New York is the most expensive of the eight cities Poyzo tracks per square metre, and its buying process is unlike anywhere in Europe. Whether you buy a co-op or a condominium changes the closing costs, the approval process and whether a foreign buyer can realistically buy at all. This page explains the headline figure and the costs that sit on top of it.
What the headline figure means
Poyzo’s working figure for New York is about €11,500 per m², a rounded average for Manhattan-led apartment prices converted from dollars. Prices vary enormously between Manhattan neighbourhoods and the outer boroughs, and between new-development condominiums and older co-ops. US listings quote square feet (1 m² is about 10.76 sq ft); many co-op listings do not state the area at all.
Co-op or condo
- Co-operatives are the majority of Manhattan apartments. You buy shares in a corporation that owns the building. The board must approve every buyer, usually reviews detailed finances, and many co-ops restrict buyers who will not live in the apartment, sub-letting, or high levels of financing. Foreign buyers often find co-ops hard to buy.
- Condominiums are real property you own outright. Approval is lighter, renting out is generally allowed, and condos are the usual choice for foreign and investment buyers, at a higher price per square foot.
Costs on top of the price
| Item | Typical amount | Notes |
|---|---|---|
| Mansion tax | 1% at $1M–$2M, rising to 3.9% above $25M | Paid by the buyer on purchases of $1 million or more, on the full price. |
| Mortgage recording tax | 1.8% (loan under $500,000) or 1.925% | Condos only; co-op loans are not recorded. |
| NYS and NYC transfer taxes | About 1.4% to 1.825% combined | Normally paid by the seller on resales; on new developments the buyer usually pays. |
| Typical total for buyers | Co-op about 2%; resale condo about 4%; new condo 6%+ | Including legal fees and title insurance where applicable. |
Running costs after you buy
- Co-op maintenance covers the building’s costs, its underlying mortgage and its property taxes, in one monthly charge.
- Condo common charges cover building costs; property taxes are paid separately by the owner.
- Income tax. Rental income from New York property is taxable at federal, state and city level, including for non-residents.
Worked example: what €400,000 buys
At €11,500 per m², €400,000 corresponds to roughly 35 m² at the city average: a studio. In dollars that is below the $1 million mansion-tax threshold. A resale condo bought with a mortgage would still incur mortgage recording tax and title insurance, while a co-op studio at the same price would have lower closing costs but stricter board approval.
Sources: New York State Department of Taxation and Finance (real estate transfer tax and mansion tax), NYC Department of Finance (Real Property Transfer Tax, mortgage recording tax), New York State Attorney General (co-op and condo offering plans). Figures checked October 2026.
Related on Poyzo
- Car prices and running costs in New York
- The salary needed to afford a median home
- Mortgage access for non-residents
- The costs of buying property abroad that are not the price
- Gross yield vs net yield: what eats the difference
- Compare your budget across all eight cities
Information only. This page explains how buying costs and rules are structured. It is not financial, tax, legal or immigration advice and it is not a recommendation to buy any property. Rates and rules change; confirm anything that affects a decision with the relevant authority or a qualified local professional.
Last updated: October 14, 2026