New York County, New York
Selling a home in Manhattan
Most Manhattan homes are co-ops and condos, and a smooth sale depends on paperwork as much as price.
Get my free home valueAbout Manhattan
Co-ops, condos and landmark townhouses
Manhattan is New York County, with 1,694,251 residents in the 2020 Census. It runs from the Battery to Inwood and Marble Hill, between the Hudson and East Rivers, and includes Roosevelt Island. Nearly every neighborhood is served by the subway, and the island is tied to the other boroughs and New Jersey by bridges, tunnels and ferries. Central Park, Riverside Park and the Hudson River waterfront give it long stretches of open space.
Most homes here are apartments in co-op and condo buildings, from prewar doorman co-ops to new glass condo towers. Rows of brownstone and limestone townhouses survive in neighborhoods like Harlem, the Upper West and Upper East Sides, Greenwich Village and Chelsea, and many of those blocks are in historic districts overseen by the Landmarks Preservation Commission.
Homes in Manhattan
What sellers should know
A co-op sale needs board approval: the buyer submits a detailed financial package and usually sits for an interview, and many buildings charge a flip tax set by their own rules. A condo sale needs the offering plan, financials and the board's waiver of its right of first refusal. Townhouse sellers in historic districts should know that exterior work needs Landmarks approval, and that the certificate of occupancy sets the legal unit count.
Know your building's flip tax and rules
Read your co-op's proprietary lease and house rules for any flip tax, financing limits or sublet policy. Buyers will ask, and surprises slow deals.
Start the board package early
Manhattan boards often want tax returns, bank statements and reference letters. A complete package keeps your closing date on track.
Budget for higher-tier transfer taxes
Above $500,000 the city transfer tax rate rises to 1.425%, and New York State adds more tax on city residential sales of $3 million or more.
Check the LPC map for townhouses
If your townhouse is in a historic district, buyers planning work need to know Landmarks rules apply. The LPC map shows designations by address.
For landowners
Building on your land in Manhattan
In Manhattan, renovations and conversions are permitted by the NYC Department of Buildings, and ZoLa shows each lot's zoning and special districts. Townhouse and building work in historic districts also needs Landmarks Preservation Commission approval, and co-op and condo boards usually have their own alteration rules. Talk to an architect before promising a buyer any change.
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Selling a home in Manhattan: questions
What transfer taxes apply to a Manhattan sale?
The city's Real Property Transfer Tax is 1% up to $500,000 and 1.425% above for homes, condos and co-ops. New York State charges a base transfer tax, plus an additional base tax on city residential sales of $3 million or more, both normally paid by the seller.
Who pays the mansion tax and supplemental tax?
New York State's 1% mansion tax on residences of $1 million or more is paid by the buyer, as is the supplemental tax on higher-priced New York City residential sales. If the buyer does not pay or is exempt, the seller must.
Are co-op share transfers taxed?
Yes. The city's Real Property Transfer Tax applies to transfers of co-op housing stock shares, not only to deeds for houses and condos.
Is my building in a flood zone?
Parts of Lower Manhattan and other low shoreline areas are mapped as flood-prone. The NYC Flood Hazard Mapper and FEMA's flood map show your address.