Selling in Manhattan

Commissions in Manhattan are negotiable and are set in the listing agreement. Since 2024, buyer-broker compensation is negotiated separately and disclosed in writing, so ask any listing agent to explain exactly what you will pay and to whom.

Your stock certificate and proprietary lease, recent maintenance statements, the building’s financial statements and house rules, any alteration agreements, and the managing agent’s contact. Your attorney prepares the contract; the buyer’s board package follows after signing.

The contract normally ends and the buyer’s deposit is returned under the board-approval contingency. Co-op boards rarely give reasons. The best protection is screening buyers carefully up front — verified finances, debt-to-income and post-closing liquidity that meet the building’s requirements.

Fix what buyers see as risk: leaks, broken fixtures, outdated electrical panels, and paint. Large renovations rarely return their full cost before a sale; a clean, bright, well-lit apartment with a precise floor plan usually does.

Long enough to change something meaningful — new photography, a measured plan, a corrected price — usually two to six weeks. Relisting the same listing immediately often resets nothing for buyers who have already seen it.

Ask the original agent for their showing data, buyer feedback and marketing report. If the plan you hear is the same as the one that did not work, a new strategy — and often a new agent — is reasonable. Check your expired agreement for a protection period covering buyers introduced during the listing.

It means the listing agreement ended without a sale and the listing was taken off the market. The listing history, including price changes and days on market, often stays visible to buyers — which is why a relaunch should look and price noticeably different.

Read the agreement — many Manhattan exclusives allow cancellation only for cause or by mutual consent. Your agent may agree to release you; if not, you may have to wait for the term to end. A real estate attorney can review the specific terms.

Price, presentation and launch. A corrected price based on recent closings, new photography and a floor plan, a clear statement of what makes the apartment better than the alternatives, and an outreach plan to active buyers’ agents.

You will need a real estate attorney, accurate pricing from recorded sales, professional photos and a floor plan, listings on portals that accept owner listings, a way to screen buyers’ finances, and for co-ops, a complete board package. Expect to handle showings and negotiations yourself.

Without a broker, your attorney drafts the contract, and the buyer still needs board approval — so screening buyers’ finances and helping them assemble a complete board package becomes your job.

In practice, yes. In New York City, attorneys draft and negotiate the contract of sale, hold the deposit in escrow, and handle the closing for co-ops, condos and townhouses.

Many will if the compensation question is clear. Since 2024, buyer-broker pay is negotiated separately, so state up front whether you will contribute to a buyer’s agent fee and put any agreement in writing.

Choose portals that accept owner listings, add your building’s neighborhood keywords, and include a floor plan, square footage (if verified), maintenance or common charges, taxes, and board requirements so serious buyers can qualify themselves.

Confirm your building allows it (co-op sublet rules and condo leasing rules vary), price it from current comps, photograph it well, screen tenants consistently and lawfully, use a written lease, and hold the security deposit — capped at one month’s rent — according to New York law.

Under New York City’s FARE Act, in effect since June 2025, whoever hires the broker pays the fee. If you, the owner, engage an agent to list the apartment, the fee is yours; tenants pay only when they hire their own agent.

Only if the co-op’s sublet policy allows it. Many buildings require board approval, cap the length or number of sublets, require a minimum ownership period, and charge a sublet fee. Read the proprietary lease and house rules first.

Apply the same written criteria to every applicant. Application fees are capped at $20, you cannot reject applicants for lawful sources of income such as vouchers, and many common screening practices are regulated. Verify income and identity, and check with an attorney before relying on any eviction history.

Stays under 30 days are tightly restricted in New York City. Under Local Law 18, hosts must register with the city, be present during the stay and host no more than two guests. Most entire-apartment short-term rentals are not allowed.

The person with legal authority — an agent under a power of attorney while your parent is living, or the executor after a death — signs the sale. Gather the deed or co-op stock certificate, the proprietary lease, recent statements and the building’s contacts, and bring in an estate attorney early.

The executor named in the will cannot sell estate property until Surrogate’s Court grants letters testamentary or preliminary letters testamentary. Co-ops may require the estate to sell or to get board approval for an heir. Price from recorded sales, and clear the apartment before photography.

Sellers pay city and state transfer taxes. A primary residence may qualify for the federal capital gains exclusion of up to $250,000 ($500,000 for married couples). Talk with an accountant about cost basis and estate planning before you list.

The Senior Citizen Homeowners’ Exemption (SCHE) can lower property taxes for owners 65 and older, including co-op and condo owners, with combined income at or below $58,399. Apply with the NYC Department of Finance by March 15. Benefits don’t transfer to a buyer.

Sell it as-is at a price that reflects the renovation, or do a light refresh — paint, lighting, a deep clean. Many Manhattan buyers look specifically for estate-condition apartments they can renovate.