FAQ

We price from the building and the line, not the neighborhood average. That means recent sales in the same building and comparable lines, adjusted for floor, light, views, layout and condition, then tested against what is competing for the same buyer today. The strongest buyers see a listing in its first weeks, so the opening price matters most.

Related: How to price a luxury apartment in Manhattan

Spring (late January through June) and early fall (September to mid-November) bring the most buyers. At the top of the market, readiness matters more than the calendar: buyers at $4 million and above transact year-round, and a well-prepared listing in a quieter month faces less competition. We also plan around the board calendar, since co-op boards may now pause for a summer recess.

Plan on four to six months from launch to closing. StreetEasy’s median days on market for Manhattan was 115 in September 2026, and closing typically takes another 30 to 60 days for a condo and 60 to 90 for a co-op, including board approval. Getting the price right in the first two weeks is the biggest variable you control.

Most sellers should budget 7% to 10% of the price. The main items are the brokerage commission, the NYC transfer tax (1.425% above $500,000), the New York State transfer tax (0.65% at $3 million and up in NYC, 0.4% below), a co-op flip tax where one applies, and attorney and managing agent fees. We give you fee estimates before you list.

A flip tax is a transfer fee some co-ops charge when an apartment sells, and the seller customarily pays it. However, this is negotiable. Each building sets its own formula: a percentage of the price, a flat fee or an amount per share. It sits in the proprietary lease or house rules, and we confirm it before pricing because it changes your net.

Yes, for the better. Under Local Law 58, in effect since July 28, 2026, boards in co-ops with more than 10 units must tell your buyer within 15 days whether the application is complete, then decide within 45 days, with one 14-day extension. A complete package now moves on a predictable clock, so we build it with the buyer’s broker before it is submitted.

Related: Positioning an Upper East Side co-op for today’s buyers

Through June 2028, co-op and condo units with a Department of Finance market value of $1 million or more that are no one’s primary residence owe 4% to 6.5% of that value each year. One- to three-family homes are covered from $5 million. The first bills are due January 1, 2027. Your real choice is to hold, lease to a full-time tenant or sell, and the math differs by building.

Related: The pied-à-terre tax: hold, rent or sell

Rarely renovate; always prepare. Buyers at this level usually want to put their own stamp on kitchens and baths, so major work seldom earns back its cost. Paint, lighting, repairs, edited furnishings and professional photography do. For a vacant apartment, virtual staging shows scale and possibility for a fraction of the cost of physical staging.

It depends on your timeline. A quiet, off-market approach suits sellers who value privacy and accept a market price, and it lets us test demand with qualified buyers first. Broad exposure usually produces the strongest price, because competition sets value. A common path is a short private phase, then a full launch if the right buyer has not emerged.

Yes. Your attorney can close under a power of attorney, so you do not need to be in New York. Foreign sellers should plan for FIRPTA: the buyer generally withholds 15% of the gross price for the IRS at closing, with lower rates for some residences under $1 million. An IRS withholding certificate can reduce it, so start that application early.

Usually, on the gain above your purchase price plus improvements and selling costs. If the home was your primary residence for two of the last five years, up to $250,000 of gain ($500,000 for married couples filing jointly) can be excluded. The rest is taxed federally and by New York State, and by the city if you are a resident. Have your accountant model it before you list.

Look for recent sales in your building or its direct competitors, a pricing case built on evidence rather than flattery, and a buyer network that reaches beyond the listing portals. Ask how the first 30 days will run, because that window sets the result. Steven Cohen has sold more than $2.45 billion of New York real estate over 26 years.

Modest, so underwrite it net. For example, a $3 million condo renting for $11,000 a month grosses 4.4%; after $3,500 a month in common charges and taxes, the net is about 3% before vacancy, insurance and leasing costs. The case for Manhattan rests on scarcity, steady demand and a dollar asset as much as on income. We underwrite each building with its actual charges and recent leases.

A condo, in almost every case. Condos generally let owners lease, subject to building rules and the board’s right of first refusal, and they allow LLC ownership. Most co-ops restrict subletting, often to limited periods after you have lived there, and some prohibit it, which makes them a poor fit for a rental strategy.

Not as a whole-apartment Airbnb. Under Local Law 18, stays under 30 days are legal only when the host lives in the home and is present, with no more than two guests, and the host must register with the city. Most condo and co-op bylaws prohibit short stays anyway, so the realistic model is leases of 30 days or more, ideally a year.

Not if a full-time tenant lives there as a primary residence, but the exemption is not automatic. Through June 2028, co-op and condo units that are no one’s primary residence owe 4% to 6.5% a year of their Department of Finance market value once that value reaches $1 million. Keep a bona fide lease on file and claim the exemption with the Department of Finance.

Related: The full-time tenant exemption

Often, for a condo investment, with eyes open on reporting. Since March 1, 2026, all-cash residential purchases by entities and trusts are reported to FinCEN along with the people behind them. LLCs formed outside the U.S. and registered in New York must also file ownership reports with the state, by December 31, 2026 if they registered earlier. Structure it with your attorney and accountant before you sign.

Plan for three. Rent is taxed at 30% of the gross (or a lower treaty rate) unless you elect to be taxed on net income, which allows deductions. On a sale, the buyer generally withholds 15% of the gross price under FIRPTA. And the estate of a non-U.S. person must file a U.S. estate tax return once U.S. assets, including New York real estate, exceed $60,000, so ownership structure belongs with a cross-border tax advisor before you buy.

Related: Buying Manhattan real estate as a non-U.S. resident

You do, if you hire one. Under the FARE Act, in effect since June 11, 2025, a broker who represents the landlord or lists the apartment cannot charge the tenant, so leasing commissions are now an owner’s cost. Build it into your yield; in a market this tight, a well-presented apartment leases quickly.

Mostly not. Condo and co-op units are exempt from the Good Cause Eviction law, so renewals are not held to its rent standard. State rules still apply to every lease: a security deposit of no more than one month’s rent, returned within 14 days with an itemized statement, and a background check fee of no more than $20.

It depends on the price you can negotiate. New developments offer modern systems, amenities and sometimes sponsor concessions, but buyers usually pay the sponsor’s transfer taxes and a premium for newness. Resales in established buildings often trade at lower prices per square foot and come with a record of rents, charges and resale values you can study.

The fundamentals favor owners of well-located rentals. Manhattan’s median rent reached a record $5,395 in September 2026 with vacancy at 1.54% (Corcoran), while homes for sale fell 11.7% from a year earlier (StreetEasy). Round-trip transaction costs can exceed 10%, which favors longer holds. We would rather show you the numbers on a specific building than make a market call.