Buying in Greenwich Village is exciting, but the cash you need beyond your down payment can feel unclear. You want to move forward with confidence, avoid surprises, and know what is due when. In this guide, you will learn the key cost categories, how co-op and condo purchases differ, typical ranges for early budgeting, and how timing can affect cash to close. Let’s dive in.
Co-op vs. condo: what changes your costs
Understanding the structure of what you are buying helps you budget. A condo purchase gives you a deed to a specific unit, so it is treated like a real property transfer and usually includes title insurance and recorded taxes and fees. A co-op purchase is a share transfer in a corporation with a proprietary lease, so you often avoid some title-related costs but add building and board-related fees.
In practice, co-op buyers often see lower closing costs than condo buyers at the same price. Co-ops add application and board counsel fees and may require stronger financials, while condos typically include title insurance and recorded mortgage taxes. Always confirm building policies, lender terms, and current tax rules before you make an offer.
What buyers pay at closing
Deposits and down payment
- You will likely submit an initial contract deposit that is competitive for Manhattan. Many contracts expect about 10 percent, though terms can vary. The remainder of your down payment is due at closing.
Mortgage-related fees
- Lender application or processing fees may apply and can be due at application or closing.
- Origination points or lender fees may be charged as a flat amount or a percentage.
- An appraisal is typically required and paid during underwriting.
- A credit report fee is a small line item.
- For condos, lenders typically require a lender’s title insurance policy. The premium is based on the loan amount.
- The mortgage recording tax applies to recorded mortgages in NYC. Your lender and attorney will calculate it based on the loan amount and current rules.
Taxes and transfer charges
- New York State mansion tax applies when the purchase price meets the state threshold. Buyers pay this tax on qualifying purchases, and the amount scales with price.
- Real estate transfer taxes for deeded transfers are part of condo purchases. Co-op share transfers are treated differently, so confirm the treatment for your transaction.
- Responsibility for some transfer taxes can vary by deal term. Confirm in your contract and with counsel.
Title and legal
- Buyers in NYC typically hire a real estate attorney. Fees are often a flat amount within a set range and cover contract review, coordination, and closing.
- Condo buyers usually purchase title insurance. A lender’s policy is typically required and an owner’s policy is optional but common. Premiums are regulated in New York and depend on price and loan amount.
- Title companies charge for search and closing services on condo deals. Co-ops do not involve owner’s title insurance on share transfers.
Building-specific fees
- Co-ops: expect a board application fee, a board attorney review fee, and move-in fees or deposits. Some co-ops have a flip tax that is often paid by the seller, but this can be negotiated.
- Condos: some associations have transfer or document fees such as estoppel or condo certificate charges, plus move-in fees or deposits.
- Common charges or maintenance are prorated at closing. Some buildings ask for short-term maintenance holds.
Municipal and administrative
- Condo purchases include deed recording fees and related filings. Transfer tax filings may also apply.
- Co-op purchases involve share transfer documents that the building or its counsel prepares and reviews.
Insurance and prorations
- You will obtain homeowners or co-op liability insurance effective at closing.
- Common charges and maintenance are prorated as of the closing date.
How much to budget before you offer
Use these starting points for a Greenwich Village purchase, then refine with your lender and attorney.
- Co-ops: plan for about 1 to 3 percent of the purchase price in buyer closing costs, excluding your down payment. Mortgage use and building fees drive variance.
- Condos: plan for about 2 to 4 percent or more, excluding your down payment. Title insurance and the mortgage recording tax are significant drivers.
Sample scenarios
These examples are directional for early planning. Confirm exact taxes, building fees, and lender charges for your specific deal.
- Greenwich Village co-op at $800,000, financing at 80 percent: estimate about $8,000 to $24,000 in buyer closing costs. Major items include your attorney, co-op board fees and counsel, lender fees and appraisal, and any applicable taxes.
- Greenwich Village condo at $800,000, financing at 80 percent: estimate about $16,000 to $32,000. Major items include your attorney, title insurance, lender policy, mortgage recording tax, and building or recording fees.
- Greenwich Village condo at $1.5 million, financing at 70 percent: estimate about $30,000 to $60,000 as a starting range, plus the mansion tax if the purchase triggers it.
Typical dollar ranges for frequent items
- Buyer’s attorney: $1,500 to $5,000
- Mortgage application or processing: $300 to $1,500
- Appraisal: $450 to $1,200
- Credit report and small lender fees: $25 to $100
- Title insurance on condos: several hundred to several thousand dollars depending on price and loan
- Board application fee for co-ops: $100 to $500
- Co-op board attorney review: $500 to $1,500
- Move-in or move-out deposits or fees: $250 to $2,000 or more
- Condo estoppel or certificate: $150 to $500
When costs are due and what affects timing
Typical timeline
- Pre-offer: get pre-approved so you know loan limits and cash to close.
- Offer and contract: expect to deliver your initial deposit at contract signing.
- Co-op board process: start the application right after contract. Board review and interview often take 4 to 8 weeks, which can extend the closing timeline.
- Condo processing: condos often move faster. Document production and lender underwriting are commonly 30 to 45 days.
- Underwriting and clear-to-close: appraisal and lender conditions run in parallel with building review.
- Closing: you wire final funds that cover your down payment balance and closing costs.
Factors that can add time or cash needs
- Additional board document requests or scheduling delays in a co-op.
- Lender requests for reserves or proof of funds. Some co-ops expect several months of maintenance in reserve.
- Building arrears or title issues on condos that require extra clearance.
- Seller timing constraints, including tenants or sublets.
Prevent surprises: a simple checklist
- Confirm building fees and policies with the managing agent. Ask about application fees, board counsel fees, move deposits, and any flip tax.
- Ask your lender for a detailed loan estimate that includes the mortgage recording tax, appraisal, and all lender charges.
- Request an attorney closing cost worksheet tailored to the building type and price point you are considering.
- Verify whether your price triggers the mansion tax and how much it will be.
- Plan for insurance, prorations, and any short-term maintenance holds the building may require.
Where to verify current numbers
- New York City Department of Finance for Real Property Transfer Tax and Mortgage Recording Tax information.
- New York State Department of Taxation and Finance for state transfer taxes and mansion tax guidance.
- New York State Department of Financial Services for title insurance information.
- Your lender or mortgage broker for current lender fees, appraisal costs, and underwriting timelines.
- Building management or co-op board counsel for application fees, board attorney fees, move-in policies, and flip tax rules.
Ready to plan your cash to close?
If you want a clear, building-specific estimate before you make an offer, we can coordinate a lender quote and an attorney worksheet so you know your exact cash to close. For calm, detail-focused guidance on your Greenwich Village purchase, connect with Jed Lewin, Esq..
FAQs
What is a typical buyer deposit for a Greenwich Village co-op or condo?
- Many Manhattan contracts expect about 10 percent at contract, though the exact amount varies by deal terms and negotiation.
How do co-op buyer closing costs compare to condo costs in Greenwich Village?
- As a planning range, co-ops often run about 1 to 3 percent of the purchase price and condos often run about 2 to 4 percent or more, excluding your down payment.
Does the New York State mansion tax apply to my Greenwich Village purchase?
- It applies when the price meets the state threshold, and the amount scales with price, so confirm the current threshold and exact amount with your attorney.
What is the mortgage recording tax and does it apply to co-ops?
- It is a tax on recorded mortgages in NYC that generally applies to condos, while co-op share transfers do not involve a recorded deed and are treated differently.
Which building fees should I expect as a co-op buyer in Greenwich Village?
- Plan for a board application fee, board attorney review fee, and move-in deposits or fees, with amounts set by the building.
How long does a Greenwich Village condo or co-op closing take?
- Condos commonly close in about 30 to 60 days after contract, while co-ops often take longer due to the 4 to 8 week board approval process.
Do I need title insurance for a Greenwich Village condo purchase?
- Lenders typically require a lender’s policy and many buyers also choose an owner’s policy, with premiums based on price and loan amount.
Who pays a co-op flip tax in Greenwich Village?
- Many co-ops charge a flip tax upon sale that is often paid by the seller, but it can be negotiated and building rules vary.
