It seems too good to be true but you wonder what is a sponsor apartment, do I own it the sam. conversions in New York City from 1961 to 2020. A grown child buying an apartment for a parent presents some unique challenges. Zillow has 187 homes for sale in New York NY matching Sponsor Unit. What distinguishes a sponsor unit from other apartments is that they have never been sold before. Hauseit LLC co-brokes all listings. Business, Economics, and Finance. The median price per square foot was $1,514, a 21% increase from January and a 16%. You are not truly buying the property. The lowest rate of 1% applies to purchases at or above $1 million and less than $2 million. In the 1980s, when many buildings were converted into co-ops, the original tenants had the option to purchase. These apartments are sold by the building’s owners or the corporation that established the co-op, and you get to skip the dreaded co-op board interview, making the process much easier—and faster. 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. $360,000. View 7030 homes for sale in Queens, NY at a median listing home price of $699,000. 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. This Kips Bay one-bedroom, one-bath unit is in an investment-friendly co-op building, which allows subletting from day one. There are many advantages as well as considerations to buying a sponsor unit in NYC. Negotiating the deposit. If you prefer to use a map view, click See all neighborhoods and select neighborhoods directly from. For Residential 1-3 family homes, condos, and co-ops the New York State transfer tax rates are as follows: Let’s say you purchased a new development condo for $1,000,000. Who owns it, then? The building, typically. 2. Since #3A is a sponsor sale, the buyer would pay the flip tax there and legal fees. If the sponsor owns 22-25 units and they are larger than the others, the sponsors share allocation might actually be greater than 50%. Step 1: Figure Out Your Budget and Financing. NYC Real Property Transfer Tax, $ If price $499,999 then 1%. Associated with Compass. the New York Telephone Company in 1929, has been emphatic. 00:08:54;. given I did like the unit, I initially offered to renogitate on the price given the greater than 5% discrepancy in sqft, yet when I pointed out this discovery to them, they immediately got quite annoyed and said no to negotiation. We also have a blog post that goes in-depth on the topic - check it out!Great article defining a sponsor unit and illustrating both the pros and cons of purchasing one. But the sponsorHi, I have noticed that many sponsor units I am looking at in brooklyn and queens are at least $20,000-$50,000 over market comps. By CityRealty Staff Thursday, August 26, 2021. Browse photos, see new properties, get open house info, and research neighborhoods on Trulia. Post A Rental Listing. But a sponsor is not prevented from voting its percentage of common interests for unit owners who have similar views, as long as the unit owners are not on the sponsor's payroll or otherwise given money by the sponsor. 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. Also, see our Legal Assistance page and our Primary Residence FAQ. 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. This will add a percentage of the purchase price to your closing costs. A sponsor unit is a type of apartment unit, typically found in condominiums (condos) and co-ops. 5 million. Buying a sponsor unit means that prospective purchasers can dodge the entire board application process, which can be arduous and stressful. Also, some co-ops and condos management boards will not let a unit go for under what they deem an exceptable threshhold (they have the option to buy the unit themselves and then resell it). , #4A, saw its price drop a couple weeks ago by $35,000, bringing the asking price to $845,000, which is just slightly north of the median for a two bedroom in the neighborhood, per StreetEasy. NYC Mansion Tax: $17,500. Description. 330 E 38th Street UNIT 12-N, New York, NY 10016. Hi, I'm looking to purchase a condo in Williamsburg, Brooklyn. Q. Buying a sponsor unit in a converted co-op or condo means that the unit does not need to comply with co-op bylaws such as board approval or right of first refusal. The new, conforming loan limit for mortgages that can be acquired in high-cost areas like New York City is $970,800, an increase from $822,375. Right of Refusal Contingency. This means that buyers of new housing developments. $225,000--bds; 1 ba--sqft - Coming soon. Pay a premium price for the. The exact amount will be dependent on the interest of each owner, in addition to the total assessed amount and the duration over which the assessment must be paid. com; Magazine. 4 billion in the the third quarter, 7% less than during the same period in 2022. 72% per year, or $7,200 per year according to average NYC property tax rates discussed in our article on NYC real estate taxes. If you are paying transfer taxes, the sponsor’s attorney fees and for your share. Illegal conversion is when an existing residential or commercial building has been changed to create an additional room, space, or unit without first. Closing costs involved in buying a new condo in NYC are usually higher than in resale transactions. The two new laws are New York State Tax Law §1409 and New York Administrative Code §11-2105. Reads. This is the fee associated with registering a mortgage with the state of New York. 8 percent. Buying from Sponsor Transfer taxes and seller’s attorney fees become the responsibility of the buyer when buying a sponsor unit. If you stumble upon a sponsor unit, that’s an apartment still owned by the building’s original owner, and is therefore exempt from the co-op board review. CONS: • Higher closing costs: New York City and State have transfer taxes of 1. A sponsor unit is an apartment in a co-op or condo that the developer or investor has retained after selling the other units. Save 6% when you sell or get a 2% commission rebate when you buy in NY & FL with Hauseit. Sort: Homes for You. The Mansion Tax in NYC is a progressive buyer closing cost which ranges from 1% to 3. 125% New York City tax) All other mortgages with initial loan balances of $500,000 or more. ” What's Next? As with anything that involves a major investment or purchase, it's important for the potential buyer of a. 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. 36 million for three-bedrooms. Buying a Sponsor Unit in NYC. Glacier bought unsold sponsor units in nine co-op buildings, which was the equivalent of 255 apartments, 218 of which were not rent. 1 ba. I was in contract for a $450K studio but then Board declined my application. Queens homes for sale. They're back: NYC buyers can expect more competition from foreign investors in 2023. In a Prewar Co-op. Main Menu. What does this mean for her?, Which document or documents will help the cooperative buyer learn how the board operates and learn the cooperative's future plans? and more. You’ll need to know how much you can afford or want to spend before starting your search. A sponsor can sell all remaining sponsor units as a bundle to another sponsor, coupled with all other sponsor rights/responsibilities in the building. ft. Sponsor Units NYC, New York, New York. But they are no longer common. This may be negotiable when it is a resale but less so if it’s a sponsor unit. RECOMMENDED IN SELL. Nice perks: free rolling racks and shelves, climate-controlled units, package acceptance, and a free storage shuttle for you and your stuff. To negotiate a transaction that benefits both parties, work with a buyer's agent. A “The tenant/shareholders in a housing cooperative are bound by the proprietary lease, bylaws, rules and regulations,” says Albert Pennisi of the law firm of Pennisi Daniels Norelli in Rego Park, Queens. 4% to 2. You must also pay RPTT for the sale or transfer of at least 50% of ownership in a corporation, partnership, trust, or other entity that owns/leases property and transfers of cooperative housing stock. The 4,600-square-foot unit had an asking price of $13. 300 ft². Repair Allowance. National Cooperative Bank offers competitive rates and easy pre-qualification. 295 million for a spacious "studio" with private outdoor space in the East Village. Department of Housing and Urban Development’s AMI, set to create affordable housing options in specific areas. ”. 1 bath. Listing by Redfin Real Estate. 05% of the initial mortgage principal (includes a 1% New York City tax). Listing by Alexander Madison Realty Inc. Since it’s a sponsor unit, the transfer taxes for NYC are 1% (since it’s under $500k) and 0. Additionally, buyers might be responsible for paying the sponsor's lawyer. Pros of buying a sponsor unit in NYC. 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. Marketing for sale Sponsor (& Re-sale) Units in NYC. See pricing and listing details of Forest Hills real estate for sale. LISTING BY: DOUGLAS ELLIMAN REAL ESTATE. 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). Glacier bought unsold sponsor units in nine co-op buildings, which was the equivalent of 255 apartments, 218 of which were not rent. Y. In a nutshell, Himmelstein says, “Don’t. The property you purchase can be classified as a primary residence, a secondary residence, or an investment property. The first step in buying a condo in NYC will be setting a budget for your purchase. 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. Buy smart: Before you buy a new or pre-construction condo in NYC, get the answers to these essential questions. Before you buy a co-op or condo — PDF version. Brooklyn Realty Specialists - Residential and Commercial Sales and Rentals, Condos and Co-Ops With Exceptional Service – Realty Collective. The Living Room Features Floor-to-Ceiling Windows, Plenty of Natural Light, Hardwood Floors Throughout, Open Concept. What is the Benefit of Buying a Sponsor Apartment? Since most buildings in New York were converted into co-ops years ago, the opportunity to buy a co-op unit that has never. 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 City has a distinct class of apartments known as sponsor units. coop #507534. You may also be able to negotiate on the deposit for the unit. ” The chance to buy a condo or co-op sponsor unit enables. Title Insurance: $0. The mortgage recording tax is 2. 814 Amsterdam Avenue, New York, NY. The application process for buying a co-op in NYC is notoriously daunting and one of the main advantages of the sponsor unit is that you don’t need board approval to buy. It can take up to 10 to 15 weeks (or more) to find the right condo for you. 2. Select a minimum price (optional) and a maximum price. You’ll need to know how much you can afford or want to spend before starting your search. Obviously it’s a no-brainer, if you can afford it. 05% for any property that sells for over $3,000,000. An icon in the shape of a person's head and shoulders. 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. 4% to 2. Each unit represents a specific number of shares. You avoid the 2. A sponsor unit is an apartment in a co-op or condo that the developer or investor has retained after selling the other units. When buying a brand new condo or a co-op directly from the developer (also known as a sponsor), expect to pay a New York City transfer tax of 1%. 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. The amount of leverage you have depends on whether you are an early buyer and what kind of market it is. Moving to NYC after college? Here's how to do it . So if you're buying a new apartment from the sponsor, be prepared to cover the transfer tax. Brick has found that listings of these apartments are up about 50 percent from before the pandemic. Rising interest from overseas investors should put homegrown NYC buyers on alert. This is a 3-bed, 2-bath, 1,350 sqft property. I was in contract for a $450K studio but then Board declined my application. That equates to $875 per month in common. By. Sublet surcharge — some NYC coops impose sublet ‘surcharges’ based on the size of the unit being sublet. An offering plan is a document that details all kinds of important information on an apartment unit in NYC. A grown child buying an apartment for a parent presents some unique challenges. With fewer residences, these co-ops or condos offer greater community involvement and decision-making power. A sponsor co-op apartment is one that is owned by a building's original owner or the corporation responsible for converting the building from a rental into a co-op. Buying a new development condo can take about 20 weeks from the initial search to closing. Homebuyers in New York City may be presented with the opportunity to purchase a “sponsor unit,” a type of property unique to New York City real estate. Note that the 90-day period can be extended, so you don’t have to rush the negotiation. A sponsor unit differs from other units in that it has never been sold before. “Sponsor listings” mostly are found in condo buildings, since. Co-op in Turtle Bay. Its iconic skyline is a testament to human ingenuity, ambition, and the relentless drive for…. What does it mean and. 05% on mortgages under $500,000 and 2. $40,000) is the down payment of a house almost anywhere outside N. Simple answer -- when they were sold to an individual buyer, they were no longer sponsor units. New Homes. It has a four-and-a-half star rating with 1,202 customer reviews. With 40 years of lending to buyers in New York City, NCB is the bank for co-ops. NMLS #507535. And you would pay 0. Midtown East | Cooperative | 2 Bedrooms, 1 Bath. SPONSOR UNIT, No Board Approval Needed, As Easy as buying a condo. For example, sponsors allocate common areas to individual units, and some sponsors measure the outside of the walls if it gets disclosed. Shares in IFF are down more than 40% since it. NO FEE – No Board Approval – Sponsor unit Beautiful fully renovated Studio apartment at 5 Tudor Place. Property types in NYC range from condos, coop, townhouses, multi-family properties to new construction and sponsor units. . The 421a tax exemption can bring your taxes down from 10-25 years. A Chinese investor bought two sponsor units at 111 West 57th St. Unfortunately, the same could be said of buying real estate in New York City: It’s different here. Nearby homes similar to 100 Clinton Ave Unit 4A have recently sold between $180K to $440K at an average of $345 per square foot. 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. Find apartments with sponsor unit in Manhattan | 50 Rentals. The coop foreclosure process is much faster than the foreclosure process for condos, houses and other real property because lenders do not need to go to court for a judgement to be able to seize and sell the property. In sponsor sales, the sponsor attempts to pass those costs along to the purchaser. Yes exactly. 1 ba. 4, 2013. branch and doing business in New York State; 1. 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. Yes, you can avoid all of the trouble by buying a sponsor unit. “Buying in a sponsor-owned co-op allows you to finance as much as the banks will allow you,” says Melissa Cohn, executive mortgage banker at William Raveis Mortgage. The tax is as high as 3. There is always a minimum down payment requirement which can range from 10%-50% down, depending on the Coop. If the building is not yet constructed, it will tell you what you are putting your money towards. We’re focusing on “Residential Type 1” and “Residential Type 2” properties for this post which include 1-3 family houses, condos and co-ops – basically residential. Most sponsors ask for 10. This is why you see bellow that there would be a flip tax of $7k for this unit (350 shares by $20/share). You might be able to organize with the other tenants into buying the whole building and going co-op, but that’s a huge undertaking. 4%. With mortgage rates at record lows, it’s a great time to buy an apartmen. Sponsor units can sometimes be found in new-development condos, in which case the developer. 2. You might be able to negotiate with your landlord for a longer lease with a lump sum, but you wouldn't OWN at the end of it. With 40 years of lending to buyers in New York City, NCB is the bank for co-ops. 4% and 2. These are the kind of deals developers are making in order to sell apartments in brand new buildingsOffering Plans for Co-ops and Condos in NYC. 9% for sale prices of $25 million or more. A sponsor unit in a New York City co-op or condominium can be a real find: It means more privacy and less bureaucracy. Rego Park, NY 11374. Financing Contingency. The NYC Transfer Tax is a new construction buyer closing cost of 1% for sales below $500k and 1. experienced brokers and they are ready to help you buy or sell your piece of NYC real estate. You are not truly buying the property. Co op rules and regulations in NYC can be extremely onerous for residents. 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. Simple answer -- when they were sold to an individual buyer, they were no longer sponsor units. It means you and the seller have come to an agreement about the price and rough terms of the deal. So, what is a sponsor unit anyway? Essentially, it's a unit that's never been sold. Listing by: Douglas Elliman Real Estate. Once the landlord gets the requisite number of purchasers, the conversion will be approved and the building will go condo—but for those stabilized tenants who don’t want to buy, they can continue to rent. For a $1,750,000 co-op in New York City, the typical buyer closing costs would be $27,000. In the 1980s, when many buildings were converted into co-ops, the original tenants had the option to purchase. 25th St. Map. For a $1 million home, this would equate to $4,000 – $6,000. 00 shall be certified checks of Purchaser or official bank checks payable to Seller or as Seller. 2. All Rentals. Sponsor units are free from many rules and restrictions, making it easier for buyers to close and move in. Sale Contingency. A few are. 425 to 1. The sponsor is selling 2 similar studio units for $565K and $575K, without Board approval. If you are buying a sponsor unit or new construction, the buyer usually covers the seller’s attorney fees (in addition to the Transfer Taxes). The big advantage of a sponsor co-op--and the reason they are so sought-after--is that buyers do not. $355,000. Sponsor units are not common in New York City real estate. Buying a sponsor unit in a converted co-op or. buying Co-ops family retiree sponsor unit. Higher rates apply for commercial transactions and multifamily properties with 4 or more units. (Estimated Timeframe: 30-45 Days) Necessary: When buying in a New Development or a Sponsor Sale, please disregard this step. When you buy a sponsor unit, you’ll often hear that you’re buying “unsold shares. Most Common Contingencies in NYC Real Estate Purchase Contracts. Compass. Aaron2, you're right. Only eneral downside I can think of is that you pay higher closing costs as stated by #4 and #5. Compass Exclusives. How buying real estate in NYC is unlike anywhere else. Many of my out of town buyers have often seen 'SPONSOR' unit Co-Ops, I thought it will be helpful to create a post so everyone can understand the difference between a traditional Co-Op and a Sponsored Co-Op apartment. Listing by EXP Realty. Sponsor units are a special category of apartments unique to New York City. 425%. The details of the transaction need to be worked out and due diligence needs to come back clean. Studio. 2. )Most co-ops require a strict board approval for move-in, but buying a sponsor unit in the building means skipping the interrogation. If you’re buying a sponsor unit (new construction), it’s customary for the buyer to also cover the seller’s attorney fees in addition to the NYC and NYS Transfer Taxes. Sponsor units are shares that haven't been sold, and that. However, this term can have a different meaning depending on whether the unit is in a. In 2008, it sold for $442,000, and in 2018, for $560,000, before ending up with. 25 million. 5Bath on the 4th floor of an elevator building. The buy-ers ask the sponsor to combine the apart-ments into single unit 1AB prior to closing. “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. There are currently 79 condos for sale in Rego Park, Queens, NY to browse through, with prices between $150,000 and $1,875,000. located at 111 Fifth Avenue, New York, New. Anyone with plans to purchase a sponsor-owned condo or co-op in NYC needs to understand an offering plan. A sponsor can sell all remaining sponsor units as a bundle to another sponsor, coupled with all other sponsor rights/responsibilities in the building. 98-120 Queens Boulevard, Unit 4G. Apartments for Rent. For sponsor sales, the flip tax is usually paid for by the buyer. September 26, 2023. NORWOOD, BRONX: We like the look of the kitchen in this fully renovated one-bedroom co-op—note, a sponsor unit—which boasts cherry wood cabinetry, granite countertops, and a dishwasher. 425% for sales of $500k or less. 425% of the purchase price if it’s under $500K. Use the filtering options available (number of bedrooms and bathrooms, square footage, year built, etc. For homes with sales prices over $500,000, the tax is 1. The annual rent of a 2-bedroom apartment in NYC (approx. This is the reverse of a traditional private resale where sellers pay the Transfer Taxes and cover their attorney fees. )The Penthouse at The Wales, a new condo conversion of a 1905 loft building, has outdoor space on two levels and Central Park views. Be very careful when buying a sponsor unit at a price of approximately $970,000 or more. 5. 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. Still, the apartment has a large living and. Building for sale! This lovely 5 story townhouse in the heart of Manhattan is perfect for conversion to 1-family home. See more ideas about nyc, home buying, closing costs. Renovated, it includes wood floors, plentiful cabinets, a kitchen island, and recessed lighting. Taxes are $497 a month. In NYC real estate, a listing being labeled “sponsor unit” means the apartment is on the market for the first time. New York City has about 75,000 pieds-a-terre. On March 31, 2019, the New York state Senate and Assembly agreed upon a new schedule of mansion tax rates as part of New York's 2020 budget. A condo or condominium is real property unlike a co-op. There are three people on the board, with the sponsor being one of them - all equal weighted votes. . The system was enacted in 1969 when rents were rising sharply in many post-war buildings. (But it is high for Riverdale, where the median asking price for a one bedroom is $230,000, according to StreetEasy. Inspection Contingency. The NYC Mansion Tax consists of 8 individual tax brackets. 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. The exact time will depend on the property and whether you’re making an all-cash purchase or financing. If the former, I don’t think it's possible to buy just one unit. Minimum sublet term: In order to deter short-term rentals, co-ops require minimum sublet terms of at least 1 year. Skip main navigation. 4 percent transfer tax to New York. NYC Transfer Tax Calculator; Capital Gains Tax Calculator; Co-op Flip Tax Calculator; Rent Menu Toggle. Browse photos, see new properties, get open house info, and research neighborhoods on Trulia. This two-bedroom one-bath in a prewar co-op in Prospect Heights is a sponsor unit (so no co-op interview required!), and despite that significant selling point, doesn't seem to be significantly marked up. Finally, a co-op charges a monthly maintenance , which includes the salaries of the superintendent and doormen, the cost of the building’s mortgage and property taxes, as well as water. Q Our building is 75 percent shareholders, 25 percent sponsor units (renters). After all, Cooperative is our middle name! Call us at (646) 201-4714 or email Brittney Baldwin at bbaldwin@ncb. #4FE) Prices are based on the U. In West Chelsea, this 1-bedroom HDFC unit is asking just $299K — significantly lower than average for the neighborhood. Buying a condo in New York City is a dream for millions of people. It’s Energy Star certified and has a dBA of 50. 3 Seller is not a “sponsor” or a nominee of a “sponsor,” or a successor. But this apartment in Tudor City, 321 East 43rd St. By virtue of the fact that these are sponsor units, no board approval is required for these co-ops. Once your purchase contract is; countersigned, your condo board will. Although uncommon, a rent-to-own agreement is one way to buy or sell a home in New York City. Blog; Forum; Calculators; Shop Menu Toggle. There are many terms in the real estate world but one that has been bandied about for a long time is “Sponsor sale”. 2. 425% for sales of $500k or more. Any residential sale below $3 million will remain at the already established 0. most of the time, you become like other unit owners. in new york city pls advise. You’ll often encounter more rules in a co-op building vs a condo building. In a co-op, a sponsor unit is. 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. Pros and Cons of Buying A Sponsor Unit. , #405, is going for $975,000. NYC and state transfer taxes. 9% for sale prices of $25 million or more. The city transfer tax is 1 percent of the purchase price on sales over $500,000 (or 1. However, case law suggests that a real estate buyer’s broker in NYC must show a “ direct and proximate link between the bare introduction of the purchaser and seller and the transaction . NEW - 1 DAY AGO. This flip tax is still under the average 1%-2% for most NYC co-ops over $500k. 4% for NY State. Similar to when buying in a new development, it is customary for the buyer of a sponsor unit to pay the New York State transfer taxes and New York City transfer taxes on behalf of the seller. The lower rate applies to sales of $500k and below. There have been some past sales in the building but it is probably still majority rental. It means that the sponsor cannot designate or nominate the majority of the managers. Submit the Board Application Package. From offer to signed contract takes five to 10 days depending on the market. in rare instances, the offering plan allows an investor to purchase bulk and retain sponsor privileges. A guide to using a no-fee renovation loan from a NYC real estate firm. It s… 50 Sponsor Apartments: Pros and Cons - The Real Estate Broads of New York (podcast) |. If you plan on financing, you should start looking at lenders and obtain a mortgage preapproval. 7,052 Co-Ops For Sale in New York, NY. The earlier you have this, the better. Each apartment owner will be required to pay the assessment. Search NYC Apartments . The commercial NYC Transfer Tax rate is 1. Just note that while you save on the price, the monthly maintenance of $1,737 is on the high side. in Chelsea has 44 units on five stories and dates to 1865. Listing by E Realty International Corp. , 75 Wall Street, and Greenwich West at 110 Charlton Street. It can also mean higher closing costs, however, and, in the case of. 075%. It is asking $695,000. Still, the apartment has a large living. 5 million. Here's why these units can be advantageous for NYC buyers. The transfer tax is based on the purchase price of the property. You must pay the Real Property Transfer Tax (RPTT) on sales, grants, assignments, transfers or surrenders of real property in New York City. Buyer having to pay transfer taxes applies to new and old sponsor condos. The argument for buying is even more persuasive in a market with low mortgage rates. coop . 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. Condominium buyers acquire.