NYC Seller Closing Cost Calculator

What are NYC seller closing costs?

Seller closing costs in New York City typically run between 8% and 10% of the sale price, dominated by the broker commission and the combined NYC and NY State transfer taxes. The smaller items (attorney, building, recording fees) add up to roughly $5,000 to $8,000 for a typical Manhattan transaction. The result, before mortgage payoff and capital-gains tax, is your gross net proceeds.

Capital-gains tax (federal, state, and city) is paid separately on your tax return and depends on your basis, holding period, and whether the home is your primary residence. The calculator above estimates only the transactional closing costs.

Broker commission

The broker commission is almost always the biggest single line item on the seller's closing statement. Standard Manhattan commission is between 4% and 6% of the sale price, with 5% being the most common figure for luxury condos and co-ops. The seller pays the total commission, and the listing broker and buyer's broker split it (typically 50/50, but the split is negotiable between them).

A few notes on how commission works in practice:

• It is negotiable. Especially at higher price points and in slower markets.
• Lower is not always cheaper. Inexperienced or discount brokers can leave money on the table that exceeds the commission savings several times over.
• It is paid at closing directly from the proceeds, before the seller receives their net.

NYC and NY State transfer taxes

NYC and New York State each levy a transfer tax on real-estate sales, paid by the seller in nearly all standard resale transactions. (On a new-development sale, the contract typically shifts these to the buyer.)

NYC Real Property Transfer Tax (RPTT)

• Sales under $500,000: 1.0% of sale price
• Sales of $500,000 or more: 1.425% of sale price

NY State Transfer Tax

• Sales under $3,000,000: 0.4% of sale price
• Residential sales of $3,000,000 or more: 0.65% of sale price (includes the supplemental "Mansion Tax Plus" component)

Both are cliff taxes. The rate at your tier applies to the entire sale price. On a $5,000,000 sale, transfer taxes total $103,750 ($71,250 NYC + $32,500 NYS).

Attorney fee

Seller's attorneys in Manhattan typically charge a flat fee of $3,000 to $5,000 for a standard residential sale. Sponsor sales (where you ARE the sponsor), foreign-seller transactions with FIRPTA withholding, and estate or trust sales tend to run higher.

Mortgage satisfaction fees

If there is a mortgage on the property, expect roughly $500 in fees to close it out: the mortgage satisfaction recording fee, the bank's satisfaction processing fee, and a payoff pickup fee. The mortgage balance itself is paid from proceeds at closing; it is not a "closing cost" but it reduces what you take home.

Building flip tax

A "flip tax" is a fee paid to the building (the cooperative corporation or the condominium board) at the closing of every sale. Despite the name, it is not technically a tax. It is a transfer fee that the building uses to fund reserves or capital improvements.

Flip tax structures vary widely:

• Percentage of sale price (most common, often 1% to 3%)
• Percentage of gross profit (sale price minus original purchase price)
• Per-share figure (a dollar amount per co-op share)
• None (many buildings do not have one)

Check your house rules, proprietary lease, or recent transfer documents to confirm your building's policy. If yours has no flip tax, leave the field at 0 in the calculator.

Other building and closing fees

The remaining items individually are small, but they add up:

• Transfer-tax filing fees (NYC and NYS each charge a small filing fee).
• Move-out fee or deposit (varies by building, usually $500 to $1,500; some refundable).
• Managing-agent closing fee ($250 to $750 in many buildings).
• NYS equalization fee on the transfer-tax filing (small).
• For co-ops: UCC-3 termination filing, co-op stock transfer tax (a few dollars per share), and the building's transfer-tax filing fee.
• For houses: deed recording, sometimes a survey update if required.

The calculator rolls these into a single "Other building / closing fees" line so the breakdown stays focused on items that drive the bill.

How condo, co-op, and house seller costs compare

Unlike the buyer side, where co-ops have meaningfully lower closing costs (no Mortgage Recording Tax, no Title Insurance), the seller side is roughly similar across property types. The biggest line items (commission, transfer taxes) apply equally. The only material differences are in the "Other" category: co-ops have stock-transfer-related items, condos and houses have deed recording. The total swing across property types is typically $500 to $1,000.

What is left after closing? Net proceeds

Net proceeds = sale price minus total closing costs minus mortgage payoff. The calculator above gives you both numbers (before and after mortgage payoff, depending on what you enter).

Net proceeds are NOT the same as your taxable gain. Federal, NY State, and NYC capital-gains taxes are owed separately on your tax return based on your basis (purchase price + capital improvements + certain costs) and holding period. The federal primary-residence exclusion ($250,000 single / $500,000 married) can shelter a large portion if the property has been your primary residence for two of the last five years.

How to maximize net proceeds

• Pick the right broker, not the cheapest one. An experienced broker who positions the listing correctly typically generates more than the savings from a discounted commission.
• Time the market within reason. Days on market correlate with discounts.
• Negotiate the contract carefully. Sponsor-style contracts that shift transfer taxes to the buyer are negotiable on certain transactions.
• Use a CEMA if buying again. If you are selling and buying in NYC, a CEMA can reduce your next purchase's Mortgage Recording Tax. See our buyer closing cost calculator.
• Off-market discretion. For some sellers, the privacy and reduced days on market of an off-market or pre-market sale outweighs the marginal upside of full public exposure. Our guide to off-market deals covers the trade-offs.

Frequently asked questions