10. How Much Does a Terrace Add to Price?

There is no set standard for pricing outdoor space, as there are many variables at play. To compare the price per square foot of a property with outdoor space to one without, we adjust the square footage by allocating approximately 25-30% of the outdoor space and adding it to the interior square footage.

Example Calculation:

A $4,000,000 property with 2,000 sq ft interior and a desirable 400 sq ft terrace:

1. Allocate 30% of outdoor space: 30% × 400 = 120 sq ft
2. Add to interior: 2,000 + 120 = 2,120 adjusted sq ft
3. Adjusted price/sq ft: $4,000,000 ÷ 2,120 = $1,887/sq ft

Note: StreetEasy and other portals show price per square foot of interior only (in this example, $2,000/sq ft). They don't account for outdoor space value, but you should.

Outdoor Space Value Factors:

• Location within unit (living room access vs. bedroom)
• Views (Central Park vs. neighboring building)
• Size and usability
• Privacy and exposure
• Condition and finishes

A 1,000 sq ft terrace with direct Central Park views might warrant 100% allocation. A 100 sq ft balcony overlooking an ugly building might warrant nothing.

Les 50 meilleurs penthouses à vendre à New York

12. Comment trouver un bon appartement à New York ?

Vous devriez faire appel à votre propre courtier immobilier pour vous aider à trouver un appartement. Certains d'entre nous ont des années d'expérience et connaissent tous les bons et les mauvais immeubles. Faire appel à un courtier expérimenté vous fera non seulement gagner beaucoup de temps, mais vous permettra également d'économiser de l'argent. Parfois, les acheteurs pensent pouvoir se débrouiller seuls, mais l'achat d'un bien immobilier à New York est probablement la transaction financière la plus coûteuse de leur vie. Ce n'est pas quelque chose à prendre à la légère.  Ce n'est pas le dernier appareil Apple ! Pour ceux qui choisissent de se débrouiller seuls, n'oubliez pas que si vous traitez directement avec l'agent immobilier du vendeur, vous devrez renoncer à votre droit à être représenté, car vous vous retrouverez dans une situation de double mandat, ce qui est intrinsèquement mauvais pour les acheteurs et permet à l'agent immobilier du vendeur de toucher une double commission. 

Derniers appartements à vendre à New York

11. What Should I Look for When Buying?

Essential Considerations:

• Location, Location, Location - You can always renovate an apartment, but you can't relocate it
• Floor Plan Efficiency - Look for layouts with minimal wasted space and good flow
• Views - Both current views and potential future obstructions
• Light Exposure - South and West are the preferable choices in Manhattan
• Corner Units - Always offer expanded views and more windows
• Renovation Needs - Avoid apartments needing extensive work (renovations are very expensive in NYC)
• Building Financials - Check reserve funds and any upcoming assessments
• Noise - Street level, elevator proximity, upstairs neighbors

12. How Do I Find a Good Apartment?

You should have your own buyer's broker to help you find an apartment. Some of us have years of experience and know all the good and bad buildings. Having an experienced broker will not only save you lots of time but will end up saving you money too.

Sometimes buyers think they can take a DIY approach. However, buying a property in NYC is likely the most expensive financial transaction of their life. This is not something to be taken lightly—it's not the latest Apple device!

For those who go the DIY route, remember that if you deal directly with the seller's broker, you will have to give away your right to representation as you will be in a dual agency situation, which is inherently bad for buyers and allows the seller's broker to double dip on the commission.

Derniers appartements à vendre à New York

13. What Are the Advantages of Buying New Construction?

Buying a never-lived-in apartment has its advantages:

• Move-In Ready - No blemishes, scratches, or wear
• Latest Technology - More energy efficient systems, smart home features
• Lower Maintenance - Fewer repair costs for the first 10+ years
• Modern Amenities - Newest buildings feature the most comprehensive amenity packages
• Tax Abatements - Many new developments offer 10-15 year property tax reductions
• Warranty Protection - Developer warranties on systems and finishes
• Customization - Often can select finishes during pre-construction

Nouvelle construction à vendre à New York

14. Is There a Premium for New Construction?

We estimate the premium to buy new development to be approximately 25-30%. This is supported by comparing the average new development price ($3.4 million) to average condo resale prices, and by price per square foot differentials.

New Development Premium (2025):

• New development average price/sq ft: ~$2,500+
• Resale condo average price/sq ft: $1,998
• Premium: ~25%

In buyer's markets, some developers reduce prices, narrowing the gap between new and resale. This can be a good time to buy new construction as the premium trends lower.

15. Is the New Construction Premium Worth It?

It really depends upon the new development project. It's in some way analogous to buying a new car—the difference in technology over 3 years can be significant.

Recent Improvements in New Construction:

• Advanced HVAC systems with diffusers instead of in-wall units
• Air and water purification systems
• LEED certification and sustainability features
• Smart home integration
• Improved soundproofing
• Higher ceilings (10-12 feet vs. 8-9 feet in older buildings)
• Larger windows with better insulation

For some buyers, these improvements justify the premium.

16. What Does "In Contract" Mean?

An apartment goes "in contract" once the buyer and seller sign the purchase and sale agreement (the contract) and the buyer has paid the deposit, usually 10% of the purchase price.

Timeline:

1. Accepted offer
2. Due diligence period (typically 5-7 business days)
3. Contract signing and deposit (10%)
4. "In contract" status begins
5. Board approval (co-ops and some condos)
6. Closing

17. Do I Need a Lawyer to Buy in NYC?

Yes. In New York, it is standard practice for each side to have their own attorney representing their respective interests. Buyers should only use an experienced attorney with esoteric knowledge of the NYC real estate market.

What Your Attorney Does:

• Reviews and negotiates the contract
• Conducts due diligence (offering plan, financials, board minutes)
• Orders title search and insurance
• Coordinates with lender
• Attends closing and reviews all documents
• Ensures proper fund transfers

Typical Attorney Fees:  $4-5K

18. Do I Have to Visit NYC to Buy?

While we recommend coming for at least 3 days to tour properties, one does not need to come to NYC to purchase a property. With power of attorney or consent if buying via an LLC, everything can be done without the physical presence of the buyer.

We often perform walkthroughs for our clients, find them tenants, and manage their properties—with them never stepping foot in the US.

Remote Buying Process:

1. Virtual tours and video walkthroughs
2. Power of attorney for contract signing
3. Remote notarization for closing documents
4. Wire transfer for funds
5. Digital document signing where permitted

19. What Are Buyer Closing Costs in NYC?

Condo buyers in NYC are required to pay closing costs of approximately 2-6%. The percentage varies by property type and whether you're financing.

Condo Closing Costs (Financed Purchase):

Co-op Closing Costs (Financed Purchase):

New Development Additional Costs:

• NYS Transfer Tax: 0.4%
• NYC Transfer Tax: 1.425%
• Sponsor attorney fee: ~$4,000
• Total (New Development): 6%+

Éléments constitutifs du coût d'un investissement immobilier

20. Who Pays Closing Costs?

Both the buyer and seller pay closing costs.

Buyer Pays (2-6%):

• Title insurance
• Mansion tax
• Mortgage recording tax
• Attorney fees
• Bank fees

Seller Pays (~8%):

• NYS Transfer Tax: 0.4%
• NYC Transfer Tax: 1.425%
• Broker commission: 5-6%
• Attorney fees: $2,000-$4,000

New Development Exception: In new construction, buyers typically pay the developer's transfer taxes (~2%), in addition to their own closing costs.

21. What Is the Mansion Tax?

The mansion tax is a transfer tax paid by the buyer on properties of $1 million or more. Despite its name, the tax applies to most Manhattan apartments—not just mansions. 

2025 NYC Mansion Tax Rates:

Important: The tax applies to the entire purchase price. The difference between buying at $999,999 and $1,000,000 isn't one dollar—it's $10,001.

There is no way around the mansion tax. It applies to new development, resale properties, condos, co-ops, and houses.

22. How Do I Make an Offer?

Your buyer's broker will make the offer in writing, usually via email (with or without an accompanying phone call). All of the terms should be included in the first offer; otherwise, there can be problems and misunderstandings that may derail the deal.

What's Included in an Offer:

• Offer price
• Financing terms (cash or mortgage, LTV ratio)
• Expected closing date
• Any contingencies (inspection, financing, sale of another property)
• Buyer's attorney contact information
• Mortgage pre-approval letter (if financing)
• REBNY Financial Statement (personal financial statement)

The seller will use the REBNY financial statement to evaluate the buyer's financial strength. A strong financial presentation can make your offer more competitive.

23. What Happens After an Accepted Offer?

Once you have an accepted offer, it is standard procedure to deliver a signed contract and 10% deposit to the seller's attorney within 5 business days. The seller will then countersign the contract, after which you will be "in contract."

Due Diligence Period (5-7 Business Days):

Your attorney will:

• Review the offering plan
• Analyze building financial statements
• Review board minutes (which may reveal future expenses)
• Negotiate contract terms
• Order title search (for condos)

Critical Note: The seller is not obligated to the deal until the contract is signed and 10% deposit submitted. They can sell to another buyer until then. Don't delay.

24. Can a Seller Back Out After Accepting an Offer?

If the purchase and sale contract has not yet been countersigned by the seller, the seller can back out without penalty. Once the contract is fully executed (signed by both parties with deposit received), the buyer has legal remedies:

• Specific Performance: Courts can force the seller to complete the sale
• Return of Deposit: At minimum, the buyer gets their 10% back
• Damages: In some cases, additional compensation

In bidding wars, where the seller receives multiple offers, the seller's broker will hold a "best and final" round. All interested buyers submit their highest and best offer, and the seller selects the winner.

25. How Long Does It Take to Buy in NYC?

Typical Timeline:

26. What Credit Score Do I Need?

Condo Financing:

• Minimum: 620-680 (lender dependent)
• Competitive rates: 740+
• Requirements are set by your lender

Co-op Board Requirements:

• Minimum: Often 700-720
• Many boards want 750+
• Requirements vary significantly by building
• Boards look at overall financial picture, not just credit score

Other Financial Requirements:

• Debt-to-income ratio under 43%
• Post-closing liquidity (1-2 years of payments)
• Stable employment history

27. How Much Money Do I Need to Buy?

Total Cash Needed (Example: $2M Condo Purchase with Financing):

For Co-ops: Down payment requirements are often higher (25-50%), but closing costs are lower.

For New Development: Budget 6%+ for closing costs since you'll pay developer's transfer taxes.

28. What Are Monthly Costs of Ownership?

Monthly Expenses to Budget:

Example (1,500 sq ft Condo, $2M Purchase, 20% Down):

• Common charges: ~$2,250/month
• Property taxes: ~$2,000/month
• Mortgage (6.5%, 30-year): ~$10,100/month
• Insurance: ~$200/month
• Total: ~$14,550/month

29. Can Foreigners Buy Property in NYC?

Yes. There are no restrictions on foreign nationals purchasing real estate in the United States. However, there are important considerations:

Condos vs. Co-ops:

• Condos: Generally welcome foreign buyers
• Co-ops: Many restrict or prohibit foreign ownership

Financing:

• U.S. mortgages available to foreign nationals (typically 50-60% LTV)
• Higher down payment requirements
• Higher interest rates

Tax Implications:

• FIRPTA withholding on sale (15% of gross proceeds)
• Estate tax exposure
• Annual income tax on rental income

Les étrangers peuvent-ils acheter un bien immobilier aux États-Unis ?

Guide de l'acheteur étranger

30. What Is a Board Package and How Do I Prepare One?

A board package is a comprehensive application submitted to co-op (and some condo) boards for approval. It's essentially your financial and personal life on paper—and boards scrutinize every detail.

Typical Board Package Contents:

• Completed application form
• REBNY Financial Statement
• 2-3 years of tax returns
• 2-3 years of bank/brokerage statements
• Employment verification letter
• 3-4 personal reference letters
• 1-2 professional reference letters
• Landlord reference (if renting)
• Cover letter explaining your interest in the building
• Purchase contract

Tips for a Strong Package:

• Present documents professionally (tabbed, organized)
• Ensure all numbers are consistent across documents
• Write a compelling cover letter
• Choose references who will respond promptly and positively
• Disclose everything—boards hate surprises
• Work with your broker on presentation

31. What Is the Co-op Board Interview Like?

The co-op board interview is the final step in the approval process. It typically lasts 15-30 minutes and takes place in a board member's apartment or a common room in the building.

What to Expect:

• 3-5 board members will be present
• Questions about your lifestyle, work, and why you want to live in the building
• Questions about your finances (though detailed numbers are in your package)
• Opportunity for you to ask questions about the building

Common Questions:

• Why do you want to live in this building?
• Tell us about your work
• Do you have pets? Plan to have children?
• Do you entertain frequently?
• Have you read the house rules?

Tips:

• Dress professionally (business casual minimum)
• Be personable and friendly—they're choosing a neighbor
• Don't oversell or seem desperate
• Don't bring up renovation plans (red flag)
• Send a brief thank-you note after

32. What Is a Flip Tax and Who Pays It?

A flip tax is a fee charged when an apartment is sold, designed to generate revenue for the building and discourage quick resales. It's more common in co-ops than condos.

Typical Flip Tax Structures:

• Percentage of sale price: 1-3% (most common)
• Percentage of profit: 10-30% of gain
• Flat fee: $10,000-$50,000
• Per-share fee: Based on number of co-op shares

Who Pays:

• Usually the seller (standard)
• Sometimes split between buyer and seller
• Occasionally paid by buyer (rare, but check)

Why It Matters to Buyers:

• Affects your future resale costs
• Buildings with high flip taxes may have lower prices
• Ask about flip tax before making an offer

33. What Are Assessments and How Do They Work?

Assessments are additional fees charged by a building for major capital improvements or unexpected expenses that exceed reserve funds.

Common Reasons for Assessments:

• Façade repairs (Local Law 11 compliance)
• Roof replacement
• Elevator modernization
• Lobby renovation
• Boiler/HVAC replacement
• Legal settlements

What to Ask Before Buying:

• Are there any current assessments?
• Are any assessments planned or anticipated?
• What major capital projects are coming up?
• How healthy are the building's reserve funds?

Red Flags:

• Building with low reserves and aging infrastructure
• Recent pattern of multiple assessments
• Deferred maintenance visible in common areas

35. Can I Renovate My NYC Apartment?

Yes, but renovations in NYC condos and co-ops require board approval and can be complex and expensive.

Condo Renovations:

• Generally more flexible
• Board approval usually required for major work
• Alteration agreement typically needed
• Must follow building rules on work hours, contractors

Co-op Renovations:

• Require board approval for most changes
• More restrictive than condos
• May require architect plans and insurance
• Wet-over-dry restrictions (no bathroom over bedroom)

Typical Requirements:

• Alteration agreement
• Contractor insurance ($5M+ liability)
• Security deposit ($10,000-$50,000)
• Architect/engineer plans for structural work
• Neighbor notification

Renovation Costs in NYC:

• $400 to $1,000+ per square foot

36. What Is the Difference Between Pied-à-Terre and Primary Residence?

A pied-à-terre is a secondary residence, typically used occasionally rather than as a primary home. This distinction matters significantly in NYC real estate.

Why It Matters:

Financing:

• Primary residence: Better rates, lower down payment
• Pied-à-terre: Higher rates, often 30-50% down required

Co-op Restrictions:

• Many co-ops prohibit pied-à-terre buyers
• Some allow but with restrictions
• Condos generally more welcoming

Taxes:

• Primary residence: Possible tax benefits
• Pied-à-terre: NYC proposed (but not enacted) additional tax

Building Policies:

• Check building policy before making an offer
• Some buildings have residency requirements
• May affect sublet policies

37. What Are the Best Neighborhoods to Buy in NYC?

The "best" neighborhood depends entirely on your priorities, but here are considerations for different buyer types:

For Families:

• Upper West Side (parks, schools)
• Upper East Side (museums, top schools)
• Tribeca (space, community feel)
• Brooklyn Heights (brownstones, waterfront)

For Young Professionals:

• West Village (nightlife, restaurants)
• Chelsea (galleries, High Line)
• Lower East Side (trendy, emerging)
• Williamsburg (Brooklyn cool)

For Investment:

• Hudson Yards (new development appreciation)
• Financial District (rental demand)
• Long Island City (value play)
• Downtown Brooklyn (growth potential)

For Luxury:

• Tribeca (celebrity enclave)
• Central Park South/Billionaire's Row
• SoHo (loft living)
• West Village (townhouses)

NYC Neighborhoods Guide

38. Common Mistakes First-Time NYC Buyers Make

1. Not having a buyer's broker - Going directly to seller's agent puts you at disadvantage
2. Underestimating closing costs - Budget 4-6% beyond purchase price
3. Ignoring building financials - Low reserves = future assessments
4. Overpaying in bidding wars - Stay disciplined on comparable values
5. Skipping board prep (co-ops) - Incomplete packages get rejected
6. Waiting too long after accepted offer - Sellers can accept other offers
7. Not getting pre-approved - Shows you're not serious
8. Focusing on cosmetics over fundamentals - Location and layout matter more than finishes
9. Forgetting about resale - Consider who your future buyer will be
10. Rushing the decision - Take time but don't be indecisive

39. Step-by-Step: How to Buy an Apartment in NYC

Phase 1: Preparation (1-2 Weeks)

1. Determine your budget and financing options
2. Get mortgage pre-approval (if financing)
3. Hire a buyer's broker
4. Define your criteria (neighborhood, size, must-haves)

Phase 2: Search (1-3 Months) 5. Tour properties with your broker 6. Evaluate buildings (financials, management, future plans) 7. Narrow down to top choices

Phase 3: Offer & Contract (1-2-Weeks) 8. Make an offer through your broker 9. Negotiate terms 10. Hire a real estate attorney 11. Conduct due diligence 12. Sign contract and submit 10% deposit

Phase 4: Mortgage & Approval (1-2 Months) 13. Complete mortgage application 14. Appraisal ordered 15. Submit board package (if co-op) 16. Board interview (if co-op) 17. Receive board approval

Phase 5: Closing (1-2 Weeks) 18. Final walkthrough 19. Review closing documents 20. Wire funds 21. Sign documents 22. Receive keys

40. What are Some Other Frequently Asked Questions of Buyers?

What is REBNY?

The Real Estate Board of New York (REBNY) is the trade association for NYC real estate professionals. The REBNY Financial Statement is a standardized form used to present buyer financials to sellers and co-op boards.

What is an offering plan?

The offering plan is a legal document filed with the NY Attorney General that describes the condominium or co-op, including unit specifications, common elements, building financials, and sponsor obligations.

What is a flip tax?

A flip tax is a fee paid upon sale, typically by the seller. Common in co-ops, it usually ranges from 1-3% of the sale price. Check the building's policies before buying.

What is a sponsor unit?

A sponsor unit is owned by the original developer/sponsor of the building. These often have fewer restrictions but may not have been renovated since original construction.

What is a board package?

A comprehensive application submitted to co-op boards including financial statements, tax returns, employment verification, personal references, professional references, and a cover letter. Preparation is critical—incomplete packages get rejected.

How do assessments work?

Assessments are additional fees charged by buildings for major repairs or improvements (new roof, façade work, elevator upgrades). Before buying, ask about any pending or recently completed assessments.

Can I negotiate the purchase price?

Yes. In balanced or buyer's markets, negotiation of 5-10% is common. In hot markets, properties may sell at or above asking price. Your broker will advise based on comparable sales and days on market.

Additional Resources

• Analyse du marché de Manhattan
• Best Manhattan Neighborhoods to Buy
• NYC Neighborhoods Guide
• Mortgage Financing Guide
• Real Estate Tax Guide
• Règles relatives à l'échange 1031

Work With Manhattan Miami Real Estate

Buying an apartment in NYC is complex, but you don't have to navigate it alone. Our experienced team has helped hundreds of buyers find the right property at the right price.

What We Offer:

• Exclusive buyer representation (no dual agency)
• Deep market knowledge across all Manhattan neighborhoods
• Accès à des opportunités hors marché
• Expert negotiation
• Coordination with attorneys, lenders, and other professionals
• Post-purchase property management (if needed)

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Last Updated: January 2026

Market data from Douglas Elliman/Miller Samuel Q4 2025 Manhattan Market Report. This guide is for informational purposes only and does not constitute legal, tax, or financial advice. Consult with qualified professionals for your specific situation.