What is the difference between a co-op and a condo in NYC?

Co-ops (approximately 75% of NYC apartment inventory): You buy shares in a corporation that owns the building and receive a proprietary lease. Board approval is required. Condos (approximately 25% of inventory): You own your individual unit with a deed. No board approval is required. Co-ops typically have stricter financial requirements and higher monthly fees that include property taxes, while condos offer more subletting flexibility and different closing costs.

What are typical financial requirements for buying a co-op in NYC?

Co-ops typically require a 20-50% down payment plus post-closing liquidity (cash reserves often equal to 1-2 years of maintenance). Condos are more flexible, with 10-20% down payment options common. Both property types require lenders to evaluate debt-to-income ratios and credit history. Individual buildings may have additional requirements, so always verify with the listing agent before making an offer.

How long does it take to close on a property in NYC?

Closing timelines vary by property type. Condos and townhouses typically close in 30-45 days from signed contract. Co-ops take longer: 60-90 days or more, because the board package must be assembled and submitted, the board must review it, and an interview must be scheduled before approval. All-cash purchases close faster than financed purchases regardless of property type.

What closing costs should I expect when buying in NYC?

NYC closing costs for buyers range from approximately 2-6% of the purchase price depending on property type and financing. Condo buyers pay title insurance, NYC/NYS transfer taxes paid by the seller, mortgage recording tax (if financing), and mansion tax on purchases over $1M. Co-op buyers do not pay title insurance or mortgage recording tax but do pay attorney fees, application fees, and the mansion tax on purchases over $1M. Both need a real estate attorney, which typically costs $3,000-4,500 in NYC.

Can I see NYC homes before they hit the market?

Yes. Through the RLS Coming Soon listing status and Keller Williams pre-market tools, Milton Coste can show buyers properties before they officially go active on the MLS. Coming Soon listings appear on RLS, Zillow, Trulia, and StreetEasy with full photos, details, and pricing. Showings and offers cannot be accepted until the listing goes active, but buyers get early access to prepare their offer strategy before competition arrives.

What is the FARE Act and how does it affect NYC renters?

The FARE Act (Fairness in Apartment Rental Expenses Act) took effect June 11, 2025. It requires that whoever hires a broker, typically the landlord, pays the broker fee. Tenants can no longer be required to pay broker fees on landlord-engaged broker listings. Tenant-engaged brokers can still charge tenants. The FARE Act applies to rental transactions only, not to buying or selling.

What is a flip tax in an NYC co-op?

A flip tax is a fee some co-op buildings charge when a unit is sold. It typically ranges from 1-3% of the sale price, though some buildings calculate it per share. The seller usually pays it, though some buildings assign it to the buyer or split it. On a $1.2M sale with a 2% flip tax, the seller owes $24,000 to the building before taking proceeds. Always verify flip tax policies before making an offer or listing.

Do I need a real estate attorney to buy or sell in NYC?

Yes. Unlike most US states, New York real estate closings are attorney-driven. Both the buyer and seller are represented by licensed real estate attorneys who review the contract, negotiate riders, handle due diligence, coordinate with the lender and title company, and attend the closing table. Attorney fees in NYC typically run $3,000-4,500 per side. Title companies play a secondary role compared to states with escrow-based closings.

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About Tompkinsville

Tompkinsville is characterized by its blend of historic brownstones and industrial loft structures. The area is served by the L subway line and centered around the open space of Tompkins Square Park. Residents can visit various local markets and admire the neighborhood's retained 19th-century archit...

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Borough	Manhattan
Zip Code	10304
Subway	Bus service
Building Types	Townhouses/Brownstones

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REBNY/RLS Disclaimer: Listing data is derived in whole or in part from the RLS at REBNY (Real Estate Board of New York) Internet Data Exchange (IDX) database. Real estate listings held by brokerage firms other than Milton Coste | Keller Williams NYC are marked with the RLS logo. The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated: 1/1/1970.

Reviews

"Milton made the entire buying process seamless. His knowledge of the local market and negotiation skills saved us thousands. Highly recommend for anyone looking in Upper Manhattan."

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Google Review

"We sold our co-op in record time thanks to Milton's marketing strategy. Professional photography, virtual tour, and targeted digital ads brought multiple offers within the first week."

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Tompkinsville FAQ

Median prices in Tompkinsville are pulled in real time from active REBNY/RLS listings. See the Market Data section on this page for the current figure.

Average days on market in Tompkinsville is tracked live from active listings. Check the Inventory Snapshot section for the current figure.

Tompkinsville offers a mix of property types typical of Manhattan, including co-ops and condominiums. See the Property Mix section for a live breakdown.

Nearby neighborhoods include Bay Ridge ($515K), Dyker Heights ($1.1M), Sunset Park ($1.3M), Red Hook ($1.1M). Each has distinct pricing, building stock, and transit access.

Live sale-to-list ratios and price trend data are shown in the Market Report section. For a personalized investment analysis of Tompkinsville, schedule a consultation with Milton.

Milton Coste has over 25 years of experience and more than 2,000 transactions closed across NYC. Call (917) 416-7433 or email mcoste@kwnyc.com to schedule a free consultation.

Tompkinsville is served by the Bus service. The commute to Midtown Manhattan takes approximately 142 minutes by subway.

Rental prices in Tompkinsville vary by bedroom count and building type. Current asking rents by bedroom are shown in the Rental Prices section on this page.

Milton Coste

Licensed Associate Broker

Keller Williams NYC · NY #10401274378

25+ years of experience and over 2,000 transactions closed across NYC. Whether you are buying, selling, or leasing in Tompkinsville, I will guide you every step of the way.

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