NYC New Development Closing Cost Calculator
Buying a sponsor unit in a new NYC condo or co-op? New development closing costs run higher than a resale — you typically cover the NYC & NY State transfer taxes, the sponsor’s attorney fee, a working capital contribution, and sometimes a super apartment contribution, on top of standard buyer costs. All four of those are routinely negotiable, so this calculator lets you toggle which ones the sponsor is covering in your deal.
Buying a resale instead? See all our calculators.
Glossary
On a resale, the seller typically pays NYC and NY State transfer taxes. On a sponsor sale, the sponsor shifts those to the buyer — along with their own attorney fee and building-funding contributions — pushing total buyer closing costs to roughly 5-6% of the purchase price, versus about 4% on a comparable resale.
A per-unit base closing fee sponsors charge to cover their own counsel’s work on the transaction, commonly around $4,000, sometimes with add-ons for financing or administrative work. This is separate from — and in addition to — your own attorney’s fee.
A one-time deposit into the building’s operating account, typically equal to one month’s common charges, meant to give a brand-new building a cash cushion before regular maintenance billing ramps up. It’s disclosed in the offering plan and is not refundable.
Some buildings require unit owners to fund the purchase of a residential unit for the live-in superintendent, pro-rated across all units. Whether a building charges this — and how much — is entirely building-specific; check the offering plan.
Yes, especially when a building is still selling units and wants deals to close. Sponsors regularly agree to cover transfer taxes and their own attorney fee as a buyer incentive, particularly late in a sellout or in a softer market. It never hurts to ask — your agent should be negotiating this on your behalf as part of the offer.
The mansion tax applies the same way on new construction as on a resale: progressive brackets from 1% to 3.9% on purchases of $1 million or more, based on the purchase price. It is not one of the negotiable sponsor-specific fees.