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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 the sale price if $500K or less; 1.425% of the sale price if more than $500K

NYS Transfer Tax: 0.4% of the sale price for transactions less than $3M.
0.65% of the 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

Managing Agent Fees: $650 and up

Move-Out Deposit: $500 – $1,000 (usually refundable if no damage)

Broker Commission: 6% of the sale price

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 the sale price if the seller is a non-U.S. resident
(Additional taxes on capital gain associated with the sale of real estate including Federal, State, and 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 the 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 the closing
Mansion Tax:

  • Over $1M but less than $2M = 1%
  • $2M to less than $3M = 1.25%
  • $3M to less than $5M = 1.5%
  • $5M to less than $10M = 2.25%
  • $10M to less than $15M = 3.25%
  • $15M to less than $20M = 3.5%
  • $20M to less than $25M = 3.75%
  • $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

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

EXCLUSIVE TO NEW DEVELOPMENTS


NYC Real Property Transfer Tax: 1% to 1.425% of the sale price

NYS Transfer Tax: 0.4% of the sale price or 0.65% of the sale price for transactions greater than or equal to $3M (Transfer taxes are calculated and added to the 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

Co-Op Apartments

FOR THE SELLER


Own Attorney: Varies

Stock Transfer Stamps: $0.05 per share

NYC Real Property Transfer Tax: 1% of the sale price if $500K or less; 1.425% of the sale price if more than $500K

NYS Transfer Tax: 0.4% of the sale price for transactions less than $3M.
0.65% of the sale price for transactions greater than or equal to $3M

Transfer Agent Fee or Co-op Attorney’s Fee: $500 – $750

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 the sale price

Estate Fees: Co-op may impose additional fees for estate sales

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 the sale price if the 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:

  • Over $1M but less than $2M = 1%
  • $2M to less than $3M = 1.25%
  • $3M to less than $5M = 1.5%
  • $5M to less than $10M = 2.25%
  • $10M to less than $15M = 3.25%
  • $15M to less than $20M = 3.5%
  • $20M to less than $25M = 3.75%
  • $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


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