Buying on the Upper East Side is exciting, but the closing statement can feel like alphabet soup. You want to know what you will pay, why the numbers look different for co‑ops and condos, and how to avoid surprises before you wire funds. You are not alone. Most Manhattan buyers have the same questions, especially around taxes, title, board fees, and reserves.
This guide breaks down typical buyer closing costs for Upper East Side co‑ops and condos, what each fee covers, and how to plan your cash to close. You will also get sample worksheets and key questions to ask your attorney, lender, and the building so you can move forward with confidence. Let’s dive in.
What closing costs cover
Closing costs are the expenses you pay on top of your down payment to complete the purchase. On the Upper East Side, the mix of co‑ops and condos means your line items can vary, especially around taxes, title insurance, and board charges.
Here is what usually shows up for buyers:
- Taxes and government fees. This includes state and city transfer taxes where applicable, the New York State mansion tax for purchases at or above $1,000,000, and mortgage recording tax if you are financing a condo. Rates can be tiered and change over time, so confirm current percentages with your attorney and lender.
- Title, recording, and filings for condos. Lenders usually require title insurance and there are document recording fees. Title premiums in New York follow state schedules and scale with price and loan amount.
- Attorney fees. Expect a flat fee range for standard closings. Co‑ops can be similar to condos, sometimes a bit higher due to board package review.
- Lender costs if you finance. These include application or origination fees, appraisal, underwriting, and small admin charges.
- Inspections. Optional for condos but often recommended. Costs vary by unit size and scope.
- Building and board items. Think application fees, move‑in deposits, prorated common charges or maintenance, and any assessments disclosed by the building.
Condo vs. co‑op: costs and process
Understanding the property type helps you budget.
Condo buyer costs
- You receive a deed, so standard real‑property procedures apply. Title insurance, deed and mortgage recording fees, and mortgage recording tax (if you finance) are typical.
- State and city transfer taxes and the state mansion tax apply per current rules. These are predictable once you know price and structure.
- Board review is lighter than a co‑op, but condo associations can still have move‑in fees, transfer fees, and rules that affect timing.
Co‑op buyer costs
- You buy shares and a proprietary lease rather than a deed. That changes how certain taxes and recording fees apply, so have your attorney confirm what is due for your specific co‑op.
- Title insurance is usually not purchased the same way as a condo. Your attorney focuses on the co‑op’s corporate documents and due diligence.
- The board’s financial requirements matter. Many co‑ops require post‑closing liquidity equal to several months or more of maintenance, which affects your available cash even if it is not a fee.
- Flip taxes are usually paid by the seller, but confirm who pays on your deal.
Typical ranges for Upper East Side buyers
Use these as planning ranges, then replace with quotes from your lender, attorney, and title provider.
- Buyer’s attorney: usually 1,500 to 4,000 dollars for a straightforward condo or co‑op closing. Complex deals cost more.
- Title insurance (condos): premium follows state schedules and scales with price and loan amount. Expect several hundred to several thousand dollars.
- Appraisal: often 400 to 1,500 dollars depending on size and complexity.
- Home inspection: often 300 to 1,000 dollars. Optional but wise for condos.
- Bank fees and origination: application fees can range a few hundred dollars and some lenders charge 0.5 to 1.0 percent of the loan as an origination fee.
- Recording, courier, and wire: often 200 to 1,000 dollars combined.
- Co‑op application and move‑in charges: application fees commonly 100 to 500 dollars. Move‑in deposits often 250 to 2,000 dollars, sometimes refundable.
- Mansion tax: applies to purchases at or above 1,000,000 dollars. The state has a tiered structure at higher price points. Confirm your bracket before contract.
- NYC and NYS transfer taxes: calculated off the price and can reach into the tens of thousands at Upper East Side prices. Get exact figures from your attorney once price and structure are set.
Taxes buyers ask about most
- New York State Real Estate Transfer Tax. Commonly 0.4 percent of the purchase price for many transfers, but confirm if it applies to your purchase and the current rate.
- New York City Real Property Transfer Tax. Rates differ by price tier and use. In many Manhattan condo resales above 500,000 dollars, you will see a higher residential rate. Have your attorney calculate the exact number.
- Mansion tax. Triggered at 1,000,000 dollars and up. The state uses a progressive scale at higher tiers. This tax is due at closing.
- Mortgage recording tax. Applied to the mortgage amount on deeded property when you finance. Co‑ops are structured differently, so ask your lender and attorney whether it applies in your case.
Sample cash‑to‑close worksheets
Use these examples to frame your budget. Replace percentages and fees with current figures from your team.
Example A: Condo, 800,000 dollars purchase, 20 percent down, 640,000 dollars loan
- Contract deposit already paid: 40,000 dollars
- Balance of down payment at closing: 120,000 dollars
- NYS and NYC transfer taxes: estimate using current rates. For planning, a 0.4 percent state tax would be 3,200 dollars and an example NYC rate above 500,000 dollars at 1.425 percent would be about 11,400 dollars. Confirm the exact rates.
- Mansion tax: not applicable under 1,000,000 dollars
- Mortgage recording tax on the loan amount: obtain a quote from your lender. Use a working estimate until you get the final figure.
- Title insurance and searches: example 3,000 dollars, subject to state schedules
- Appraisal: example 600 dollars
- Inspection: example 600 dollars
- Attorney: example 2,500 dollars
- Bank application and origination: example 3,200 dollars including a 1 percent origination on the loan, if charged
- Recording, courier, and wire: example 500 dollars
- Prorated common charges and assessments: example 600 dollars
Illustrative subtotal of taxes, fees, and adjustments: about mid five figures. Add to your down payment balance to see total cash to close. Your final number will reflect exact tax brackets, title premium, and lender fees.
Example B: Co‑op, 800,000 dollars purchase, 20 percent down, 640,000 dollars financing
- Contract deposit already paid: 40,000 dollars
- Balance of down payment at closing: 120,000 dollars
- Transfer taxes: treatment of share transfers varies. Some co‑ops are structured so these taxes are handled differently. Have your attorney confirm whether state and city transfer taxes apply to your transaction.
- Mansion tax: many co‑op purchases above 1,000,000 dollars still trigger mansion tax. Verify with counsel for your contract structure.
- Mortgage recording tax: co‑op loans may be treated differently than condo loans. Confirm with your lender and attorney.
- Board application and processing: example 250 to 1,500 dollars
- Move‑in deposit or elevator reservation: example 500 to 2,000 dollars, often refundable if no damage
- Attorney: example 2,500 dollars
- Appraisal if lender requires: example 600 dollars
- Post‑closing liquidity required by the board: plan for a cushion that can range from several months to two years of maintenance. Example: if maintenance is 2,000 dollars per month and the board requires 12 months, that is 24,000 dollars in reserves you must show after closing. This is not a fee, but it impacts how much cash you need available.
Co‑op buyers often find the liquidity requirement is the single largest “hidden” cash need beyond the down payment. Ask for the rule in writing before you sign.
Smart questions to ask before contract
Getting clear answers early saves time and money.
- Building financials and assessments. Can you review the latest financial statements and any planned capital projects? If there is a current or pending assessment, who pays what at closing?
- Board rules and transfer items. What are the board’s exact financial requirements for buyers, including post‑closing liquidity and debt‑to‑income guidelines? What are the application and move‑in fees? Is there a flip tax and who pays it under the bylaws?
- Taxes and fees. Which transfer taxes will apply, and who pays them under the contract? Are there any condo or co‑op administrative transfer fees charged to buyers?
- Lender and title requirements. For condos, is there a required association approval or certificate fee and how long does it take? For co‑ops, what documents are needed in the board package and what is the review timeline?
- Timeline. How long does the board approval typically take? Will the building accommodate your target closing date? Are any escrows required?
Timeline and prep checklist
Use this simple sequence to stay on track.
- Pre‑offer. Request building financials and house rules. Ask about post‑closing liquidity rules and any flip tax.
- After accepted offer. Get lender pre‑approval and an initial list of loan fees. Hire your attorney. If it is a co‑op, start your board package.
- Six weeks before closing. Confirm who pays which transfer taxes in your contract. Get a title insurance quote for condos. Request any required certificates or approvals from the building.
- One week before closing. Ask for a final closing statement. Confirm wire instructions with counsel and title. Make sure all funds are liquid and ready.
Common pitfalls on the Upper East Side
- Underestimating co‑op liquidity rules. Not meeting a board’s reserve requirement can stall or derail an approval.
- Assuming co‑op taxes equal condo taxes. Share transfer structure changes which taxes apply and when. Your attorney will confirm the exact treatment.
- Waiting for final numbers. Get fee quotes from your lender, title provider, and attorney early, then refresh them after loan commitment.
- Board approval timing. Build in time for review and interview. Delays can push your move date and add storage or short‑term housing costs.
- Missing assessments. Ask directly about planned or pending assessments and how they will be prorated at closing.
Next steps
If you are targeting the Upper East Side, the best move is to lock in your numbers early. Ask your lender for an itemized fee estimate, have your attorney confirm which transfer taxes apply to your deal, and get the building’s board rules in writing. A clear budget makes negotiation easier and helps you close on time.
Want a clean, no‑surprise path to the finish line? Connect with the local team that closes co‑ops and condos across Manhattan. Reach out to Miller Schackman to map your cash to close, review board requirements, and coordinate your timeline from accepted offer to keys.
FAQs
What is the mansion tax for Upper East Side buyers?
- The New York State mansion tax applies to residential purchases at or above 1,000,000 dollars, with a progressive scale at higher tiers. Your attorney will calculate the exact amount for your price point.
Do buyers pay NYC and NYS transfer taxes on co‑ops the same as condos?
- Not always. Co‑op share transfers are structured differently from deeded condo sales, which can change how transfer taxes apply. Have your attorney confirm what is due for your specific deal.
How much are typical attorney fees for a Manhattan condo or co‑op closing?
- Many buyers see a range of about 1,500 to 4,000 dollars for a standard closing, with higher fees for complex or new‑development transactions.
What lender fees should I expect if I finance a condo?
- Common items include an application or origination fee, appraisal, underwriting, credit report, and small admin charges. Some lenders charge 0.5 to 1.0 percent of the loan as an origination fee.
Do co‑op buyers need title insurance?
- Co‑op buyers typically do not purchase title insurance the same way condo buyers do, since there is no deed transfer. Your attorney focuses on the co‑op’s corporate records and legal due diligence.
How much post‑closing liquidity do Upper East Side co‑ops require?
- Requirements vary by building. Some boards want buyers to show 6 to 24 months of maintenance in liquid assets after closing. Get the rule in writing before you sign a contract.
How can I estimate my total cash to close early on?
- Start with your down payment, then add estimated taxes, title and recording (for condos), attorney fees, lender costs, inspections, and building charges. Ask your team for a draft closing statement once you have loan terms and the building’s fee schedule.
