NYC Seller Net Proceeds: The Full Closing Costs Breakdown

A $1 million NYC apartment sale routinely costs the seller $80,000 to $110,000 before a dollar reaches their bank account. That is 8-10% of the sale price gone to transfer taxes, broker commission, attorney fees, a co-op flip tax where one applies, and the payoff of whatever mortgage or underlying loan is still on the property. Most sellers I meet have never seen these numbers laid out in one place before they list, and the gap between "sale price" and "what I actually keep" is the single biggest surprise in an NYC sale. As a Licensed Real Estate Associate Broker with over 25 years closing deals across Manhattan, Brooklyn, and Queens, I build a net sheet for every seller before we agree on a list price, because the list price only means something once you know what it nets you.

This guide walks through every line item on an NYC seller's closing statement, in the order it typically appears, so you can build your own net sheet before you sign a listing agreement.

The Full List of Seller Closing Costs

Here is every cost a typical NYC seller pays at closing, roughly in order of size. Not every seller pays every line; flip tax only applies to co-ops whose proprietary lease includes one, and mortgage payoff only applies if you still have a loan.

Commission itself is negotiated between you and your broker and set out in the listing agreement, never dictated by a formula I can quote in the abstract. What I can tell you with certainty are the government-set numbers: NYC's Real Property Transfer Tax and the state transfer tax are fixed by statute, not negotiable, and they hit every seller in the five boroughs. For a full walk-through of the tax mechanics themselves, see my NYC transfer tax guide.

NYC and NY State Transfer Tax, In Detail

New York City's Real Property Transfer Tax (RPTT) is 1% of the sale price for transactions under $500,000, and 1.425% for transactions at or above $500,000. New York State adds its own Real Estate Transfer Tax of 0.4% on every sale, plus an additional 0.65% on the portion of certain transfers above $3 million. These are the two costs every NYC seller pays with no exceptions and no negotiating room; they are collected at closing and paid to the city and state directly.

That worked example does not yet include broker commission or any outstanding mortgage balance, which is exactly why a net sheet has to be built for your specific numbers rather than estimated from a rule of thumb. A seller with no mortgage left on the unit nets a very different number than a seller paying off a large balance, even at the identical sale price.

The Co-op Flip Tax: Read Your Proprietary Lease

Flip tax is not a government tax. It is a transfer fee that some co-op corporations charge on every sale, written into the building's proprietary lease, and the revenue goes to the building's reserve fund, not to the city or state. Not every co-op has one. Where a flip tax exists, it typically runs 1% to 3% of the sale price, though some buildings calculate it differently, off the profit rather than the sale price, or as a flat per-share amount. Condos generally do not have a flip tax, though some condo bylaws include a transfer fee that functions similarly. Read the exact formula in your building's governing documents before you list; it is one of the largest line items on this whole sheet and it varies enormously by building. I cover this distinction in more depth in my co-op flip tax guide.

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Mortgage Payoff: The Number That Changes Everything

Your outstanding mortgage or underlying co-op loan balance is not a "cost" in the traditional sense, it is money you already owe, but it comes directly out of your proceeds at closing and it is the single largest variable between two sellers with the same sale price. Request a payoff statement from your lender before you list, including the per-diem interest and any prepayment penalty, so the number in your net sheet is current rather than an old mortgage statement balance.

Building Your Own Net Sheet

A net sheet is simple math once you have every number: sale price, minus commission, minus NYC and NY State transfer tax, minus flip tax if applicable, minus attorney fees, minus mortgage payoff, minus any building move-out or transfer fees. What is left is what you actually walk away with. I prepare this exact document for every seller before we set a list price, because a price that looks strong on paper can net less than a lower price on a building with no flip tax and no assessments. If you are also weighing whether to sell occupied or vacant, that decision has its own math I cover in selling with a tenant in place, and if you own a co-op specifically, the board approval process affects both your timeline and your net, which I break down in selling a co-op vs a condo.

The sale price is the headline. The net sheet is the truth. Every seller deserves to see the real number before they commit to a list price, and building that number correctly, with your building's actual flip tax and your actual mortgage payoff, is where a strong sale starts.