By Andrew Borchini · June 2026
A practical guide to budgeting, evaluating a building and getting from an offer to closing.
Buying a condo in NYC means buying the apartment itself, along with a share of the building’s common areas. Compared with a co-op, the purchase process generally involves fewer board restrictions. But the price, monthly expenses and building condition still deserve a close look.
For a resale condo in Manhattan or Brooklyn, start with three questions: How much cash will you need? What will it cost to own each month? And what are you taking on beyond the apartment’s four walls? Here is how to answer them before committing to a purchase.
BRN focuses on representing buyers. Work directly with our senior partners. You never pay BRN a brokerage fee, and we return half of the commission we receive to you—up to 1.5% of the purchase price.
How much cash do you need to buy a condo in NYC?
Your down payment is only part of the upfront budget. NYC condo closing costs can include mansion tax, mortgage recording tax, attorney fees, title insurance, lender fees and building charges. Keep a separate allowance for moving, any immediate work and the savings you want to retain afterward.
For example, consider a $1.5 million resale condo with a 20% down payment and a new $1.2 million mortgage from a bank:
Budget item | Amount |
|---|---|
Down payment | $300,000 |
Mansion tax | $15,000 |
Estimated mortgage recording tax | About $23,100 |
Subtotal before other costs and reserves | About $338,100 |
That subtotal is not the complete cash requirement. Add the remaining closing expenses and reserves before setting your maximum offer. An all-cash buyer avoids mortgage recording tax, but mansion tax still applies to a qualifying purchase.
On the $1.5 million condo purchase above, if BRN receives a 3% commission, we return $22,500 to you. That is money back after closing; keep your upfront closing budget intact. Learn more about BRN’s commission return.
Use our NYC closing cost calculator for an initial estimate, then have your attorney and lender confirm the figures for the specific apartment. Our buyer closing costs guide explains the individual expenses.
Also distinguish the contract deposit from the down payment. A resale contract often calls for a 10% deposit held in escrow. It is credited toward the purchase, rather than added on top of your down payment.
What will the condo cost each month?
A condo’s monthly cost generally includes your mortgage payment, common charges, property taxes and insurance. Common charges help pay for the building’s operation, shared spaces and services. Property taxes are a separate expense, even if your lender collects them with your mortgage payment.
Check what common charges include, and ask about current or planned assessments: additional payments collected for repairs or other building expenses. Verify the apartment’s actual tax bill and any tax benefit affecting it. If a benefit will expire or does not apply to you, the advertised monthly figure may understate your cost.
Compare apartments using the full monthly budget. A lower asking price can be less attractive if it comes with substantially higher ongoing charges.
How to evaluate the apartment and asking price
Start with recent closed sales in the same building, then look at comparable condos nearby. Adjust for floor, light, layout, outdoor space, condition and monthly expenses. Asking prices show what sellers hope to receive; completed sales provide stronger evidence of what buyers have paid.
Price per square foot is one reference point. Check the floor plan and how the space works: a well-proportioned living room and usable bedrooms may matter more to you than a larger advertised total. Where measurements are important to your decision, verify them before relying on the listing.
During visits, look beyond finishes. Check light, street and mechanical noise, water pressure, signs of leaks, storage and the condition of windows and appliances. Consider a professional inspection before signing, particularly if the apartment needs work.
What to check in the condo building before signing
Your attorney’s review should cover the building as well as the apartment. Ask for clear answers to these questions:
Finances: Are the operating budget and reserves adequate? Have common charges risen, and are owners behind on payments?
Repairs: Is major roof, facade, elevator or other work planned? How will it be funded, and who pays any assessment attached to this sale?
Legal and insurance issues: Are there significant lawsuits, unresolved violations or insurance problems?
Rules and fees: Can you renovate, rent out the apartment or use it as a second home as intended? What approvals, charges and deposits apply?
Financing: Will your lender accept this building as well as your personal application?
Review current financial statements and board minutes alongside the governing documents and available offering-plan materials. An older offering plan may not describe today’s condition. Our guide to NYC condo and co-op building financials explains what to look for.
The NYC condo buying process and timeline
For planning, allow roughly two to three months from an accepted offer to closing on a financed resale condo, with additional time for your search. Some purchases move faster; financing, document requests or building processing can extend the schedule. Confirm the timing for your deal before arranging a move.
1. Prepare financing and make an offer
Get a mortgage preapproval if you plan to borrow, choose a NYC real estate attorney and have deposit funds accessible. Your offer should address price, financing, timing and any conditions. Agree with your attorney on the protection you need if financing or the appraisal becomes a problem.
2. Review the building and sign the contract
An accepted offer ordinarily precedes the binding purchase contract. Your attorney reviews the documents, negotiates the contract and explains any outstanding issues. Once both sides sign and the contract is delivered, you proceed under its terms and deadlines.
3. Complete the loan and building paperwork
The lender reviews your finances, the appraisal and the building. A resale condo may also require a purchase package and a waiver of its right of first refusal. That right generally gives the building an opportunity to purchase on the agreed terms; it differs from a co-op board’s discretionary buyer approval. Your attorney should confirm the requirements for this building.
4. Prepare for closing
Your attorney coordinates title review and closing funds. For most home mortgages, the lender must provide a Closing Disclosure at least three business days before closing. Compare it with your earlier estimate, resolve discrepancies and complete a final walkthrough to confirm the apartment’s condition and agreed inclusions.
Resale condo or new development?
This guide focuses on buying an existing condo from its owner. Buying directly from a developer brings different questions about completion, contract terms, projected expenses and additional closing costs. Read our NYC new development condo guide if you are considering that route.
Frequently asked questions about buying a condo in NYC
Do you need a 20% down payment?
Not in every transaction. Some loan programs allow less, while other loans or buildings require more. Have your lender confirm the down payment, cash reserves and building eligibility before treating a smaller down payment as available.
Can you rent out an NYC condo?
Many condos permit rentals, but rules differ. Check minimum lease terms, application procedures, fees and any restrictions before buying with future rental income in mind.
Is a condo always a better purchase than a co-op?
No. A condo may offer more flexibility, while a co-op may offer a different price or monthly budget. The better choice depends on the apartment, building and how you plan to use it. Our co-op vs. condo guide compares the tradeoffs.
Buy your NYC condo with BRN Partners
BRN focuses on representing buyers. You work directly with our senior partners to compare apartments, evaluate pricing and negotiate your purchase. You never pay BRN a brokerage fee; our compensation comes from the seller.
We return half of the commission we receive to you, up to 1.5% of the purchase price. We send you a check or wire the money to you right after closing, once BRN has received its commission. If you prefer, we can work with your lender and attorney to apply the return toward eligible closing costs.
Send us a condo listing you are considering, and we can help you assess the price, monthly expenses and questions to investigate before an offer. Contact Us.
