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Closing costs for buyers in NYC typically range from 2% to 5% of the purchase price. Co-ops usually fall on the lower end, while condos and townhouses—especially when financing—tend to have higher closing costs due to mortgage recording tax and title insurance. For new developments, additional fees like transfer taxes and sponsor attorney fees may apply.
You can use our Buyer Closing Costs Calculator to generate a personalized estimate based on your purchase price, financing method, property type, and more. The tool factors in real taxes, legal fees, lender costs, and building-specific fees.
In NYC, both the buyer and seller have their own separate closing costs. Buyers typically pay for legal fees, lender and title-related charges, and mansion tax (if applicable). Sellers usually cover their own attorney fee, broker commission, and NYC/NYS transfer taxes. In new development purchases, some of these costs may be negotiated or shifted depending on the deal.
Yes — closing costs can vary significantly depending on the property type:
Condos
Buyers are responsible for title insurance, mortgage recording tax, and deed recording fees. Additionally, most condos require board application fees and move-in deposits, which vary by building and board.
Co-ops
Co-ops do not require title insurance, mortgage recording tax, or deed recording fees. However, they often involve board application fees, flip taxes, and move-in deposits, all of which vary by building and board.
Single-Family Homes/Townhouses
These properties do not have board application fees or flip taxes. Closing costs are generally similar to condos, including title insurance and recording fees. In addition, surveys may be required, which are an added expense specific to this property type.
Our Buyer Closing Costs Calculator factors in these distinctions to provide the most accurate estimate based on your property type.
In some cases, yes. Especially in a buyer’s market or with new developments, sellers may offer concessions toward closing costs. However, such negotiations are less common in NYC resale transactions. A seasoned buyer’s agent can help structure your offer accordingly.
Our Rent vs. Sell Calculator compares the potential financial outcome of holding your property as a rental versus selling it and investing the proceeds elsewhere. Enter your property details, selling costs, rental assumptions to project cash flow, equity growth, and after-fee proceeds, so you can make a clearer decision.
