New York: Buy Apartment

Once you find a listing on platforms like StreetEasy or through your agent, the timeline typically follows these steps:

NYC real estate is primarily divided into two categories, each with distinct ownership structures and rules: buy apartment new york

Your attorney reviews the building’s financial health and minutes. Once you find a listing on platforms like

You sign the contract and typically pay a 10% deposit , held in escrow. Co-ops are often cheaper but have strict board

You buy shares in a corporation that owns the building rather than the physical real estate. Co-ops are often cheaper but have strict board approval processes and high down payment requirements (often 25–50%), as noted by Manhattan Miami Real Estate .

Many Co-op boards require you to have 1–2 years of carrying costs (mortgage + maintenance) in liquid assets after the down payment is paid, according to experts at Manhattan Miami Real Estate.