Buying on the Upper East Side comes with a big question: how much cash do you really need at closing beyond your down payment? If you have heard different numbers for condos and co-ops, you are not alone. Closing costs in Manhattan vary with property type, financing, and price. In this guide, you will learn realistic line items, common ranges for the UES, and sample scenarios you can use to budget with confidence. Let’s dive in.
NYC closing costs, in plain English
You will see two main property types on the UES: condos and co-ops. Condos are real property you deed and record; co-ops are shares in a corporation with a proprietary lease. That legal difference drives many of the costs you pay at closing.
Your biggest cost drivers are usually the purchase price, whether you finance, whether the price is above $1 million, and whether you buy a condo or a co-op. Condo buyers should plan for more taxes and title charges, while co-op buyers often have lower direct closing costs but higher liquidity expectations from the board. Always ask your lender for a Loan Estimate and your attorney for a closing worksheet early in the process so you can refine your numbers.
What UES buyers typically pay
Costs for both condos and co-ops
Attorney fees (buyer’s counsel)
- What to expect: New York buyers use an attorney for contract review and closing. Your attorney reviews the building documents, negotiates, and attends closing.
- Typical UES range: 2,000 to 6,000 dollars. Complex or high-end deals can be higher.
- Who pays: Buyer.
Mortgage lender fees (if financing)
- What to expect: Application and processing fees, underwriting, possible origination points, credit report, and escrow setup. The appraisal is a separate line item.
- Typical UES range: 500 to 4,000 dollars for lender fees, plus appraisal often 400 to 1,500 dollars depending on property specifics.
- Who pays: Buyer. Your lender provides a Loan Estimate with itemized costs.
Bank wires, couriers, notary
- Typical range: 50 to 300 dollars total.
- Who pays: Buyer.
Recording and filing fees (if you record a mortgage)
- What to expect: City and state filings apply when a mortgage is recorded.
- Range: Modest fixed fees, separate from any mortgage recording tax.
- Who pays: Buyer when financing.
Condo-specific costs
Real property transfer taxes (state and city)
- What to know: Condo transfers are deeded, which triggers state and usually NYC transfer taxes. These are material and scale with price.
- Who typically pays: Statutory obligations fall on the transfer; customary practice can vary and is negotiable in the contract. Confirm current practice with your attorney.
Mortgage recording tax (if financing)
- What to know: New York imposes a tax on recording mortgages in the city. This can be a significant line item when you borrow a large amount.
- Who pays: Buyer.
Title insurance (owner’s and lender’s policies)
- What to know: Lenders require a lender’s policy. Buyers commonly purchase an owner’s policy to protect their equity.
- Typical UES range: Schedule-based on price. Expect several hundred to several thousand dollars, often one of the larger flat fees outside of taxes.
- Who pays: Buyer.
Condo common charge and assessment prorations
- What to know: You will settle up for prepaid common charges and any assessments, with each party covering their share through closing.
Co-op-specific costs
Board application and processing
- What to know: Application fees, background checks, and professional help to prepare the board package are common.
- Typical UES range: Application fees 250 to 1,000 dollars; package prep and related professional costs often 1,000 to 3,500 dollars.
- Who pays: Buyer.
Move-in deposits and fees
- What to know: Many buildings require a refundable move deposit and a move or elevator fee.
- Typical range: 250 to 1,500 dollars refundable deposit; 100 to 500 dollars move fee.
- Who pays: Buyer.
Flip tax and corporate items
- What to know: Many co-ops charge a flip tax on resale. It is usually paid by the seller, but you should confirm the building’s policy and your contract.
Share transfer treatment
- What to know: Co-op transfers are not deeded the same way as condos, so the city and state deed transfer taxes generally do not apply to buyers the same way. This often reduces direct transfer taxes for buyers, though other fees and liquidity requirements may increase your cash outlay.
Taxes that affect both
The quick budgeting rule
- Condos: Budget about 2 to 4 percent of the purchase price for closing costs. The range can increase with larger loans, higher prices, or complex deals.
- Co-ops: Budget about 1 to 3 percent for closing costs. You may also need to show larger liquid reserves to the board, sometimes several months to a year or more of maintenance. That cash is not a fee at closing, but you need to have it available.
Real UES examples
These examples illustrate common ranges. Use them to frame a budget, then get exact numbers from your lender and attorney.
Scenario A: Co-op at 800,000 dollars with financing
- Typical line items: attorney 2,000 to 4,000 dollars; lender and appraisal 1,000 to 3,000 dollars; co-op application and package prep 1,000 to 3,000 dollars; move deposit and fees 300 to 1,000 dollars; wires and incidentals 200 to 500 dollars.
- Estimated closing costs: roughly 5,000 to 12,000 dollars out of pocket at closing.
- Extra cash to plan for: co-op boards may require proof of reserves equal to several months of maintenance, commonly 3 to 12 months. Confirm the building’s policy early.
Scenario B: Condo at 1,500,000 dollars with 75 percent financing
- Typical line items: attorney 2,000 to 6,000 dollars; lender and appraisal 1,000 to 4,000 dollars; mortgage recording tax and transfer tax items; title insurance for owner and lender; mansion tax; HOA prorations; wires and recording fees.
- Estimated closing costs: commonly 2 to 4 percent of price, or about 30,000 to 60,000 dollars for a 1.5 million dollar condo. The final figure depends on tax brackets and your loan terms.
- Action step: Ask your attorney or title company and your lender for a detailed estimate before you make an offer.
Scenario C: Higher-end condo at 3,500,000 dollars, all cash
- Typical line items: mansion tax at a higher bracket, state and city transfer taxes, title insurance, attorney, and prorations.
- Estimated closing costs: often several tens of thousands to low hundreds of thousands of dollars. The percentage may be lower than smaller deals, but the dollar amounts are substantial.
- Action step: Have your attorney calculate exact mansion and transfer taxes as part of your offer planning.
Budgeting checklist and timeline
Before you make an offer
- Get pre-approved and request a Loan Estimate from your lender. Confirm mortgage recording tax and lender fees.
- Hire a Manhattan real estate attorney and ask for a condo versus co-op closing cost worksheet at your price point.
- For co-ops, request the board’s reserve and liquidity rules, and review the application checklist. Some UES co-ops want 6 to 12 months of maintenance in liquid assets, or more in higher-end buildings.
- For condos, ask whether any transfer-related costs are negotiable with the seller and whether there are current or upcoming assessments.
During contract and due diligence
- Condos: Review the offering plan, by-laws, recent budgets, and board minutes for special assessments or unusual reserves that could affect prorations.
- Co-ops: Start your board package early. Budget for CPA letters, employer verification, bank statements, and any professional preparation fees.
- Ask your lender about title insurance requirements and whether an owner’s policy is recommended for your situation.
Just before closing
- Confirm wiring instructions directly with your attorney to avoid fraud. Plan your cash transfers for the full balance due.
- Verify the final allocation of taxes, prorations, and any adjustments on the closing statement so there are no surprises.
- Book your move-in date, confirm elevator rules, and bring the required certificates of insurance from your movers.
Smart ways to prepare
- Build a cushion. On top of your attorney’s estimate, set aside an extra 10 percent of that estimate to cover last-minute adjustments or prorations.
- Keep documentation handy. Clean, complete financials help with co-op board approval and lender conditions.
- Ask for exact numbers. Mansion tax, transfer taxes, and title premiums are calculation-based. Your attorney and title company can estimate them precisely once you pick a property.
- Think beyond closing day. Budget for moving costs, early upgrades, and the first few months of carrying costs.
What makes the UES unique
- Price points: Many UES homes trade above 1 million dollars, so the mansion tax applies frequently, and higher brackets are common at the luxury end.
- Product mix: The area has a large concentration of co-ops with a steady and growing condo inventory. Your closing costs will look different based on which you choose.
- Building rules: Classic buildings often have detailed move policies and deposits. These are manageable if you plan ahead.
Work with a team that knows the UES
Closing on the Upper East Side is straightforward when you have a clear plan, exact numbers, and a team that anticipates building policies and board expectations. If you want help mapping your condo versus co-op costs, reviewing board requirements, or building a property-specific closing budget before you offer, we are here to help. Reach out to The Heard | Khedr Team for a calm, data-informed path from accepted offer to keys in hand.
The Heard | Khedr Team
FAQs
Do UES co-op buyers pay city and state transfer taxes?
- Co-op share transfers are structured differently from condo deeds, and many co-op deals avoid the deed transfer taxes charged on condos. Confirm with your attorney and the building.
How much cash should I budget beyond my down payment?
- Plan for about 1 to 4 percent of the purchase price for closing costs depending on product type, plus any liquid reserves a co-op board may require and moving or renovation funds.
What is the mansion tax and when does it apply?
- It is a New York State surcharge paid by buyers on residential purchases above 1 million dollars, with progressive rates that increase at higher price brackets. Ask your attorney for your exact bracket.
Who pays real estate agent commissions in NYC?
- Commissions are typically paid by the seller from sale proceeds, but you should confirm the arrangement in your contract documents.
Do I need title insurance for a condo on the UES?
- Lenders require a lender’s policy when you finance, and buyers commonly purchase an owner’s policy to protect their equity. Ask your lender and attorney for a title quote early.
