Brooklyn closing costs, explained line by line

Why closing costs surprise people

New York has some of the highest transaction costs in the country, and they vary widely between co-ops, condos and townhouses. A $1,000,000 purchase can carry closing costs anywhere from about $25,000 to $60,000 depending on the property type and who pays what.

The figures below are general sample ranges for planning. Your attorney will give you exact numbers for your transaction.

Buyer costs

Most buyers should budget for the following:

• Attorney fee: commonly $2,500 to $4,500
• Mansion tax: 1% of the price on residential purchases of $1M or more, rising in steps above $2M
• Mortgage recording tax (condos and houses only): about 1.8% to 1.925% of the loan amount
• Title insurance (condos and houses only): varies with price and loan
• Bank fees, appraisal and credit report: often $1,500 to $3,000
• Co-op lien search and recognition agreement fees: several hundred dollars
• Managing agent and move-in deposits: varies by building

Seller costs

Sellers generally pay the larger share of transfer taxes:

• NYC real property transfer tax: 1% up to $500,000, 1.425% above
• NYS transfer tax: 0.4%, higher on residential sales of $3M and above
• Broker commission: negotiated and agreed in writing
• Attorney fee: commonly $2,500 to $5,000
• Co-op flip tax: often 1% to 3% where applicable
• Payoff and satisfaction fees for any existing mortgage

New development is different

In most sponsor sales the buyer pays the city and state transfer taxes that a seller would usually pay, plus the sponsor's attorney fee and sometimes a working capital contribution. That can add 3% or more to your costs. This is often negotiable, especially later in a building's sell-out.

An example on a $1,200,000 purchase

For a resale co-op with a $960,000 loan, sample buyer costs might total about $22,000: mansion tax of $12,000, attorney fees of $3,500 and roughly $6,500 in bank and co-op fees.

For a resale condo with the same loan, add mortgage recording tax of around $18,000 and title insurance of roughly $5,000, bringing the total closer to $45,000.

How to keep costs down

Some costs are fixed by law, but several are not:

• Negotiate sponsor-paid transfer taxes or closing credits in new development
• Consider a CEMA loan when buying a condo or house from a seller with an existing mortgage
• Compare attorney and lender fees before you sign
• Time your closing to avoid paying extra months of common charges or maintenance

Put your numbers on paper

We prepare a net sheet for buyers and sellers before an offer or listing, so the closing numbers are never a surprise. If you are weighing a sale, request a home valuation and we will include an estimated net proceeds sheet.

Figures in this article are general sample ranges for 2026 and are not legal, tax or financial advice. Confirm with your attorney, accountant or lender.