NYC sellers pay among the highest closing costs in the country. Expect New York State transfer tax (0.4%, or 0.65% for properties at $3M+), NYC transfer tax (1% under $500K, 1.425% over $500K), plus broker commissions and attorney fees. Co-op sellers also pay a flip tax - a private building charge, not a government tax. It typically runs 1-3% of the sale price, or a percentage of profit, but the rate and structure are set by each building's bylaws or proprietary lease and vary widely. Treat the range as a planning estimate and obtain the exact figure from the managing agent before pricing. Calculate all of these before setting your listing price.
From the seller playbook: Closing Cost Optimization: Transfer and Flip Taxes
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.
More questions on this topic
List for free, or go full service for 1%.
Use the playbook yourself, or let us run pricing, marketing and negotiation.