Buyers should budget for significant transaction costs, including title insurance and a Mansion Tax of 1%–3.9% for properties over $1M.

Buying a condo in New York City is a complex financial and legal undertaking that differs significantly from purchasing property elsewhere in the U.S. Unlike co-ops, which involve buying shares in a corporation, buying a condo means you own real property with a deed, offering greater flexibility for subletting and lower barrier-to-entry for international buyers.

This is roughly 1.8%–1.925% of the mortgage amount, a cost unique to real property purchases like condos.

The final meeting where the deed is transferred, and all taxes and fees are paid. Key Neighborhoods for 2026