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Probably a good assumption that closing costs for new development, or sponsor unit purchases direct from the developer involve different closing costs than normal re-sales in NYC right? I see lots of closing costs guides and articles out there, but can someone summarize for me what to expect when it comes to buying a new development condo or co op in NYC?
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Just do a Google search. This article is the first thing that comes up (https://www.hauseit.com/closing-costs-nyc/) .. coincidentally from the same company that operates this forum. Near the bottom they talk about closing costs for new development sponsor sales in NYC.
My main takeaway from that article is that the developer will expect you to pay for their transfer taxes plus attorney fees, and perhaps some other more minor items as well. So it's important to ask exactly what they're expecting from you before you agree on an offer and sign a contract. Remember that all of this is negotiable anyway. A good buyer's broker will tell you that you can submit an offer and ask that the sponsor pay for their own new development closing costs in NYC.
Don't work with a newbie agent who won't even know what closing costs are, let alone that there are extra ones for new development sales and that you'll be expected to pay them!
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