What Does It Cost to Sell a Home in NYC in 2026?

NYC and New York State Transfer Taxes: What Sellers Actually Pay

Two separate transfer taxes apply to every residential sale in New York City, and both are paid by the seller in a standard contract. The NYC Real Property Transfer Tax (RPTT) is 1% of the sale price up to $500,000, and 1.425% above $500,000. The New York State Real Estate Transfer Tax (RETT) is 0.4% of the sale price, rising to 0.65% on sales of $3,000,000 or more (a 0.25% supplemental rate is added at that tier). Combined, these two taxes typically run 1.4% to just over 2% of the sale price, depending on where your sale falls in the pricing tiers below.

For example, a $700,000 sale in Upper Manhattan or Riverdale falls in the middle tier. The seller pays $9,975 in NYC transfer tax and $2,800 in New York State transfer tax, for a combined $12,775, or 1.825% of the sale price, before commission or attorney fees are factored in.

Does the Seller Pay the Mansion Tax in NYC?

No. The mansion tax is a buyer's cost, not a seller's. It applies to residential purchases of $1,000,000 or more and is paid entirely by the buyer at closing. Sellers sometimes confuse it with the transfer taxes above because both show up on the same closing statement, but they are separate charges paid by different parties.

Broker Commission and Attorney Fees

Broker commission is typically the largest single deduction from a seller's proceeds, and it is fully negotiable between the seller and the brokerage since rates in New York are set by individual agreement, not by law or industry standard. Attorney fees are a separate cost. New York requires an attorney to represent each party in a residential closing, and fee structures vary by attorney and by the complexity of the transaction. Ask your attorney directly for a quote before you list so there are no surprises at closing.

Co-op Flip Tax: An NYC-Specific Cost

If you're selling a co-op, your building's proprietary lease may include a flip tax, a fee paid to the building at closing, separate from any government transfer tax. Flip tax structures vary widely by building. Some calculate it as a percentage of the sale price or profit, others as a flat fee per share. Check your building's bylaws or ask your listing agent to pull the exact structure before you set your asking price, since it directly affects your net proceeds.

What This Means for Sellers in Upper Manhattan and Riverdale

In my experience working with sellers across Upper Manhattan and Riverdale, the sellers who are least surprised at closing are the ones who see a real net proceeds estimate before they list, not after an offer comes in. Transfer taxes are fixed by law and cannot be negotiated, but commission, attorney fees, and (for co-ops) flip tax structure are all knowable in advance. Pricing strategy should account for all of it from the start.

How to Get an Accurate Net Proceeds Estimate Before You List

1. Confirm your building's flip tax structure with your managing agent if you're selling a co-op.
2. Get a written fee quote from your closing attorney rather than estimating.
3. Request a full net proceeds estimate as part of your Comparative Market Analysis, factoring in your mortgage payoff, transfer taxes, commission, and any building-specific fees.

Frequently Asked Questions