The most common question we get from sellers before going to market isn't about pricing, marketing, or timing — it's about what they're going to net at closing. Closing costs in New York City are substantial, they differ meaningfully between condos, co-ops, and townhouses, and the city and state transfer taxes alone can knock nearly two percent off the top on a higher-priced sale. Here is exactly what you should plan for, and what we do for every seller on The Victoria Shtainer Team to avoid surprises on closing day.
The Government Take: Transfer Taxes
The two biggest line items on almost every NYC sale are the city and state transfer taxes. Sellers generally pay these on all three property types (condo, co-op, townhouse), with one major exception: on a new-development sponsor sale, the buyer picks these up.
- NYC Residential Transfer Tax: 1% if the sale price is under $500,000; 1.425% if $500,000 or more.
- NY State Transfer Tax: 0.4% for residential sales under $3M; 0.65% for residential sales over $3M.
On a $2,500,000 condo that's $35,625 to NYC and $10,000 to NY State — $45,625 before anything else. Plan for this number on day one.
Attorney Fees
Plan on $2,500 to $5,000+ for your own attorney in a straightforward transaction, more if the deal gets complicated (questions about the C of O, violations on the building, a contested board package, etc.). We work with a vetted bench of NYC real-estate attorneys and can make introductions if you don't already have one.
Condo-Specific Fees
If you're selling a condo, plan for:
- Managing agent closing fee: $500 – $1,000
- Move-out fee: $500+
- Move-out deposit (refundable): $500 – $1,500
- UCC-3 filing fee: $125
- Payoff bank fees (if you have a mortgage): $300 – $1,000
- Pick-up / payoff fee to the title closer: $250 – $500
Co-op-Specific Fees
Co-op closings have a different fee stack — the biggest one being the flip tax. Every building calculates it differently, but you'll typically see 1–3% of the sale price or a per-share charge. Pull your building's house rules or ask the managing agent before you sign anything. Typical co-op-side fees:
- Your attorney: $2,500 – $5,000+
- Co-op's attorney / managing agent closing fee: $400 – $1,000
- Move-out deposit: $500 – $1,000 (refundable)
- Move-out fee: $500 – $1,500 (non-refundable)
- Admin fee: $250 – $1,000
- Flip tax or transfer tax: 1–3% or per-share
- NY Stamp Tax: $0.05/share
- Transfer Tax Filing Fee: $125
- UCC-3 Filing Fee: $125
Townhouse & Multi-Family
Townhouse sales are the cleanest fee profile of the three — no building-side fees, just government, attorney, bank-payoff, and brokerage. Plan on:
- Payoff bank fees: $500 – $1,000
- NYC & NY State transfer taxes (as above)
- Transfer Tax Filing Fee: $100
- UCC-3 Filing Fee: $125
- Attorney: $2,500 – $5,000+
Brokerage
Your listing agreement governs the broker commission. On top of that, expect a flat transaction commission of about $195. Compass covers its own transaction fees on your behalf.
Run Your Own Numbers
We built the NYC Seller Closing Cost Calculator specifically so sellers can stress-test their net before going to market. Enter your sale price, property type, and outstanding loan payoff, and it surfaces an estimate with line-item breakdown. It's not a substitute for your attorney's settlement statement, but it will keep you from being blindsided.
Want the full picture on your specific place?
Closing costs depend on building-specific rules (co-op flip taxes especially), your specific mortgage payoff, and your listing agreement. We run the math on every seller we take on and share the spreadsheet before the listing goes live. Request a valuation and we'll walk you through your exact net.
NYC Luxury Real Estate
The Victoria Shtainer Team
Victoria Shtainer, a former litigator turned top-producing broker at Compass, leads one of New York City's most recognized residential teams. The VS Team has spent more than a decade representing buyers and sellers of condos, co-ops, and townhouses across Manhattan, Brooklyn, and Queens — plus The Hamptons and Florida. If you're planning a move, we're happy to walk you through the market with no pressure.
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