Transfer Taxes — Roughly 1.4% to Just Over 2%

Sellers pay two separate transfer taxes in New York City:

  • NYC Real Property Transfer Tax (RPTT): 1.0% of the sale price for $500,000 or less, or 1.425% for sales above $500,000
  • New York State Real Estate Transfer Tax: 0.4% of the sale price for most sales, rising to 0.65% for residential sales over $3,000,000

Combined transfer tax burden: roughly 1.4% on sales at or below $500,000, and roughly 1.825%–2.075% above that threshold (the higher end applying once you cross into the $3M+ state tier).

Note: New York's separate "mansion tax," tiered from 1% to 3.9% on purchases of $1 million or more, is paid by the buyer, not the seller — it's worth knowing about since it can affect buyer psychology and negotiating room at higher price points, but it doesn't come out of your proceeds.

Broker Commission — Typically 5–6%

Despite national headlines about commission structure changes following the 2024 NAR settlement, New York City's residential market is governed by REBNY, not NAR, and seller-paid commission has remained the dominant practice here. Total commission — split between the listing broker and buyer's broker — typically runs 5–6% of the sale price, though individual splits and rates are increasingly negotiable and can run somewhat lower than the historical norm. Confirm the current arrangement with your broker directly, since this is the single largest line item in most sellers' closing costs and terms can vary by brokerage and by deal.

Attorney Fees — Typically $2,000–$5,000

NYC residential closings go through attorneys rather than title companies. A seller's attorney fee for a standard resale closing typically runs $2,000–$5,000 as a flat fee, with Manhattan transactions often toward the higher end of that range. More complex situations — an estate sale, a foreign seller subject to FIRPTA withholding, or a sponsor unit — can run higher.

Co-op-Specific Costs

If you're selling a co-op, expect several charges beyond the above:

  • Flip tax: typically 1–3% of the sale price, building-specific — see our flip tax guide for how this works
  • Co-op attorney/processing fee (the building's counsel reviewing the stock transfer and proprietary lease assignment): roughly $500–$750
  • Managing agent fee for processing the transfer: roughly $250–$750, varies by building
  • Move-out deposit: $250–$1,000, generally refundable if there's no damage
  • Move-out fee: a separate, typically non-refundable charge that varies by building
  • NY stock transfer tax: a nominal $0.05 per share
  • UCC-3 filing fee to terminate any lender's lien on your shares, if applicable

Other Costs That Apply to Condo and Co-op Sellers Alike

  • Mortgage payoff/satisfaction costs: roughly $500 combining your bank's payoff processing fee and the municipal recording fee for the satisfaction of mortgage, if you have an outstanding loan
  • Prorated common charges, maintenance, or assessments due through your closing date

Putting It All Together

Add it up and total seller closing costs in NYC commonly land in the 8–10% range of your sale price — before factoring in your mortgage payoff and, separately, any capital gains tax you may owe (see our capital gains tax guide). If you're trying to figure out what you'll actually walk away with, start from your expected sale price, subtract your mortgage balance, then subtract roughly 8–10% for closing costs — and for co-op sellers, confirm your building's specific flip tax rate rather than assuming the citywide average.