Manhattan is three markets that share a skyline. Condominiums, including the towers on 57th Street known as Billionaires' Row, can be bought by anyone through any structure and set the headline prices: the USD 238 million purchase at 220 Central Park South in 2019 remains the city's residential record. Co-operatives, which make up much of the older stock on Fifth and Park Avenues, sell shares rather than real property and require approval by the building's board. Townhouses form a third, thinner market where zoning, landmark rules and air rights matter as much as square footage.
Brokerage is more open than in Monaco or London. Most listings are shared among REBNY members through the Residential Listing Service, and buyer brokers are common. The super-prime segment is the exception: a meaningful number of apartments above USD 20 million trade quietly through a few brokers who know which owners will sell.
Transaction costs fall mostly on the buyer. New York State's mansion tax rises from 1 percent at USD 1 million to 3.9 percent above USD 25 million; sellers pay city and state transfer taxes of roughly 2 percent combined at the top end. Each side retains its own attorney, and a 10 percent deposit is held in escrow at contract signing.
What to Look For in a New York Real Estate Professional
- Closed transactions in the specific building type you are targeting: condo, co-op and townhouse are distinct skills
- For co-ops, experience assembling board packages and knowledge of the board's financial requirements
- Clarity on whether the broker also represents the seller or developer, and how that dual role is handled
- Working relationships with real estate attorneys, since contracts are negotiated by lawyers, not brokers