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United States · USD

New York real estate

New York City splits condo from co-op, and the difference decides whether a foreign buyer closes at all. Buyer-side mansion tax starts at $1m; Florida closing customs are irrelevant here.

MiamiLos AngelesChicagoAustinSeattle
County records path
HOA & insurance checked
3D map
50state codes — there is no one US market
Titleinsurance, not a notary, protects the buyer
FIRPTAwithholding hits foreign sellers, not buyers
No SSNneeded to take title as a foreign buyer
What a purchase really costs

$750,000 home in New York

Local transfer tax, buyer share (1%)
$7,500
Owner's title insurance (≈0.5%)
$3,750
Lender, escrow & appraisal (≈1%)
$7,500
Attorney, recording & prepaids (≈0.3%)
$2,250
Cash needed at closing
$771,000

≈ +2.8% over the price. There is no national property code. Transfer tax is a city and county question — New York adds a buyer mansion tax above $1m, Chicago charges the buyer 0.75%, Texas charges nothing and takes it back in annual property tax. Since the 2024 NAR settlement, buyer-agent compensation is negotiated in writing rather than assumed from the listing.

Rentals run on rules

The rent side, in three lines

  • Deposit caps, notice periods and eviction timelines are state law — one to two months is common, but New York and Florida are not the same statute.
  • Rent stabilization is local: New York City has it, Miami and Austin sit under state preemption against it.
  • Insurance is the variable that reprices a building — Florida wind and flood can move faster than the asking price.

HOA and condo documents are the yield. Read the reserve study and the special-assessment history before the inspection.

Cities

Six metros, six closing customs

The buyer-side transfer tax is the fastest way to see how local this market is: 1%+ in Manhattan, 0.75% in Chicago, zero in Austin and Seattle where the seller pays instead.

Neighborhoods

Areas in New York

Area guides with nearest metro, local projects and what each district is known for.

A co-op board can reject an application without giving a reason, and most impose financing caps, liquidity requirements and sublet restrictions. Condos are the predictable foreign-buyer product and they price accordingly.

Manhattan, a Brooklyn brownstone and a Queens condo do not share a cap rate. Sponsor units carry different disclosure and different closing costs — the buyer often absorbs the transfer tax on a sponsor sale.

The mansion tax is a buyer obligation that steps up from 1% at $1m, and mortgage recording tax adds roughly another two points if you finance. Budget attorney, title and taxes before you treat the ask as all-in.

Buy in New YorkRent in New York

FAQ

Can foreigners buy a co-op?
Sometimes. The board decides and need not explain. Condos are the more reliable route for a non-resident buyer.
FIRPTA?
Withholding on foreign sellers, not buyers. As a buyer you still need a clean title policy and a real attorney.

All markets: sivrce.com · Georgia marketplace: sivrce.ge · Prices and availability are published only when a verified listing exists. Market currency: USD.

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