Where Does All the Money Go When You Sell a Home in NYC?
If you sell a $680,000 home on Staten Island, you’re not walking away with $680,000. You’re walking away with somewhere between $600,000 and $625,000. Where did that $55,000 to $80,000 go? Transfer taxes, attorney fees, title insurance, and a list of closing costs that most sellers don’t find out about until they’re sitting at the closing table.
In this guide, I break down every fee you’ll pay when selling a home in New York City — line by line, dollar by dollar — so there are zero surprises when it’s your turn.
NYC Transfer Taxes: The Fee Nobody Expects
This is the cost that surprises sellers the most. In New York, the seller pays transfer taxes — and there are two of them.
New York State Transfer Tax: 0.4% of the sale price for homes under $3 million. On a $680,000 sale, that’s $2,720.
New York City Transfer Tax: 1% for homes under $500,000 and 1.425% for homes at $500,000 or above. On a $680,000 sale, that’s $9,690.
Combined transfer taxes on a $680,000 Staten Island sale: $12,410. On a $960,000 Brooklyn sale: $17,520. This money comes right off the top at closing.
The Mansion Tax: Brooklyn’s Hidden Trap
Any residential property that sells for $1 million or more in New York City triggers the mansion tax. It starts at 1% and goes up to 3.9% on a progressive scale.
Brooklyn’s average sold price is $960,000 — right at the edge. If your home sells for $1,010,000, you just added $10,100 to the closing costs. While the mansion tax is technically paid by the buyer, it affects sellers because buyers factor it into their offers.
On Staten Island, most sellers are comfortably under $1 million. It’s one of the financial advantages of selling here versus Brooklyn.
Attorney Fees, Title Insurance, and Other Closing Costs
Attorney Fees ($2,000–$4,000): In New York, you are required by law to have a real estate attorney for the sale. Budget $2,000 to $4,000 depending on the complexity of the transaction.
Title Insurance ($2,500–$3,500): The seller typically pays for the buyer’s title insurance policy. On a $680,000 home, that’s roughly $2,500 to $3,500.
Co-op Flip Tax (1–3%): If you’re selling a co-op — which is about 75% of Brooklyn’s apartment stock — there’s usually a flip tax charged by the co-op board. On a $600,000 co-op, that could be another $6,000 to $18,000.
You’ll also have recording fees, satisfaction of mortgage fees, property tax prorations, and any outstanding HOA or maintenance charges settled at closing.
The Full Picture: What You Actually Take Home
Staten Island — $680,000 sale:
- Transfer taxes combined: $12,410
- Attorney fees: ~$3,000
- Title insurance: ~$3,000
- Miscellaneous recording and filing fees: ~$1,500
- Non-commission closing costs: ~$20,000
Brooklyn — $960,000 sale:
- Transfer taxes combined: $17,520
- Attorney fees: ~$3,500
- Title insurance: ~$4,000
- Miscellaneous: ~$2,000
- Co-op flip tax (if applicable, 2%): ~$19,200
- Non-commission closing costs: $27,000+ (or $46,000+ with flip tax)
Add in your agreed-upon commission, and total costs typically fall in the 8–10% range that’s standard in New York.
4 Ways to Minimize Your Selling Costs
1. Understand all your costs upfront. Before you sign a listing agreement, have a clear conversation with your agent about what you’re paying for and what your estimated net proceeds look like.
2. Price your home correctly from day one. Homes that sit on the market for 60–90 days almost always sell for less, and you’re carrying mortgage, taxes, and maintenance costs for those extra months. On Staten Island, homes are selling in 38 days.
3. Get a pre-listing inspection. This costs $500–$700 but prevents buyers from finding issues and asking for $10,000–$15,000 in credits at closing. It’s the best $500 a seller can spend.
4. Shop your title insurance and attorney. Get at least two or three quotes — the price difference can be significant.
Know Your Numbers Before You List
Between transfer taxes, attorney fees, title insurance, and all the other line items, selling a home in NYC comes with significant costs. But if you know what’s coming, you can plan for it, minimize where possible, and avoid surprises at the closing table.
Download the free Seller’s Net Sheet Calculator to see exactly what you’d take home from your sale.
If you want a personalized home valuation with real comps and a full cost breakdown, book a free consultation here.
Joseph Ranola | Bridge and Boro Team at Real Broker
Serving Staten Island & Brooklyn | 67 Five-Star Google Reviews
