Buying A New Condo in NYC?
We’ll Pay The Mansion Tax!
New York imposes a “mansion tax” on buyers of residential property, whether the purchase is for personal use or as an investment.
In NYC, the tax starts at 1.25% on purchases costing at least $1 million. It progressively rises to 3.9% on purchases of $25 million or more.
Want to reduce or even entirely avoid the NY mansion tax on your newly-built condo?
You can, by allowing us to help you pay it.
How can we do that? By diverting part of our developer-paid commission to pay your tax.
Here’s how it works:
1. Agents engaged by a buyer to advise on the purchase of a new condo apartment in NYC are paid a sales commission by the developer/seller. Traditionally the commission is 3% of the sales price. It could be a bit more or a bit less.
2. Engage us as your exclusive broker representative when buying a condo in a new building priced at not less than $1M in the New York City metro area. We’ll funnel up to 50% of the developer-paid commission to your mansion tax.
Sorry, but this program is for purchases of new condos offered at not less than $1 M.
3. The precise portion of your mansion tax that we pay depends upon the particulars of your purchase - the cost of the apartment, the commission paid and the amount of the tax.