# Selling Your Parents' Manhattan Apartment: A Step-by-Step Guide

By Charles Botensten, Botensten Properties International · Approved 2026-10-21 · Published 2026-10-20 · Updated 2026-10-21
Canonical: https://ctbre.com/journal/later-life/how-sell-parents-apartment/
Topic: Downsizing & estates · Manhattan

To sell a parent's Manhattan apartment, first confirm who has legal authority to sign, then price it against recorded sales, budget for seller costs, and decide whether to sell now or rent. According to StreetEasy's data dashboard, the Manhattan median sale price was $1.21M over the three months through September 2026, and homes took a median 91 days on market.

The table below shows how those numbers vary across the 12 neighborhoods CTBRE covers.

| Neighborhood | Median sale | Days on market | Sale-to-list | Listings with a price cut | Recorded sales, 90 days |
|---|---|---|---|---|---|
| Chelsea | $1.55M | 87 | 95.9% | 10% | 189 |
| Gramercy | $1.09M | 101 | 96.3% | 8% | 132 |
| Upper East Side | $1.3M | 89 | 96.7% | 9% | 727 |
| Upper West Side | $1.28M | 83 | 97.5% | 9% | 589 |
| Financial District | $908K | 105 | 93.2% | 9% | 91 |
| Tribeca | $3.63M | 72 | 96.1% | 7% | 77 |
| East Village | $1.05M | 78 | 93.1% | 12% | 49 |
| West Village | $1.33M | 86 | 97.8% | 6% | 149 |
| Greenwich Village | $1.78M | 92 | 99.5% | 10% | 153 |
| Midtown East | $853K | 97 | 95.7% | 11% | 257 |
| Midtown West | $885K | 114 | 93.9% | 10% | 120 |
| Flatiron | $1.94M | 86 | 96.0% | 9% | 82 |
| **Manhattan** | $1.21M | 91 | 96.5% | 10% | — |

_StreetEasy Data Dashboard, three-month average through September 2026; recorded sales from NYC Department of Finance through September 30, 2026._

## Who has the legal right to sell my parents' apartment?

Start with paperwork, not paint. Find the ownership documents and confirm exactly whose name is on them.

If a parent has died, an executor needs letters testamentary from the Surrogate's Court before acting for the estate, including selling its property.

While the court process runs, use the time well. Gather the building's financial statements, recent maintenance or common charge bills, the last tax bill and any renovation approvals. Put them in one folder.

If a parent is alive and wants help with the sale, have a real estate attorney confirm who can sign before anything is listed. Don't sign a listing agreement until that question is settled.

## Is it a co-op or a condo, and why does that matter?

According to StreetEasy's data dashboard, the median Manhattan co-op sale was $860K and the median condo sale was $1.7M over the three months through September 2026, with co-op prices up 3.4% and condo prices up 11.8% from a year earlier.

Buyer costs differ by building type, so it helps to know them when reading offers. New York State's mansion tax, paid by the buyer, starts at 1% on residential sales from $1 million to under $2 million in New York City and rises in tiers to 3.9% at $25 million and above. On the median co-op sale, the mansion tax is $0; on the median condo sale, it is $17,036.

New York City's mortgage recording tax applies to condominium mortgages at 2.05% of the loan under $500,000 and 2.175% at $500,000 or more, while co-op share loans are not recorded mortgages and do not pay it. On an 80% loan at the median condo sale, that tax comes to $29,643.

Ask the managing agent early for the building's sale package and any transfer requirements. Read them before setting a timeline.

## What does it cost to sell an apartment in Manhattan?

In New York City, the seller normally pays the Real Property Transfer Tax: 1% of the price on residential sales of $500,000 or less, and 1.425% above $500,000. The seller also normally pays New York State's transfer tax of 0.4%, or 0.65% on residential sales of $3 million or more in New York City. On the Manhattan median sale, city and state seller transfer taxes come to $22,128.

Then there's commission. Each 1% of commission on the Manhattan median sale equals $12,125.

A broker who is hired must be licensed by the New York Department of State and must give sellers the state agency-disclosure and fair-housing disclosure forms. Ask for both forms and read them before signing anything.

On the gain, federal tax law lets an owner exclude up to $250,000 of gain, or $500,000 for a married couple filing jointly, on the sale of a main home that meets the ownership and use tests. Whether a parent qualifies, and how an estate's sale is taxed, are questions for an accountant. Confirm the closing-cost estimate with a real estate attorney before settling on a price floor.

## How should I price an apartment that needs work?

According to StreetEasy's data dashboard, the Manhattan median asking price was $1.34M over the three months through September 2026, down 5.2% from a year earlier. Over the same period the median sale price was $1.21M, up 8.0%.

The sale-to-list ratio was 96.5%, and 10% of listings had a price cut, according to StreetEasy's data dashboard. Homes for sale fell 9.9% from a year earlier, to 7,780.

Read those together and price against what has closed, not against what is asking. Compare the apartment with recorded sales in its own building first, then the neighborhood.

Neighborhoods don't move in step. Greenwich Village had the highest sale-to-list ratio among the 12 neighborhoods at 99.5%, and the East Village had the lowest at 93.1%. Midtown West had the most days on market at 114, while Tribeca had the fewest at 72. According to NYC Department of Finance sales records, the Upper East Side had the most recorded sales in the last 90 days among the 12 neighborhoods, 727, and the East Village the fewest, 49.

An apartment that hasn't been updated in years isn't a reason to stall. Price it for its condition, clean it, clear it, and let the floor plan show. Before paying for a renovation, ask a broker and a contractor to put numbers on both paths.

New York's Property Condition Disclosure Statement covers sellers of one- to four-family houses, not co-ops or condominium units. If an estate also includes a house, the seller must give the buyer that statement before contract.

## Should I sell the apartment or rent it out?

One alternative to a sale is renting the apartment. According to StreetEasy's data dashboard, the Manhattan median asking rent was $4,995, up 6.1% from a year earlier, and 19% of rentals had a cut in asking rent. At the median rent, a year of rent comes to $59,940.

Renting means becoming a landlord, with rules attached. A security deposit in New York may not exceed one month's rent. A landlord may charge an applicant no more than $20 for a background and credit check. Under the FARE Act, in effect since June 11, 2025, the party who hires a broker pays that broker's fee, and a landlord's listing agent cannot charge the tenant. Landlords and brokers may not refuse a renter because of a lawful source of income, such as a housing voucher.

Check short-stay rules too. In New York City, short-term rentals under 30 days require city registration, the host must live in the unit and be present, and no more than two guests are allowed. Ask the managing agent for the building's leasing rules before deciding.

Before listing or leasing, work through this list:

1. Confirm who can sign, and get letters from the Surrogate's Court first if the apartment is in an estate.
2. Gather ownership documents, building financials and recent monthly statements.
3. Pull recorded sales in the building and the neighborhood from the past year.
4. Get a written estimate of transfer taxes, commission and attorney fees.
5. Ask an accountant how the $250,000 or $500,000 federal exclusion applies, if at all.
6. Decide whether to sell, rent or hold, and check the building's rules for each.
7. Clear and clean the apartment before photos.

## How Charles Botensten can help

Botensten Properties International's StreetEasy record shows 42 sales and 128 rentals closed across New York City since 2014. Start with a call to Charles Botensten, and bring the ownership documents and a list of recent sales in the building.

## More questions

### How do I sell an apartment in an estate in Manhattan?

An executor named in a will cannot sell estate property until the Surrogate's Court grants letters testamentary or preliminary letters testamentary. Once the letters are issued, prepare and price the apartment as any other sale. Confirm the timing and paperwork with a real estate attorney.

### What taxes do seniors pay when selling a home in NYC?

The seller normally pays the city transfer tax of 1% on residential sales of $500,000 or less and 1.425% above that, plus the state transfer tax of 0.4%, or 0.65% on residential sales of $3 million or more in New York City. On the Manhattan median sale, those come to $22,128. Federal tax law lets an owner exclude up to $250,000 of gain ($500,000 for a married couple filing jointly) on a main home that meets the ownership and use tests, so ask an accountant how it applies.

### What senior property tax exemptions are available in NYC?

The Senior Citizen Homeowners' Exemption (SCHE) lets owners 65 or older with combined income of $58,399 or less, including co-op and condo owners, reduce property taxes. Apply with the NYC Department of Finance. Check eligibility before deciding whether to stay or sell.

## Sources

- StreetEasy Data Dashboard (three-month average through 2026-09): https://streeteasy.com/blog/data-dashboard/
- NYC Department of Finance rolling sales (through 2026-09-30): https://data.cityofnewyork.us/d/usep-8jbt
- NYC Real Property Transfer Tax on residential sales: 1% of the price for sales of $500,000 or less, 1.425% above $500,000. The seller (grantor) is normally liable for it; the buyer is liable if the seller is exempt or does not pay. https://www.nyc.gov/site/finance/property/property-real-property-transfer-tax-rptt.page
- Federal tax law lets an owner exclude up to $250,000 of gain ($500,000 for a married couple filing jointly) on the sale of a main home owned and used as a residence for at least two of the five years before the sale. https://www.irs.gov/taxtopics/tc701
- The NYC Human Rights Law bars landlords, owners and real estate brokers from refusing a renter because of a lawful source of income such as a housing voucher; small owner-occupied buildings and units not publicly advertised are exceptions. https://www.nyc.gov/site/cchr/media/source-of-income.page
- New York requires sellers of one- to four-family houses to give the buyer a Property Condition Disclosure Statement before the buyer signs a binding contract (Real Property Law §462). Condominium units and co-op apartments are not covered. https://www.nysenate.gov/legislation/laws/RPP/462
- An executor named in a will has no power to sell or otherwise dispose of estate property before the Surrogate’s Court grants letters testamentary or preliminary letters testamentary, except to pay reasonable funeral expenses and preserve the estate (EPTL §11-1.3). https://www.nysenate.gov/legislation/laws/EPT/11-1.3
- No one may act as a real estate broker or salesperson in New York without a license (Real Property Law §440-a). In residential sales and rentals, licensees must give sellers, buyers, landlords and tenants the agency disclosure form (§443) and the Department of State’s Fair Housing and Anti-Discrimination Disclosure (19 NYCRR §175.28) at first substantive contact. https://dos.ny.gov/system/files/documents/2021/08/fair-housing-guidance-for-re-lic-holders.pdf
- New York State transfer tax: 0.4% of the price ($2 per $500); in New York City an additional 0.25% ($1.25 per $500) applies to residential sales of $3 million or more, for 0.65% in total. The seller (grantor) pays both. https://www.tax.ny.gov/bus/transfer/rptidx.htm
- Buyers of New York City residential property pay the 1% mansion tax at $1 million or more plus a supplemental tax at $2 million or more, for combined rates of 1% from $1 million, 1.25% from $2 million, 1.5% from $3 million, 2.25% from $5 million, 3.25% from $10 million, 3.5% from $15 million, 3.75% from $20 million and 3.9% at $25 million and above. https://www.tax.ny.gov/bus/transfer/rptidx.htm
- Mortgage recording taxes in New York City on residential mortgages (one- to three-family homes and individual condominium units), city and state combined, total 2.05% of a loan under $500,000 and 2.175% at $500,000 or more. Loans on individual co-op apartments do not pay mortgage recording tax. https://www.nyc.gov/assets/finance/downloads/pdf/reports/reports_mrt/2022-mrt-report.pdf
- A New York landlord may charge a rental applicant no more than the actual cost of a background and credit check or $20, whichever is less, and must waive it if the applicant provides a check from the past 30 days (Real Property Law §238-a). Co-ops screening a would-be shareholder may charge actual cost above $20. https://www.nysenate.gov/legislation/laws/RPP/238-A
- A residential security deposit in New York may not exceed one month’s rent (General Obligations Law §7-108), with limited exceptions such as seasonal rentals and owner-occupied co-op units. https://www.nysenate.gov/legislation/laws/GOB/7-108
- NYC’s FARE Act took effect June 11, 2025. Landlords may not pass the fees of brokers they hire on to tenants, and no one may require a tenant to hire a broker to rent an apartment; tenants who choose to hire their own broker pay that broker. Landlords must disclose all tenant-paid fees in writing. https://www.nyc.gov/assets/dca/downloads/pdf/about/FAQ-Broker-Fees.pdf
- NYC Local Law 18 created a registration system for short-term rentals: an entire apartment or home may not be rented for fewer than 30 days, a short-term rental is allowed only when the host lives in the same unit with the guests, and there is a limit of two guests (not counting children under 4). https://www.nyc.gov/site/specialenforcement/hosting-STRs/what-is-local-law-18.page
- NYC Senior Citizen Homeowners’ Exemption (SCHE): available to owners of houses, co-ops and condos who are 65 or older (spouse or sibling co-owners need only one to qualify) with combined income of $58,399 or less; apply with the NYC Department of Finance by March 15. https://www.nyc.gov/site/finance/property/landlords-sche.page
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