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How do transfer taxes and closing costs affect new development resale?
NYC and NYS transfer taxes, commission, and closing costs can require substantial appreciation above your original purchase price just to break even on a short-hold resale - before considering carrying costs. The exact break-even depends on your purchase price, tax rates, commission structure, and holding period. Model these economics with your attorney and CPA before listing.
From the seller playbook: New Development Resale Strategy in NYC
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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