NYC seller closing costs & net proceeds
What does it cost to sell in NYC?
Sellers typically give up 7%–10% of the sale price: the broker commission (usually 5%–6%), the NYC transfer tax (1% up to $500k, 1.425% above), the New York State transfer tax (0.4%, or 0.65% on residential sales of $3M+), attorney fees, and — in many co-ops — a building flip tax.
Attorney and miscellaneous filing fees are estimated at a flat $3,500. Flip taxes vary by building — check the co-op’s policy; some charge per share or on profit instead of price.
Who pays what
Transfer taxes are the seller’s by custom (except many new-development deals, where sponsors pass them to buyers). The buyer pays the mansion tax and the mortgage recording tax.