What It Costs to Sell a House in NYC
Seller Guide · New York City & Surrounding Counties
What It Costs to Sell a House in NYC
Between broker commission, city and state transfer taxes, and attorney fees, a New York seller typically pays roughly 6% to 9% of the sale price in closing costs. The exact number depends on where the home is and what it sells for. Use the calculator below to estimate your net proceeds, then read the line-by-line breakdown.
Estimate Your Take-Home
NYC Seller Net Proceeds Calculator
Your sale
Commission is figured at 6% and the attorney fee at a flat $2,000 — adjust to your own agreement when you have one.
Estimated costs
Estimated net proceeds (before mortgage payoff)
Estimate only — not a quote or tax advice. Covers the costs most sellers face: it does not include any remaining mortgage balance, a co-op flip tax, or capital-gains tax, and it does not reflect local transfer taxes in a few municipalities (for example Yonkers, Mount Vernon and Peekskill in Westchester, or the East End towns of Suffolk). Transfer-tax rates per the NYC Department of Finance and the NY State Department of Taxation and Finance. Get an exact figure on a free call.
The Line Items
What a New York seller actually pays
Short answer: the big three are broker commission, transfer taxes, and your attorney. On a $750,000 Queens sale that runs about $60,000 — roughly 8% of the price — leaving net proceeds near $690,000 before any mortgage payoff. Suburban counties pay less because they skip the NYC transfer tax.
1. Broker commission — usually the largest cost
Commission is a percentage of the final sale price and is the single biggest line item. The long-standing norm in New York has been about 5% to 6% total. The 2024 industry settlement (effective August 17, 2024) changed how it works: the buyer's-agent share can no longer be advertised in the MLS, and what — if anything — a seller contributes toward the buyer's agent is now negotiated deal by deal. In practice, buyer-agent compensation around the New York region has held near 2% to 3% rather than collapsing. Commission is fully negotiable; the calculator above uses 6% as a round planning figure.
2. Transfer taxes — city and state
New York taxes the transfer of real property, and the seller generally pays it. Inside the five boroughs you owe two transfer taxes: the New York City Real Property Transfer Tax (RPTT) and the New York State transfer tax. Outside the city — Nassau, Suffolk, Westchester and the rest of the state — only the state tax applies.
| Where the home is | NYC transfer tax (RPTT) | NY State transfer tax |
|---|---|---|
| Five boroughs, sale ≤ $500,000 | 1.0% | 0.4% |
| Five boroughs, $500,001 – $2,999,999 | 1.425% | 0.4% |
| Five boroughs, $3,000,000+ | 1.425% | 0.65% |
| Nassau / Suffolk / Westchester (any price) | None | 0.4% |
So a $700,000 Brooklyn condo pays 1.825% combined (about $12,775), while the same price in Nassau pays only the 0.4% state tax (about $2,800). The extra 0.25% state surcharge on $3M-plus homes applies only inside the city; it does not reach the suburban counties.
3. Attorney fee
New York closings are handled by attorneys, and the seller hires their own. A straightforward residential sale typically runs about $2,000 to $3,500 as a flat fee paid at closing; complex deals — multiple units, estates, title problems — cost more.
4. If you own a co-op: the flip tax
Many co-op buildings charge a "flip tax" when a unit is sold. It is not a government tax — it is a fee paid to the building, often 1% to 3% of the price or a set amount per share, and the rules live in the proprietary lease. Houses and most condos do not have one. The calculator above does not include it, since it varies by building.
5. The smaller stuff
- Recording, payoff-processing and wire fees — usually a few hundred dollars.
- Prorated property taxes and any prepaid charges owed through the closing date.
- Optional buyer concessions or a contribution toward the buyer's agent, if you negotiate one.
Costs People Mix Up
Three big costs the seller does not pay
A lot of NYC closing-cost confusion comes from charges that are real but land on the buyer, not the seller:
- The mansion tax. The 1%-and-up tax on homes selling for $1,000,000 or more is paid by the buyer, statewide — not the seller.
- Mortgage recording tax. The roughly 1.8% to 1.925% tax on a new NYC mortgage is a buyer cost, tied to their financing. Co-op buyers don't pay it at all, because a co-op is shares, not real property.
- Owner's title insurance. In New York the buyer customarily pays for title insurance.
What about capital-gains tax?
That is separate from closing costs. If the home was your primary residence, federal law lets you exclude up to $250,000 of gain if single, or $500,000 if married filing jointly, when you meet the ownership-and-use test. Gain above the exclusion — or on a non-primary property — can be taxed at the federal, New York State and (for city residents) New York City levels. The numbers depend on your basis and holding period, so confirm them with your accountant before you bank on a net figure.
Seller Questions, Answered
NYC seller closing costs — FAQ
Most New York City sellers pay roughly 6% to 9% of the sale price in total closing costs. The largest piece is broker commission, followed by combined NYC and NY State transfer taxes (1.4% to 2.075% inside the city) and an attorney fee of about $2,000 to $3,500. Sellers in Nassau, Suffolk and Westchester pay less because there is no NYC transfer tax.
The seller generally pays the transfer tax. Inside the five boroughs that means both the NYC Real Property Transfer Tax (1% up to $500,000, 1.425% above) and the NY State transfer tax (0.4%, rising to 0.65% on residential sales of $3 million or more). Outside the city, only the 0.4% state tax applies.
No. The mansion tax on homes priced at $1 million or more is paid by the buyer across New York State. It is not a seller closing cost, though it can affect pricing strategy near the $1M, $2M and $3M thresholds, where a dollar over a line can trigger thousands more in buyer tax.
Since August 2024, a seller's offer of compensation to the buyer's agent can no longer be posted in the MLS, and whether the seller contributes to the buyer's side is negotiated on each deal rather than assumed. Commission has always been negotiable; the change makes that explicit. Regionally, total commissions have stayed close to their prior range rather than dropping sharply.
A flip tax is a fee a co-op building charges its own shareholder at sale — commonly 1% to 3% of the price or a per-share amount, set by the building's proprietary lease. It is paid to the corporation, not the government, and applies only to co-ops. Check your building's rules, because it can be a meaningful cut of your proceeds.
Net proceeds are the sale price minus selling costs. The calculator on this page subtracts commission, transfer taxes and the attorney fee. It does not subtract your remaining mortgage balance, a co-op flip tax, or any capital-gains tax, so treat the result as your figure before paying off the loan. For an exact number for your specific home, schedule a free call.
Get an exact net-proceeds number for your home
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