth mapping out before you list or make an offer.
I am a first-time buyer. Where do I start?
Get pre-approved so you know your real budget, then define your must-haves and target neighborhoods. From there a broker helps you tour, compare buildings, and structure a competitive, board-ready offer.
How long does buying take in NYC?
From an accepted offer to closing often runs roughly two months for a condo, and longer for a co-op because of the board package and interview. The search itself varies widely depending on your criteria and the market.
What is your Manhattan or Brooklyn home worth today?
A free, no-obligation valuation from a licensed Compass broker, based on real comparable sales.
Request my valuation