25 East 77th Street, Apt 1503

Are you planning on getting a mortgage for this Lenox Hill Co-op apartment? Most co-ops require a minimum down payment of 20%, but some might even require you to put down 50% of the purchase price of more. If you’re putting 20% down on this $9,000,000 three-bedroom home that will end up coming to $450,000.

Closing costs are notoriously high in NYC, but at least you’ll avoid the dreaded mortgage recording tax which doesn’t apply to apartments in cooperative buildings. Coop closing costs are significantly lower due to this.

You’ll also be on the hook for the new progressive New York City mansion tax, which applies to every NYC property that sells for $1 million or more. Rates start at 1% for $1-1.99 Million properties and go up 3.9% for properties priced above $25 Million. You can expect to pay a mansion tax of $202,500 if you purchase this Co-op at 25 East 77th Street, Apt 1503.

Are you interested in purchasing 25 East 77th Street, Apt 1503 and saving yourself a lot of money? Learn how a buyer commission rebate can save you up to $180,000.