Closing Costs
New York City Closing Costs
This closing cost guide is designed to give you the general costs associated with the purchase or sale of a cooperative, condominium or townhouse property. Please note that these are estimates and that potential buyers and sellers should consult their real estate attorney or financial advisor for specifics. Please take note we do not represent that these are the entirety of potential costs, but are only to be used as a guide. Mortgage closing cost estimates have been furnished by our affiliate, Citizens Bank.
Condominiums |
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For the Seller Broker: Typically 6% Own Attorney: Consult your attorney Processing Fee: $450+ NYC Transfer Tax: Residential: Up to $500,000 = 1% $500,000+ = 1.425% Commercial: Up to $500,000 = 1.425% $500,000+ = 2.625% Admin. Fee: Non-Deed Transfers (i.e., Co-ops) = $50 Residential Deed Transfers= $75 Commercial Deed Transfers = $165 NY State Transfer Tax: $4 per $1,000 of price NYS Equalization Fee: $75 Pick-up/Payoff Fee: $250-$500 UCC-3 Filing Fee: $100 Miscellaneous Condominium Charges: Vary by building Note: For condominiums in new developments, the Purchaser will pay costs normally paid by the Seller. These include Seller attorney fees as well as NY and NYC Transfer Taxes. |
For the Purchaser Buyer’s Attorney: Consult your attorney Bank Fees: $350-$750 Application Fee: $350 Processing Fee: $330 Appraisal Fee: $300-$1,500 (depending on sales price) Credit Report Fee: $10.10 single/$15.20 joint Bank Attorney: $650-$750 Tax Escrows: 2 to 6 months Recording Fees: $250-$750 Fee Title Insurance: Amounts vary, please consult your attorney Mortgage Title Insurance: Amounts vary, please consult your attorney Municipal Search: $350-$500 Mansion Tax: 1% of entire purchase where price is $1,000,000 or more. NYC Mortgage Tax (paid by borrower): a. Mortgage less than $500,000 = 1.80% b. Mortgage $500,000+ on 1-3 family residential dwelling = 1.925% c. Mortgage on all other property over $500,000.00 = 2.80% Nassau and Suffolk Counties Mortgage Tax: a. 1-3 family residential dwelling = 0.80% on entire mortgage amount b. 3 or more family residential dwelling, commercial or vacant land = 1.05% on entire mortgage amount Peconic Bay Tax: (East Hampton, Shelter Island and Southampton): a. Exclusions: (i) Purchase Price less than $250,000 on improved property; and (ii) Purchase Price less than $100,000 on un-improved property b. Residential 1-3 Family Dwelling less than $1,000,000 and all other properties = 2.40% c. Residential 1-3 Family Dwelling $1,000,000+ = 3.40% ADDITIONAL REAL ESTATE EXPENSES Common Charge Adjustment: Pro-rated for the month of closing Real Estate Tax Adjustment: Pro-rated depending on when the tax is collected Miscellaneous Condominium Charges: Vary by building Short Term Interest: Equal to interest for balance of month in which you close |
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Co-ops |
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For the Seller Broker: Typically 6% Own Attorney: Consult your attorney Co-op Attorney: $450+ Flip Tax: Typically 1% to 3% of price (if applicable) Stock Transfer Tax: $0.05 per share Move-out Deposit/Fee: Varies by building NYC Transfer Tax: Residential: Up to $500,000 = 1% $500,000+ = 1.425% Commercial: Up to $500,000 = 1.425% $500,000+ = 2.625% Admin. Fee: Non-Deed Transfers (i.e., Co-ops) = $50 Residential Deed Transfers= $75 Commercial Deed Transfers = $165 NY State Transfer Tax: $4 per $1,000 of price NYS Equalization Fee: $75.00 Pick-up / Payoff Fee: $250-$500 UCC-3 Filing Fee: $100 Miscellaneous Coop Charges: Vary by building
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For the Purchaser MORTGAGE CLOSING COSTS Buyer’s Attorney: Consult your attorney Bank Fees: $350-$750 Application Fee: $350 Processing Fee: $330 Appraisal Fee: $300-$1,500 (depending on sales price) Credit Report Fee: $10.10 single/$15.20 joint Bank Attorney: $650-$750 Lien Search: $250-$350 UCC-1 Filing: $100 Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more. ADDITIONAL REAL ESTATE EXPENSES Miscellaneous Co-op Charges: Vary by building Recognition Agreement Fee: $200+ Maintenance Adjustment: Pro-rated for the month of closing Short Term Interest: Equal to interest for balance of month in which you close |
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Townhouses and Single Family Homes |
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For the Seller Broker: Typically 6% Own Attorney: Consult your attorney NYC Transfer Tax: Residential: Up to $500,000 = 1% $500,000+ = 1.425% Commercial: Up to $500,000 = 1.425% $500,000+ = 2.625% Admin. Fee: Non-Deed Transfers (i.e., Co-ops) = $50 Residential Deed Transfers= $75 Commercial Deed Transfers = $165 NY State Transfer Tax: $4 per $1,000 of price NYS Equalization Fee: $75 Miscellaneous Title Fees: $200-$500 Pick-up / Payoff Fee to Title Closer: $100-$300 |
For the Purchaser MORTGAGE CLOSING COSTS Buyer’s Attorney: Consult your attorney Bank Fees: $750 Application Fee: $350 Processing Fee: $330 Appraisal Fee: $300-$1,500 (depending on sales price) Credit Report Fee: $10.10 single/$15.20 joint Bank Attorney: $650-$750 Tax Escrows: 2 to 6 months Recording Fees: $250-$750 Fee Title Insurance: Amounts vary, please consult your attorney Mortgage Title Insurance: Amounts vary, please consult your attorney Municipal Search: $350-$500 Mortgage Tax - NYC (paid by borrower): 1-3 Family Home or Condo: If mortgage is less than $500,000: 1.80%. If mortgage is $500,00 or more: 1.925% of loan amount Mortgage Tax - Nassau & Suffolk (paid by borrower): 1-3 Family Home or Condo: 0.80% of loan amount Peconic Bay Tax: Tax applies to properties in the townships of Southampton, East Hampton, Riverhead, Southold and Shelter Island. a. Exclusions: (i) Purchase Price less than $250,000 on improved property; and (ii) Purchase Price less than $100000 on un-improved property b. Residential: 1-3 Family Dwelling less than $1,000,000 and all other properties = 2.40% c. Residential: 1-3 Family Dwelling $1,000,000+ = 3.40% |
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RENTED -- 180 Sixth Avenue
TENANT till Dec., 2022 (may move out on demend)
Be the first one to live in this breath taking home with stunning vistas to the East over Soho, North to Empire State Building and West across Vandam Street, this lovely 2221 SF 3 bedroom apartment with 3 baths and powder room is a wonderful home for entertaining and features dramatic and expansive windows throughout. A 30' long Livingroom/Dining area has a west facing siding window wall to a sweet terrace and 10 foot high ceilings. The very special eat-in kitchen with bleached walnut and matte lacquer cabinets, Bertazzoni cooktop and oven, custom paneled Lieberherr refrigerator with door pulls by Nanz, wine fridge and vented hood, features a stunning east window wall with sliding door and Juliet balcony. The kitchen may be closed if desired from the dining area with sliding floor-to-ceiling blackened steel and etched glass doors. The master bedroom has a windowed, en suite 5- fixture master bath with radiant heated Bianco Dolomiti honed marble floors and oxidized maple custom vanities, and the secondary bedrooms also have en suite baths. Add in a powder room with a wall of Waterworks Architectonic wall tiles, St. Germain marble custom slab sink and Jacques Adnet Circulaire mirror to complete this beautiful home. The interiors, as designed by Studio DB, feature hand-crafted details and finishes created especially for One Vandam, presenting an invitingly warm and modernist vision.
Rising above Soho, One Vandam is home to 25 exceptional residences on 14 floors, each individually tailored to reflect the contours of the building, the surrounding cityscape and the nuanced character of the neighborhood.The building, designed by BKSK Architects, features a dramatic and sweeping landscaped outdoor terrace in addition to an impressive array of sun-filled amenities spaces, creating a private oasis for its residents. 24/7 Concierge, full-time super and porter. Residents gym. Private storage. Located at Prince and Spring Streets in Soho, adjacent to the West Village and Tribeca, One Vandam offers expansive one-to-five bedroom residences.
