Buy Condo New York May 2026

Most condos permit 90% financing (10% down), though luxury buildings may require 20%. Select FHA-eligible units may allow as little as 3.5% down.

Before signing a contract, look for these warning signs cited by Redfin :

Buyers should budget for significant transaction costs, including title insurance and a Mansion Tax of 1%–3.9% for properties over $1M. buy condo new york

Can lead to "Special Assessments"—sudden, large bills for repairs like elevators or facades.

This is roughly 1.8%–1.925% of the mortgage amount, a cost unique to real property purchases like condos. Most condos permit 90% financing (10% down), though

The NYC market requires substantial liquid capital and a high income-to-debt ratio.

While condos cannot "reject" you like co-ops (they only have a Right of First Refusal), you must still submit a comprehensive financial application. Can lead to "Special Assessments"—sudden, large bills for

According to Kishner Legal P.C., the timeline typically spans 60 to 90 days from offer to closing: