JUNE 2025 MARKET REPORT

Co-ops (cooperatives) require board approval and typically have stricter financial requirements, as buyers purchase shares in a corporation rather than owning real property. Condos offer direct ownership, fewer restrictions, and more flexibility in subletting, but often come with higher prices and closing costs.

For condos, a minimum of 10-20% is common, though some lenders may require more. Co-ops generally require at least 20-50% down, depending on the building’s financial requirements.

Buyers should budget for closing costs, which may include:

• Mortgage recording tax (if financing)
• Title insurance (for condos)
• Mansion tax (for properties over $1 million)
• Attorney fees
• Co-op/condo board application fees

For condos, the process typically takes 30-60 days. Co-op purchases may take 60-90 days due to the board approval process.

Sellers should expect to pay:

• Broker commission
• New York City and New York State transfer taxes
• Attorney fees
• Co-op/condo board fees (if applicable)

Yes, hiring an experienced real estate attorney is essential for reviewing contracts, conducting due diligence, and ensuring a smooth transaction.

The timeline varies based on market conditions, pricing, and property type. On average, properties take 60-90 days to secure a buyer, with another 30-60 days to close.

While not required, staging can help attract buyers and potentially increase the sale price by making the property more appealing.

Yes, foreign buyers can purchase property in New York, though financing options may be limited. Additional tax implications should be considered.

Yes, getting pre-approved strengthens your offer and helps you understand your budget. Many sellers and co-op boards require proof of financial capability.

Condos typically allow rentals with minimal restrictions, while co-ops often have strict subletting rules. Always review building policies before purchasing.

Working with an experienced real estate agent who understands the Manhattan market can streamline the process. Contact us today for personalized guidance!