Condos Cost Estimator for Buyers

Closing costs for a Manhattan condo purchase typically run between 2% and 5% of the purchase price — though the actual figure depends on your price point, financing structure, and whether you're buying in a new development or a resale building.

Use this guide to estimate what you'll need to budget beyond the purchase price and down payment. Your attorney and mortgage broker will provide exact figures once you're under contract, but understanding the categories in advance helps you plan effectively from the start.

New development note: NYC and NYS Transfer Taxes are typically paid by the seller in a resale transaction. In a new development, these taxes are paid by the purchaser — a meaningful difference at higher price points. See Section 04 below.

Attorney

Fee	Estimated Cost
Your attorney Consult your attorney for their specific fee structure	~$2,500 – $5,000+

Bank & Lender Fees

Fee	Estimated Cost
Points	0 – 3% of loan value
Bank application, credit check & misc. fees	$400 – $600
Bank attorney	$900 – $1,500
Appraisal	$300 – $1,500
Tax escrow	~2 – 6 months of property taxes
Mortgage recording tax Rate depends on mortgage amount	1.800% < $500,000 1.925% > $500,000
Mortgage origination fee	0 – 3% of loan amount

Building Fees

Fee	Estimated Cost
Board package processing fees	$500 – $2,000
Move-in fee	$250 – $1,000
Move-in deposit Refundable	$500 – $1,500
Common charges adjustment Pro-rated for the month of closing	Pro-rated
Condo credit check	$300 – $500 per buyer

Transfer Taxes

Fee	Estimated Cost
NYC Transfer Tax Paid by purchaser in new development*	1.000% < $500,000 1.425% ≥ $500,000
NY State Transfer Tax Paid by purchaser in new development*	0.400% < $3M 0.650% ≥ $3M

* In a standard resale transaction, NYC and NYS Transfer Taxes are paid by the seller. In a new development purchase, these costs shift to the purchaser — at higher price points this can be a significant line item. Confirm with your attorney which applies to your transaction.

Government & Title — New Development

Government & Title Fees

Fee	Estimated Cost
Recording fees	~$250
Title insurance	~0.45% of purchase price
Municipal searches	$350 – $500
Real estate tax adjustment Pro-rated; depends on when taxes are collected	Pro-rated
Residential deed transfer title	$75
Fee closer	$100 – $500
Lender's policy title insurance	Rates vary

Mansion Tax

Purchase Price Applies to all purchases $1M and above

$1M – <$2M 1.00%

$2M – <$3M 1.25%

$3M – <$5M 1.50%

$5M – <$10M 2.25%

$10M – <$15M 3.25%

$15M – <$20M 3.50%

$20M – <$25M 3.75%

$25M or more 3.90%

Commission

Fee	Estimated Cost
Buyer's agent commission As outlined in your buyer representation agreement	Per agreement

Important Note

All figures on this page are estimates only and are intended for planning purposes. Actual closing costs will vary based on your specific purchase price, financing terms, building requirements, and the nature of the transaction (resale vs. new development). Your attorney will provide a precise closing cost statement once you are under contract. Always confirm final figures with your legal and financial team before closing.

Have questions about what to expect at closing? We're here to walk you through it.