New Development Closing Cost Calculator for NYC
Calculate estimated closing costs for new construction properties in NYC.
Property Details
NYC and NYS Transfer Taxes
1-2 months common charges
For larger buildings
💡 New Development Costs
New development buyers typically pay NYC & NYS Transfer Taxes plus sponsor fees. Total costs range from 4-6% of purchase price.
Estimated Total Closing Costs
$89,900
4.50% of purchase price
NYC Transfer Tax
$28,500
NY State Transfer Tax
$8,000
Sponsor Attorney Fees
$2,500
Mansion Tax
$25,000
Title Insurance (Owner)
$9,000
Buyer's Attorney Fee
$3,000
Move-In Deposit
$1,000
Title Search
$600
Board Application
$500
Move-In Fee
$500
Title Endorsements
$250
Deed Recording
$200
Credit Check
$100
Mortgage Recording Tax
$7,200
Title Insurance (Lender)
$600
Bank Attorney
$1,000
Loan Application
$1,000
Appraisal Fee
$750
Mortgage Recording Fee
$200
New Development: In NYC new developments, buyers typically pay transfer taxes (normally paid by sellers) plus sponsor attorney fees.
Detailed Cost Breakdown
| Fee Type | Amount |
|---|---|
| NYC Transfer Tax | $28,500 |
| NY State Transfer Tax | $8,000 |
| Sponsor Attorney Fees | $2,500 |
| Mansion Tax | $25,000 |
| Title Insurance (Owner) | $9,000 |
| Buyer's Attorney Fee | $3,000 |
| Move-In Deposit | $1,000 |
| Title Search | $600 |
| Board Application | $500 |
| Move-In Fee | $500 |
| Title Endorsements | $250 |
| Deed Recording | $200 |
| Credit Check | $100 |
| Mortgage Recording Tax | $7,200 |
| Title Insurance (Lender) | $600 |
| Bank Attorney | $1,000 |
| Loan Application | $1,000 |
| Appraisal Fee | $750 |
| Mortgage Recording Fee | $200 |
| Total Buyer Pays | $89,900 |
Purchase Summary
Purchase Price
$2,000,000
Down Payment
$1,600,000
Total Cash Needed
$1,689,900
Frequently Asked Questions
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