Buying property in New York City isn’t like buying anywhere else. The process is layered, competitive, and highly nuanced. Before you make an offer, a little preparation can save you time, money, and unnecessary stress.
Here’s what every NYC buyer should understand before stepping into offer territory.
1. Know the Building Type (It Matters More Than You Think)
Co-ops, condos, and condops all play by different rules.
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Co-ops often require board approval, detailed financial disclosures, and may have strict liquidity and debt-to-income requirements.
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Condos are typically more flexible but can still have application fees and right-of-first-refusal timelines.
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Condops blend rules from both and can be deceptively complex.
Before making an offer, understand what the building will require of you beyond the purchase price.
2. Understand the True Cost of Ownership
The purchase price is only part of the equation. Monthly costs can vary widely depending on the building.
Factor in:
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Maintenance or common charges
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Real estate taxes (and whether they’re included or billed separately)
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Flip taxes (common in co-ops and some condos)
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Upcoming assessments or capital projects
A lower purchase price doesn’t always mean a lower monthly carry.
3. Get Fully Financially Prepared
In NYC, sellers expect buyers to be ready.
Before making an offer, you should have:
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A strong mortgage pre-approval (or proof of funds if all-cash)
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A clear understanding of your down payment and post-closing liquidity
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A lender who understands NYC buildings, not just national guidelines
For co-ops especially, financial strength can matter as much as price.
4. Review the Deal Terms, Not Just the Number
Price gets attention, but terms win deals.
Sellers often care about:
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Down payment percentage
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Financing vs. all-cash
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Closing timeline
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Contingencies
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Flexibility on possession or rent-backs
A well-structured offer can beat a higher one if it’s cleaner and less risky.
5. Understand the Market You’re Buying In
NYC is not one market: it’s dozens of micro-markets.
Before offering, consider:
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Days on market for similar units
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Recent price reductions
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Inventory levels in that specific building or neighborhood
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Seasonal timing
This context helps determine whether you should come in strong, negotiate, or wait.
6. Know What Happens After the Offer Is Accepted
Unlike many markets, an accepted offer in NYC is not binding until contracts are fully executed.
After acceptance:
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Attorneys conduct due diligence
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Board packages may be required
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Either party can walk away until contracts are signed
This is why having the right team, agent, attorney, and lender matters.
7. Strategy Is Everything
Making an offer isn’t just a moment; it’s a strategy.
The strongest buyers:
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Align price with market data
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Tailor terms to the seller’s priorities
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Anticipate board or building hurdles
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Move decisively without rushing blindly
In NYC, preparation creates leverage.
Bottom line:
Making an offer in New York City is as much about knowledge and structure as it is about price. The more you understand before you offer, the more confident and competitive you’ll be.
