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Gasdaska Conlon Team Resources

Whether you are a buyer, renter, or seller, we’ve collected a wealth of resources to make the transaction process smoother. We are brokers that will work with you so you know the ins and outs of each step of the deal. Below, you’ll find resources we’ve gathered to help guide you through every step of the process.


Gasdaska Conlon Team Resources: Buyers, Renters, and Sellers Guides

Buyer’s Guide


Buyer's Guide on the Gasdaska Conlon Team Resources Page

Renter’s Guide


Renter's Guide on the Gasdaska Conlon Team Resources Page

Seller’s Guide


Seller's Guide on the Gasdaska Conlon Team Resources Page


Gasdaska Conlon Team Resources: NYC Real Estate Taxes

Real Estate taxes in New York City are challenging to decipher – the amount of annual tax is based on the assessed value of the property, which is a small fraction of the market value. Unfortunately, finding the assessed value of a property isn’t based on a hard formula and is not easily calculated. As such, each property’s yearly real estate taxes will be different, and the differences can be small, or vary widely.

Abatement Categories

In addition, if the co-op or condo is being used as a primary residence, the owner may qualify for NYC’s co-op/condo tax abatement and have their property taxes reduced, but the exact amount depends on the assessed value:

$50,000 or less = 28.1% abatement
$50,001-$55,000 = 25.2% abatement
$55,001-$60,000 = 22.5% abatement
$60,001 and above = 17.5%

Caveats

There are several caveats to this abatement, and you can find the most up to date requirements at nyc.gov’s article on the cooperative and condominium tax abatement.

At the end of the day, the in-depth details of a transaction are best reviewed with an experienced real estate broker. If you have any questions at all regarding NYC’s Real Estate Taxes or want more information about a specific property, feel free to reach out. We’d love to speak with you.

 


Gasdaska Conlon Team Resources: NYC Closing Costs

Condo Apartments, Townhouses & 1-3 Family Dwellings

FOR THE SELLER
Own Attorney: Varies*
NYC Real Property Transfer Tax: 1% of sale price if $500K or less; 1.425% of sale price if more than $500K**
NYS Transfer Tax: 0.4% of sale price for transactions less than $3M.
0.65% of sale price for transactions greater than or equal to $3M****
Reserve Fund Contribution (if applicable)?: Determined by condo board; Payable by buyer unless otherwise stated
Payoff Bank Fees (if applicable): $250 and up
Managing Agent Fees?: $650 and up
Move-Out Deposit?: $500 – $1,000 (usually refundable if no damage)
Broker Commission: 6% of sale price
E Tax Filing (ACRIS): $100
Property Condition Disclosure Statement Waiver Fee: $500 – $1,000
NYS Capital Gains Tax Withholding: 8.82% of taxable gain on sale (Only applicable to non-NY residents)
Federal Withholding Tax (FIRPTA): 10% – 15% of sale price if seller is non-U.S. resident
(Additional taxes on capital gain associated with the sale of real estate including Federal, State and the specialized Medicare tax may apply. Consult with your tax professional to ensure compliance with all applicable tax regulations. Corcoran is not a licensed tax advisor.)

FOR THE PURCHASER
Own Attorney: Varies*
Building Application: $500 and up
Title Insurance, Title Search & Recording Fees: 0.6% of sale price and up
Move-in Deposit?: $500 – $1,000 (usually refundable if no damage)
Contribution to the Superintendent?s Residence: Prices can vary so be certain to inquire
Common charges, property taxes & insurance premium: Adjustments pro-rated as of closing

Mansion Tax: Sale price over $1M but less than $2M = 1%
Sale price from $3M to less than $5M = 1.5%***
Sale price from $10M to less than $15M = 3.25%***
Sale price from $20M to less than $25M = 3.75%***
Sale price from $2M to less than $3M = 1.25%***
Sale price from $5M to less than $10M = 2.25%***
Sale price from $15M to less than $20M = 3.5%***
Sale price from $25M and up = 3.9%***

MORTGAGE ASSOCIATED FEES
Origination Costs ? points: 0 – 3% of loan
Application, Credit Check, etc: Varies*
Appraisal: Varies*
Bank Attorney: $800 – $1,250
UCC-1 Filing: $125
Mortgage Recording Tax: 1.8% for all mortgages less than $500,000; 1.925% for all mortgages of $500K or more minus $30 for townhomes
Real Estate Tax Escrow: 0 – 6 months, depending on lender requirements
Satisfaction of Mortgage Recording Fee: $110 per mortgage
Title Closer Pick-up Fee for Mortgage Payoff: $250 per mortgage

EXCLUSIVE TO NEW DEVELOPMENTS
NYC Real Property Transfer Tax: 1% to 1.425% of sale price**
NYS Transfer Tax: 0.4% of sale price
0.65% of sale price for transactions greater than or equal to $3M****
(Transfer taxes are calculated and added to sale price (for tax purposes only) and then recalculated based on the bulked up price)
Sponsor Attorney Fee: $2,500 – $3,500
Working capital fund contribution: One-time fee equal to 2 months common charges

* Check with bank/mortgage broker for additional fees. New York State Law requires a written letter of engagement if the legal fee will exceed $3,000. Non New York State residents should procure exemption for state transfer tax forms (TP584). These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.
** Rate is 2.625% for multiple units purchased by single purchaser if deemed a ?bulk sale.?
? Not applicable to townhouses.
***This shall take effect July 1, 2019, and shall apply to conveyances occurring on or after such date other than conveyances which are made pursuant to binding written contracts entered into on or before April 1, 2019, provided that the date of execution of such contract is confirmed by independent evidence, such as the recording of the contract, payment of a deposit or other facts and circumstances as determined by the commissioner of taxation and finance.

Co-Op Apartments

FOR THE SELLER
Own Attorney: Varies*
Stock Transfer Stamps: $0.05 per share
NYC Real Property Transfer Tax: 1% of sale price if $500K or less; 1.425% of sale price if more than $500K**
NYS Transfer Tax: 0.4% of sale price for transactions less than $3M.
0.65% of sale price for transactions greater than or equal to $3M***
Transfer Agent Fee or Co-op Attorney?s Fee: $500 – $750
UCC-3 Filing: $75 – $125
Flip Tax (if applicable): Determined by co-op building (unless otherwise stated or negotiated)
Payoff Bank Attorney (if applicable): $450 – $550
Managing Agent Fees: $650 and up
Move-Out Deposit: $1,000
Broker Commission: 6% of sale price
Estate Fees: Co-op may impose additional fees for estate sales
Lost Stock & Lease Fees: $250 and up
E Tax Filing (ACRIS): $100
NYS Capital Gains Tax Withholding: 8.82% of taxable gain on sale (Only applicable to non-NY residents)
Federal Withholding Tax (FIRPTA): 10% – 15% of sale price if seller is non-U.S. resident (Additional taxes on capital gain associated with the sale of real estate including Federal, State and the specialized Medicare tax may apply. Consult with your tax professional to ensure compliance with all applicable tax regulations. Corcoran is not a licensed tax advisor.)

FOR THE PURCHASER
Own Attorney: Varies*
Building Management Agent Fee: $500 and up
Move-in Deposit?: $500 – $1,000 (usually refundable if no damage)
Judgement and Lien Search: $450
Financing/Recognition Agreement Fee: $250 – $500
Maintenance Adjustment: Pro-rated for month of closing
Mansion Tax: Sale price over $1M but less than $2M = 1%
Sale price from $2M to less than $3M = 1.25%***
Sale price from $3M to less than $5M = 1.5%***
Sale price from $5M to less than $10M = 2.25%***
Sale price from $10M to less than $15M = 3.25%***
Sale price from $15M to less than $20M = 3.5%***
Sale price from $20M to less than $25M = 3.75%***
Sale price from $25M and up = 3.9%***

MORTGAGE ASSOCIATED FEES
Origination Costs ? points: 0 – 3% of loan
Application, Credit Check, etc: $500 and up
Appraisal: Varies*
Bank Attorney: $800 – $1,250
UCC-1 Filing: $125

* Check with bank/mortgage broker for additional fees. New York State Law requires a written letter of engagement if the legal fee will exceed $3,000. Non New York State residents should procure exemption for state transfer tax forms (TP584). These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.
** Rate is 2.625% for multiple units purchased by single purchaser if deemed a ?bulk sale.?
***This shall take effect July 1, 2019, and shall apply to conveyances occurring on or after such date other than conveyances which are made pursuant to binding written contracts entered into on or before April 1, 2019, provided that the date of execution of such contract is confirmed by independent evidence, such as the recording of the contract, payment of a deposit or other facts and circumstances as determined by the commissioner of taxation and finance.


Gasdaska Conlon Team Resources: Mortgage Calculator

 


Gasdaska Conlon Team Resources: Helpful Links

Public School Zone Map

Neighborhood/
Transportation Maps


Gasdaska Conlon Team Resources: Market Information

Corcoran Market Reports

Manhattan Reports

Brooklyn Reports