You have found an apartment you want to buy. Now you need to decide what it is worth, what to offer and how to make the seller take you seriously.

To make an offer on a NYC co-op or condo, you generally submit a proposed price and purchase terms through the listing agent, together with the financial documents requested for that property. Your buyer’s agent can prepare and negotiate the offer; your attorney handles the contract and legal review.

The work starts before the email. A well-prepared offer connects three things: the apartment’s value, your ability to complete the purchase and terms you can comfortably honor.

How much should you offer on a NYC apartment?

Start with comparable closed sales. Give the most weight to apartments with similar layouts, condition, light, floor height and outdoor space, ideally in the same building. Look at when those deals were negotiated as well as when they closed. Older sales may reflect a different market.

Active listings show your alternatives and the seller’s competition. They show what owners are asking, rather than what buyers have agreed to pay. Price per square foot is useful only when the underlying size figures and properties are sufficiently comparable.

Then examine the monthly costs. A lower purchase price can come with higher maintenance, common charges, taxes or assessments. A renovation can also change what an apparently cheaper apartment will cost you.

Use that information to establish a reasonable value range. Separately, set your personal ceiling: the most you are willing and financially able to pay after accounting for closing costs, planned work and the funds you want to retain.

There is no useful rule that every opening offer should be a fixed percentage below asking. An ambitious asking price and an aggressively priced listing call for different approaches.

A worked example: an apartment asking $2 million

All properties, prices and circumstances in this example are hypothetical. They illustrate a method, not a current NYC valuation or a BRN client transaction.

Suppose you are considering a two-bedroom co-op listed at $2 million. It has been on the market for 90 days, needs some updating and has no competing offer reported by the listing agent.

Assume the sales are recent, the layouts and carrying costs are comparable, and the initial building review reveals no material concern. Your analysis might support a preliminary range of $1.90 million to $1.95 million. You also decide that $1.95 million is your personal ceiling, allowing for the work you intend to do.

An opening offer of $1.89 million could be a reasonable negotiating position in those circumstances. It leaves room for discussion and is grounded in comparable sales. The seller can still reject it, and another buyer may value the apartment differently.

If the seller counters at $1.98 million, splitting the difference automatically would bypass the analysis. Revisit the evidence, your alternatives and the ceiling you set before the negotiation became personal.

What would change the recommendation? A genuinely comparable new sale, meaningful competition, a significant upcoming assessment or renovation restrictions could all matter. More competition may change how quickly you act or whether you open nearer your ceiling. It does not increase what you can afford.

Check the building before you commit

Before bidding, ask about current monthly charges, assessments, planned major work and any restrictions that affect your plans. For a co-op, ask about permitted financing and buyer financial requirements. Confirm that your intended use, renovation or subletting plans are feasible.

Some answers will require your attorney’s review of documents after offer acceptance. Identify those open questions early and resolve material issues before signing. The New York Attorney General emphasizes the importance of reviewing the offering plan and consulting an attorney before a purchase agreement. [1]

For a closer look at reserves, debt and assessments, read our NYC co-op and condo building financials guide.

What should you include with your offer?

Ask the listing agent what the seller requires. There is no single offer packet used for every NYC apartment. A clear submission should cover the following:

For a financed purchase, ask your lender what it has verified and what remains outstanding. A preapproval letter is not a guaranteed loan offer, and the building itself may also need lender approval. [2]

For a cash purchase, confirm what evidence of available funds the seller wants. Ask how to transmit financial documents securely and what account details may be redacted while keeping the evidence useful.

A REBNY financial statement summarizes your finances. It is particularly relevant to co-op offers, where a seller will want confidence that you can satisfy the building’s requirements. A condo seller may request it too. This offer-stage submission is separate from a subsequent board application.

Before proposing your down payment, check what will remain afterward. More money down reduces the loan but also uses funds you may need for closing costs, renovations and required reserves. Our NYC buyer closing costs guide explains the main transaction expenses.

Make the terms clear before negotiating

Distinguish borrowing money from making the purchase contingent on obtaining a loan. Those are separate questions. Your attorney should explain the protection a financing contingency provides and the exposure if you proceed without one.

Also distinguish the total down payment from the contract deposit paid when you sign. The deposit generally counts toward the purchase price; it is not an additional down payment. [3]

How to handle counteroffers and competing bids

A counteroffer tells you where the seller is willing to continue the conversation. Ask whether the remaining issue is price, timing or another term. You may be able to accommodate a preferred closing window more comfortably than another price increase.

Evaluate each concession on its own merits. Removing a financing condition can create much more exposure than the dollar amount separating two offers. Discuss changes with your attorney and lender before agreeing to them.

If the listing agent requests a best and final offer, confirm the deadline and what the seller wants submitted. Ask what can be shared about competing bids, while recognizing that you may not receive their terms or independent verification.

Return to your ceiling and your alternatives. A competing buyer’s willingness to pay more does not establish what this apartment is worth to you. Submit terms you are prepared to honor, and accept that a disciplined offer may not win.

What happens after an offer is accepted?

In a typical NYC resale, an accepted offer is followed by a deal sheet, attorney review and contract negotiations. Acceptance alone generally does not secure the apartment. Your attorney should confirm when a binding agreement exists and what obligations any document creates. [3]

Move promptly to the contract stage. Your attorney reviews the contract and available building materials; your lender works through financing requirements; and you arrange any appropriate inspection. The process should resolve the important questions identified before your offer.

After contract signing, the remaining steps may include financing, a building application and approval or waiver procedures, followed by the final walkthrough and closing. The sequence and timing depend on the property and transaction.

Already found an apartment? Start there.

You do not need to start your search over to discuss a property with BRN. Tell us what you have seen, whether you have contacted the listing agent and whether you have an existing buyer representation agreement.

BRN’s partners work directly with buyers on pricing, offer strategy and negotiation, coordinating with the buyer’s attorney and lender through the purchase. We return half of the buyer-agent commission we receive, up to 1.5% of the purchase price, at closing.

See how BRN represents NYC buyers.

Considering an offer? Send us the listing. A BRN partner can discuss the asking price, the questions to resolve and how we would approach the offer.