I was in contract for a $450K studio but then Board declined my application. The first step in buying a condo in NYC will be setting a budget for your purchase. 075% depending on the property’s price. 425%. The sponsor unit has. The exact time will depend on the property and whether you’re making an all-cash purchase or financing. 9 million. This seems like an issue you’ve been asking all over Reddit this past week. Transfer taxes (sponsor co-op and new condo buyers only): If you buy a brand-new condo or a co-op directly from the sponsor, you may also wind up paying a NYC transfer tax of 1 percent of the purchase price on purchases is $500,000 or less and 1. The sponsor is the person or entity who originally owned and converted the building from rental units to a co-op. A sponsor is a person or business entity starting a condo or co-op through conversion or as new construction. I also understand that sponsor unit condos can come with significantly higher closing costs due to the transfer taxes and mortgage taxes. Basically the sponsor waives their right to evict on these grounds for themselves and their successors and assigns and in return stabilized tenants are incentivized to vote for the plan to convert. A number of units in the building have already entered contract, and remaining availabilities start at $570K for studios, $940K for two-bedrooms, and $1. 9% for sale prices of $25 million or more. Sold 10/31/22. 5. Pay a premium price for the convenience of no board approval; Re-sale poses the hurdle of board approval for the next buyer; Higher closing costs similar to new developments; When do sponsor units list for sale? What is a sponsor unit? What are the advantages to buying a sponsor apartment in New York City? What are the negatives to buying a sponsor unit co op? What are some nuances to calculating transfer taxes owed for a sponsor sale coop? We'll teach you everything you need to know about buying a sponsor unit in NYC. Browse photos, see new properties, get open house info, and research neighborhoods on Trulia. 84% of the purchase price. In addition to the New York City transfer tax, you will also be required to pay a . They essentially buy the unsold shares of the co-op, wait for the rent-stabilized tenants to move out, then flip the apartment and list it as a sponsor unit. There's a condo that I'm interested in but it's been on the market for more than 2 years. Buy. Listings from Canal Street to West 30th Street are selling at a median price of $2,010 per square foot, with Noho having the highest median prices ( $5. How to handle problems with a condominium board of managers. Other perks of buying directly from a sponsor can be lower cost or a. The downside is that there are additional costs to buying one. The attraction of buying a furnished sponsor unit is that the furniture has been selected by a professional designer and has not been used by anyone else. As a result, prices have trended up for HDFC coop housing in recent years and made many out of reach for low-income New Yorkers. That’s because buyers are expected to pay city and state transfer taxes on co-op sponsor sales. With mortgage rates at record lows, it’s a great time to buy an apartmen. 05% of the initial mortgage principal (includes a 1% New York City tax). My own converted in the early '90s with a bit more than 50% sold, and is now at 22% of shares still owned by the sponsor. Nearly half of luxury units across seven buildings in the uber-exclusive Midtown Manhattan stretch — where apartments have sold for. The annual rent of a 2-bedroom apartment in NYC (approx. Note that the 90-day period can be extended, so you don’t have to rush the negotiation. Sponsor units can sometimes be found in new-development condos, in which case the developer. Subletting a sponsor-owned apartment is much simpler. 5-2% of. If you are paying transfer taxes, the sponsor’s attorney fees and for your share. “Sponsor listings” mostly are found in condo buildings, since. View 456 homes for sale in Forest Hills, NY at a median listing home price of $399,000. 89-00 170th Street UNIT 2N, Jamaica,. They didn't give a reason but I was told by the seller it was my proposed renovations (ventless washer/dryer combo unit, jacuzzi, ventless fireplace). . Condo in Gramercy Park at 215 East 19th Street #15B for $3,995,000This includes a standard application, request for financial information (bank statements, W-2s from previous and current years, pay stubs, etc. One of the most overlooked parts of the application process requires you to obtain personal reference letters (aka recommendation letters) from friends or colleagues who can vouch for your good character. 425% for sales of condos, co-ops and one- to three-family houses. With 40 years of lending to buyers in New York City, NCB is the bank for co-ops. Title Insurance: $0. If you live in a co-op building, then you will most likely need coop board approval unless you are the sponsor and you are renting out a sponsor unit. If price > $499,999 then 1. (But it is high for Riverdale, where the median asking price for a one bedroom is $230,000, according to StreetEasy. There have been some past sales in the building but it is probably still majority rental. If you have any additional questions, please contact us after reading this NYC Mansion Tax guide!. The sponsor is selling 2 similar studio units for $565K and $575K, without Board approval. Higher prices. Although uncommon, a rent-to-own agreement is one way to buy or sell a home in New York City. They're back: NYC buyers can expect more competition from foreign investors in 2023. $355,000. For all residential transactions from $499,999 and less, New York City collects 1% of the sale price. This two-bedroom, one-bath sponsor co-op 163 Ocean Ave. This can be both good and bad for the OP and should be looked into. It's not the regulations of the co-op board, but rather it's the terms of the proprietary lease. NYC Real Property Transfer Tax, $ If price $499,999 then 1%. 2. LISTING BY: SOTHEBY'S INTERNATIONAL REALTY. In a nutshell, Himmelstein says, “Don’t. Your attorney will provide this and detail some important protections you must know before deciding to buy. located at 111 Fifth Avenue, New York, New. In a typical resale transaction, such transfer tax is paid by the seller. 075%. Those making a purchase in NYC should allocate money for both local and state transfer taxes. RECOMMENDED IN SELL. 425 percent on purchases of $500,000 or less), plus there’s a 0. A downside to buying a sponsor condo is that the buyer pays the New York State and New York City transfer taxes. For transactions that are $500,000 and higher, that rate goes up to 1. Listing by EXP Realty. 10% of annual maintenance (1st year) 20% of annual maintenance (2nd year) 25% of annual maintenance (3rd year) Annual sublet renewal fee — many coops in NYC will charge shareholders an fixed ‘annual sublet renewal fee’. , managing partner at Woods Lonergan PLLC, a Manhattan-based law firm that concentrates on real estate and in particular, buyer, seller, and cooperative and condominium representation. We #lovebrooklyn!28 Apr 2022 · The Real Estate Broads of New York. A sponsor unit is a co-op unit that belongs to the sponsor, the building’s developer. 720 sqft. Most Common Contingencies in NYC Real Estate Purchase Contracts. 98-120 Queens Boulevard, Unit 4G. It works this way: When you inspect a multifamily property, you’ll make a list of what. In this episode of the Real Talk NYC Real Estate Podcast, John and Jonathan will cover what a sponsor unit/apartment is, the pros and cons of sponsor sales, how to know if a sponsor unit is the right fit for you, and what the pros and cons of purchasing a sponsor unit are. There aren't that many 100%-sold co-ops. If you plan on buying a home in New York,. 4 All checks for closing adjustments aggregating in excess of $2,500. Most Common Sublet Policy: 1-2 years of subletting permitted after 1-2 years of initial occupancy by the shareholder. The NYS Transfer Tax was raised in Starting 2019 to 0. Pay a premium price for the. Financing Contingency. This condo overlooking the High Line comes with a rather startling deal: Two free years of common charges. Council 212-979-0611. You’ll often encounter more rules in a co-op building vs a condo building. Absolute NYC & NYS Seller Transfer Tax rates in YORK are 1. The property you purchase can be classified as a primary residence, a secondary residence, or an investment property. Rising interest from overseas investors should put homegrown NYC buyers on alert. Sponsor units in NYC are more commonly found in co-op buildings that once operated as rental properties. Higher rates apply for commercial transactions and multifamily properties with 4 or more units. “This could add 1. A condominium, co-op, or apartment that the builder or investor has kept after selling the other units is referred to as a sponsor unit. 425% if it’s under $500,000. Q. In addition to houses in 10453, there were also 4 condos, 1 townhouse, and 7 multi-family units for sale in 10453 last month. One of the best things about buying a sponsor unit in NYC is that you can forgo giving up days of your life putting together a massive coop board package. The mortgage recording tax is 2. The apartment, which is in a 31-unit building that is still selling sponsor units, has steadily improved in value. If the building is not yet constructed, it will tell you what you are putting your money towards. Buying a sponsor co-op also comes with other benefits: Some buildings will accept a smaller down payment, for example 10 percent instead of the standard 20 to 25 percent, removing one of the major barriers to buying in NYC. branch and doing business in New York State; 1. Nice perks: free rolling racks and shelves, climate-controlled units, package acceptance, and a free storage shuttle for you and your stuff. Capital contribution fees. Still, the apartment has a large living. RECOMMENDED IN RENT. Close to shopping, bus to main street, LIRR station and Bell Boulevard. A buyer who wants to reside in the building but does not want to own an apartment held by someone else directly might purchase the sponsor unit (direct ownership). , 75 Wall Street, and Greenwich West at 110 Charlton Street. The New York City Mansion Tax starts at 1% for purchases on/above $1 million and below $2 million. A sponsor is a person or business entity starting a condo or co-op through conversion or as new construction. If you prefer to use a map view, click See all neighborhoods and select neighborhoods directly from. Other negative aspects of buying a sponsor unit. 2 bds; 2 ba; 721 sqft - Condo for sale. licensed real estate brokers licensed to do. Updated March 8, 2022. What distinguishes a sponsor unit from other apartments is that they have never been sold before. 425% on. Unfortunately, since the 421a tax abatement program got a major makeover in 2016, new developments with this type of abatement will become. in Chelsea has 44 units on five stories and dates to 1865. com. A condo or condominium is real property unlike a co-op. For a $1 million home, this would equate to $4,000 – $6,000. If it’s a five-unit building and the roof needs $100,000 of repairs, you know where the building is going to. Rising interest from overseas investors should put homegrown NYC buyers on alert. the New York Telephone Company in 1929, has been emphatic. If buying a new construction unit, the Offering Plan (with any amendments) may be your sole source of diligence. Board Approval Contingency. The offering plan is a document that discloses important information about a condo or co-op to a prospective buyer. , between Broadway and Amsterdam Avenue, has high ceilings, a windowed kitchen, a windowed pantry and a new bathroom. Right of Refusal Contingency. Financing Contingency. There's lots of new development in West Chelsea, including One High Line, which opened this year and has a one-bedroom sponsor unit for $2. In this week’s Buy Curious, guest broker Eydie Saleh of Mirador Real Estate shares her intel on co-op sponsor units so you can determine whether they may or may not turn you into a homeowner after all. Yep they can be pricey. A sponsor unit is an apartment in a co-op or condo that the developer or investor has retained after selling the other units. The two bedroom, three bath, 515 West 29th St. Minimum sublet term: In order to deter short-term rentals, co-ops require minimum sublet terms of at least 1 year. vacated and sold each year, and the sponsor's done much better overall with the post-conversion sales than on the initial 50%. Here's why these units can be advantageous for NYC buyers. See more ideas about nyc, home buying, closing costs. For homes with sales prices over $500,000, the tax is 1. How the home you purchase is classified can affect your taxes and the mortgage interest rate that you receive. 1 Bath. most of the time, you become like other unit owners. T. 425%. 175% of the initial mortgage principal (includes a 1. )Most co-ops require a strict board approval for move-in, but buying a sponsor unit in the building means skipping the interrogation. It discusses what sponsor units are, who sponsors them, and the adv. That equates to $875 per month in common. For more information, call 347-846-2421. You should be aware of the fact that buying a sponsor unit does not necessarily guarantee that you won’t have to complete some sort of board application. 004 percent of the purchase price (which equals $4 per $1,000 of purchase price). The new rates start at 1% beginning with properties of $1,000,000 or greater and gradually increase to a maximum of 3. 4% of the sales price for properties below $3 million, and 0. Sponsor units don’t require board approval, and there are co-ops in various types of unique circumstances where certain units may not be sponsor units but they don’t require Board approval for subletting. Buyer Closing Credit; Search for Listings; Closed Buy;. 800 ft². The term “sponsor unit” in NYC usually refers to a co-op apartment that is being sold by the sponsor. There is an upside to buying a sponsor unit, most popular is that it usually is a co-op and with a sponsor. Please reach out to me with any questions. 1ba. Compass. Yes, you can avoid all of the trouble by buying a sponsor unit. Deal of the Week; Most Popular; Open Houses. The advantage of buying a sponsor unit in a co-op is that you get to bypass the board interview. Also, consider that most coops require that you show 24 months costs in cash post closing - if you pay all cash for the unit, you would still need to show 24x maintenance in a bank or brokerage account to get approval. Description. Map. NYC Mansion Tax: $17,500. undivided interest in the common elements of the building. Once upon a time, you knew you had finally made it in New York City when you could afford to buy a penthouse apartment. licensed real estate brokers licensed to do business in New York and Florida, respectively, under license numbers 10991232340 and CQ1064175. For many New York buyers, so-called "sponsor units" are some of the most desirable options in the city, in part because buying directly from a building's sponsor generally allows you to skip the typical. See pricing and listing details of Forest Hills real estate for sale. You will also be subject to New York State transfer taxes, which is 0. 3 bds; 3 ba; 1,700 sqft - Condo for sale. Who owns it, then? The building, typically. “A tenant. Basically the sponsor waives their right to evict on these grounds for themselves and their successors and assigns and in return stabilized tenants are incentivized to vote for the plan to convert. A CO or certificate of occupancy specifies how a building may be used, how it's zoned, and how many residences are permitted. 10 Things You Need to Know Before Renting in NYC; What are Sponsor Units in New York City Real Estate? Your Guide to Renting an Apartment in New York City; Latest Trends in New York City Real Estate: 2023; Top 10 Things to Consider When Buying a Home in. 1bd. For those of you who are familiar with accounting, the REBNY financial form is a combination of a personal balance sheet and income statement, and allows sellers to evaluate your financial capability. it depends on what is written into the offering plan. I am considering buying a unit from a sponsor who converted a commercial building into a condominium two years ago but decided to sell only two of six units atStudy with Quizlet and memorize flashcards containing terms like Your client, Georgette, wants to buy into a cooperative. It seems too good to be true but you wonder what is a sponsor apartment, do I own it the sam. Before you buy a co-op or condo — PDF version. 3. If you’re planning on buying a co-op in New York City, you’ve probably heard of the dreaded coop board application and subsequent interview. This 5,000 BTU unit is the best-selling model on Amazon, and is ideal for a 100- to 250-square-feet room. Negotiating with a sponsor. once I buy it will it still be a sponsor apartment, and are there any cons to buying one. Subscribe to The Real Estate Broads of New York on Apple Podcasts, Google Podcasts, Stitcher, Spotify, or wherever you listen so that you. How buying real estate in NYC is unlike anywhere else. Transfer taxes (sponsor co-op and new condo buyers only): If you buy a brand-new condo or a co-op directly from the sponsor, you may also wind up paying a NYC transfer tax of 1 percent of the purchase price on purchases is $500,000 or less and 1. Hey showtime, you avoid the major ones by buying a coop at this price point. 8 million, down from $27. What is a Sponsor Unit? It's important to understand the definition of a sponsor unit and how it's somewhat different from a brand-new co-op or condo apartment that becomes available on the market. 425 to 1. A sponsor unit differs from other units in that it has never been sold before. “The law prevents you from suing the sponsor or developer for fraud due to omissions or failures to disclose material information in the offering plan because only the state attorney general can sue for fraud in an offering plan,” says Bonnie Reid Berkow, a NYC real estate lawyer and founding partner at the firm Wagner, Berkow & Brandt. Homes for sale; Foreclosures; For sale by owner; Open houses; New construction; Coming soon; Recent home sales;. New York, NY Home for Sale. View property. If you want to buy a co-op in New York City without the intrusive buying experience that they’re known for—a sponsor unit is your best bet. Mansion Tax must be paid on all real estate purchases over $1000000. Buy Open Buy sub-menu. 84-70 -th Street #4S, Kew Gardens, NY 11415. When they refer to post-closing liquidity, co-op boards mean the amount of months’ worth of “rent” you. A sponsor unit in a New York City co-op or condominium can be a real find: It means more privacy and less bureaucracy. Picture an empty apartment. How buying real estate in NYC is unlike anywhere else. 10018, or by. The earlier you have this, the better. Billionaires’ Row is a bust. Zillow has 187 homes for sale in New York NY matching Sponsor Unit. 345 East 57th Street, #16B (Compass) From the Listing: This classic 5 into 4 room apartment gem features a bright 2 bedroom apartment in a boutique pre-war co. Although a co-op will not reject your application for a sponsor unit, they may require the submission of an abbreviated board application for the purposes of verifying your assets. NMLS #507535. 4% to 2. Price cut: $100,000 (Nov 8)Determine your closing costs in advance when buying a condo, co-op, or home in NYC. Since owners of co-op apartments are technically tenants vs owners of real property, the board of the co-op corporation which actually owns the building has enormous power over the residents. Brick has found that listings of these apartments are up about 50 percent from before the pandemic. For mortgages of one to three family houses and individual residential condo units with initial loan balances of $500,000. Buy Menu Toggle. A grown child buying an apartment for a parent presents some unique challenges. “This is mainly because New York City and New York State have transfer taxes that will be paid by a purchaser instead of the seller when buying from a sponsor,” says Halstead’s Liao. 925 percent, totaling $15,400. Each owner actually owns their own residential unit, but shares the real property that is known as the common. One of the sticking points that stops some people from buying coops is that you're buying shares in the coop's corporation which gives you the right to live in a particular unit. You are not truly buying the property. In a co-op, a sponsor unit is. If you’re interested in purchasing an apartment in a condominium building and wondering how to do it, this comprehensive guide will walk you through the process. ” What's Next? As with anything that involves a major investment or purchase, it's important for the potential buyer of a. Aaron2, you're right. Sublet surcharge — some NYC coops impose sublet ‘surcharges’ based on the size of the unit being sublet. Business, Economics, and Finance. 125% New York City tax) All other mortgages with initial loan balances of $500,000 or more. Online searches for sponsor co-ops, which are. "Once the owner is satisfied, they'll file the plans with the NYC Department of Buildings, and. The most expensive unit to enter contract was Unit 8401 at 35 Hudson Yards. It’s located in The Harmony, a 16-unit boutique elevator condo building with a fitness center, parking garage, furnished roof deck, storage units, and bike storage. Attorney Fees: $4,000. The apartment is located in a prewar co-op building with a 24-hour doorman, a resident super, a laundry room, a bike. There are so many questions, but all you need to know it's out there on the web just google "buying a co-op in NYC" and read all there is out there, really. Buy Rent Sell. The building has a live-in super and a private courtyard, and is close to Montefiore Hospital, making it a good spot for medical residents. Sponsor Units NYC, New York, New York. 25 million. The sponsor will pay the transfer tax for all accepted offers received before January 31. Appraisal Contingency. 2. There are currently 79 condos for sale in Rego Park, Queens, NY to browse through, with prices between $150,000 and $1,875,000. The New York Times, 620 Eighth Avenue, New York, N. Board Approval Contingency. Top podcasts; Episodios; Podcasts; Iniciar Contraseña; Registrarse;. coop . What are the Benefits of Buying a Sponsor Unit? What are the Benefits of Buying a Sponsor Unit?Occupants who didn't buy were allowed to continue renting in the building. New York. Normally, the seller pays the transfer taxes on a sale, which, in NYC, amounts to 1. However, these can be ponderous tomes to read through. 1 ba. Search NYC Apartments . Sponsor units are desirable because they usually do not require the buyer to undergo the traditional co-op board approval process. More On: luxury real estate. Buyer Closing Credit. 5 million. $330,000. 00:08:54;. A guide to using a no-fee renovation loan from a NYC real estate firm. There are many advantages as well as considerations to buying a sponsor unit in NYC. Purchasing a sponsor unit in a co-op, in particular, is a much different experience than buying a. However, let's say for example there is a $3 million mortgage on the building, 20 apartments total with everyone owning an equal amount of shares, then each unit would have $150,000 of building. But this apartment in Tudor City, 321 East 43rd St. RECOMMENDED IN. Listing by: Douglas Elliman Real Estate. It makes sense to buy. 75% New York. , #BA, up to $280,000—which is still, to anyone used to Manhattan prices, a good deal. The 'personal use' rule usually do not apply to units cooperatives that have a 'non-harassment' plan filed as part of the conversion. 05% on mortgages under $500,000 and 2. Sponsor units are free from many rules and restrictions, making it easier for buyers to close and move in. Sponsor units in NYC are more commonly found in co-op buildings that once operated as rental properties. Simple answer -- when they were sold to an individual buyer, they were no longer sponsor units. No issues at all with the tenants. A grown child buying an apartment for a parent presents some unique challenges. Find rego park properties for sale at the best price. Sponsor unit queens. RECOMMENDED IN SELL. This one-bedroom, one-bath sponsor co-op, 211 West 10th St. Main Menu. New Homes. out this great listen on Audible. for a total of $34 million, including this three bedroom with views of Central Park. I was in contract for a $450K studio but then Board declined my application. 125% New York City tax) All other mortgages with initial loan balances of $500,000 or more. 425 percent on purchases of $500,000 or more, plus a . If price > $499,999 then 1. ” Basically, a sponsor unit in a condo building is a residence that has been owned by the developer and it’s going up for sale for the first time. No board approval required; Tend to be renovated; Cons of buying sponsor unit in NYC. 825% of the purchase price if the price is over $500K and 1. John Gasdaska and Jonathan Conlon are expert, experienced brokers and they are ready to help you buy or sell your piece of NYC real estate. 4% for sales under $3 million. Total NYC & NYS Seller Transfer Tax rates in NYC are 1. Marketing for sale Sponsor (& Re-sale) Units in NYC. buying Co-ops family retiree sponsor unit. The Living Room Features Floor-to-Ceiling Windows, Plenty of Natural Light, Hardwood Floors Throughout, Open Concept. The first step in buying a condo in NYC will be setting a budget for your purchase. For Luis Vargas, the answer was to buy a sponsor co-op for his mom—one of the big incentives to buying these types of apartments is that you can skip the board approval process. 81-16 Langdale Street UNIT 250A, New Hyde Park, NY 11040. From offer to signed contract takes five to 10 days depending on the market. Buying a co-op sponsor unit means you don't need board approval, but you'll likely pay a premium You get to avoid the intense scrutiny of a typical NYC co-op. Pros of buying a sponsor unit in NYC. If you were buying an apartment for $1,000,000, that would add approximately $18,000 onto the purchase price. buying Co-ops family retiree sponsor unit. According to attorney Aaron Shmulewitz, a partner with the New York City-based law firm of Belkin Burden Wenig & Goldman, LLP, a sponsor unit is an. See floor plan and full details here. There are roughly 3,644,000 homes in New York City. A sponsor can sell all remaining sponsor units as a bundle to another sponsor, coupled with all other sponsor rights/responsibilities in the building. Anyone deemed worthy by the sponsor and a mortgage lender qualifies to buy the apartment, and the co-op has no control over who moves in. Tend. Listing by Douglas Elliman. That can be up to 1. These documents are usually pretty long, so set aside some time to read through it yourself. 67 likes. They range from outright prohibitions on all subletting at one end to unlimited subletting at the other end. The big advantage of a sponsor co-op--and the reason they are so sought-after--is that buyers do not. The new laws require disclosure of the name of every natural person who owns a membership interest, directly or indirectly, in an LLC that is the grantor or grantee of residential property containing one to four units. How buying real estate in NYC is unlike anywhere else. Sponsor units are not common in New York City real estate. A special category of apartments in New York City are called “sponsor units. I read online that this is undesirable because the majority owner can increase HOA fees significantly at any point or change up the rules that may negatively impact people who own their units. If the sponsor owns 22-25 units and they are larger than the others, the sponsors share allocation might actually be greater than 50%. The 'personal use' rule usually do not apply to units cooperatives that have a 'non-harassment' plan filed as part of the conversion. Many in the co-op and condo community welcome the trend because it means a decline in sublets and an accompanying rise in owner. The appeal of these sponsor units is that there is no need to comply with co-op bylaws such as board approval or right of first refusal and other perks of buying directly from a sponsor can be. A condominium (condo) is a single real estate unit in a multi-unit development in which an owner has both of the following: separate (individual) ownership of a unit. 3 Seller is not a “sponsor” or a nominee of a “sponsor,” or a successor. Next, let’s assume this property has $1. 2 bds. Jul 12, 2019 - Explore Team Hauseit's board "Buying a Home in NYC" on Pinterest. A sponsor unit is an apartment in a building that’s still owned by the original builder/developer of the building. The NYC Transfer Tax is a new construction buyer closing cost of 1% for sales below $500k and 1. You are not truly buying the property. It will not only be difficult for the building to. Tudor City homes for sale. The sponsor is selling 2 similar studio units for $565K and $575K, without Board approval. 2 million, and he paid $5,027,609 when the deal finally closed on Dec. 75% New York City tax) They're back: NYC buyers can expect more competition from foreign investors in 2023. John Gasdaska and Jonathan Conlon are expert, experienced brokers and they are ready to help you buy or sell your piece of NYC real estate. Moving to NYC after college? Here's how to do it . For all residential transactions from $499,999 and less, New York City collects 1% of the sale price. New York rentals. Listing by Alexander Madison Realty Inc. Due to a change in state law, the Cooperative and Condominium Property Tax Abatement has changed for tax year 2022-23 (which begins July 1, 2022) and subsequent tax years. Buying a Sponsor Unit in NYC: Up to 2% When Buying in NYC: Buying Guide; Foreclosure center; Real estate app; Down payment assistance; Find a buyer's agent; Rent Open Rent sub-menu. The Real Estate Finance Bureau reviews offering plans to ensure compliance with.