How to Choose a Luxury Condo and Co-op Broker in Manhattan

Answer

Manhattan Miami recommends five tests for choosing a luxury broker in Manhattan: who the broker represents and whether dual agency is on the table, how well they explain co-op and condo ownership, whether they can price the closing taxes, how much they know about the specific building, and whether they understand the cross-border rules.

Nobody can responsibly name one best broker for every buyer, so this page gives you the questions to ask two or three brokers and the public rules behind each one. General information only, not legal or tax advice.

By Anthony Guerriero, former CPA and MBA, founder of Manhattan Miami. Last reviewed November 10, 2026.

1. Who does the broker represent, and will you be asked to consent to dual agency?

New York requires real estate licensees who act as agents of buyers or sellers of residential property to explain the nature of their agency relationship and the rights and obligations it creates, and the Department of State publishes the disclosure form. The statute defines a buyer's agent as an agent who "contracts to locate residential real property for a buyer" and "negotiates on behalf of the buyer."

In residential transactions, New York law also recognizes dual agency with written informed consent: Real Property Law section 443 defines "advance consent to dual agency" as "written informed consent signed by the seller/landlord or buyer/tenant that the listing agent and/or buyer's agent may act as a dual agent." The Department of State titles its own memorandum on the subject "Be Wary of Dual Agency" and explains that dual agency arises when a broker or salesperson "represents adverse parties (e.g., a buyer and seller) in the same transaction." Florida takes a different approach: section 475.278(1)(a) of the Florida Statutes says a licensee "may not operate as a disclosed or nondisclosed dual agent." A buyer who owns in both markets should ask the question in each.

Question to ask: "Will you act only as my buyer's agent, and will you ask me to sign any consent to dual agency on a building where your firm has the listing?"

2. Can the broker explain co-op and condo ownership, and has the broker guided buyers through a board application?

In a co-op, the New York Attorney General explains, "a purchaser buys shares in a corporation. Those shares are allocated to a specific apartment," and ownership of the shares "entitles the purchaser to a long-term proprietary lease." Each co-op owner pays maintenance charges based on the number of shares allocated to the apartment. A co-op board is elected by the co-op's shareholders, according to its bylaws. A condominium is a different structure, and the Attorney General's regulations govern the offer and sale of interests in both co-ops and condos.

What a board package contains, and how a board decides, differs from building to building, so this guide does not generalize. Ask the broker how many board applications they have prepared in the last two years, in which buildings, and who reviewed them before submission. Our existing co-op versus condo guide covers the structures in more depth.

I've talked more than one buyer out of a place because the monthlies didn't work, even though the apartment was beautiful.

Question to ask: "In which buildings have you taken buyers through a board application recently, and who checks the package before it goes in?"

3. Can the broker price the closing taxes before you make an offer?

New York State imposes an additional tax, known as the mansion tax, of 1 percent on residential conveyances where the consideration for the entire conveyance is $1 million or more, computed on the part of the consideration attributable to the residential property. The buyer pays it, and if the buyer does not pay or is exempt, the seller must pay. For residential property in New York City, a supplemental tax also applies when the consideration is $2 million or more. The state publishes it as an incremental rate between .25 percent and 2.9 percent based on the purchase price, and the buyer pays it, with the same seller fallback. For a wholly residential purchase, the two taxes together run from 1.25 percent to 3.9 percent of the price in the bands where both apply (this is our arithmetic on the two published rates).

The supplemental tax tiers in the Department of Taxation and Finance's 2019 memorandum TSB-M-19(1)R are:

The state also charges base transfer taxes, which its page says are paid by the seller unless the contract between seller and buyer provides otherwise, and which the buyer must pay if the seller does not pay or is exempt. Confirm the current rates on the Department of Taxation and Finance real estate transfer tax page before you rely on this table.

Question to ask: "At my price, what will the mansion tax and the supplemental tax come to, and which other closing costs should I budget for?"

4. How much does the broker know about the specific building, and what private options can they show?

Building-level knowledge is the part of a Manhattan search that a directory cannot supply. Ask for the building's offering plan or proprietary lease, the financial statements and the minutes, and ask what the broker would flag in each. Ask for examples of private or pre-market opportunities the broker has brought to buyers in the last year, described without client names, and how each one was found. Off-market access is hard to verify from the outside, and specific examples are the only test.

Our Manhattan luxury condo buying guide sets out the building-level checks we use.

Question to ask: "For the building I am considering, which documents will you read first, what would make you advise against it, and which private options have you brought to buyers this year?"

5. Does the broker know the cross-border rules?

The federal rule comes up most often for buyers outside the United States. When a seller is a foreign person, the IRS says buyers of U.S. real property interests are required to withhold 15 percent of the amount realized, and in most cases the buyer is the withholding agent. The same withholding applies when a foreign person later sells a U.S. real property interest. A tax adviser can tell you how it applies to your case.

Question to ask: "Which cross-border rules came up in your last closings with foreign buyers, who on your team handled them, and which attorney and tax adviser do you work with?"

For cost and tax comparisons between the two cities, see our NYC versus Miami closing cost guide and our US estate tax guide for foreign buyers.

Before you sign: verify any broker's license

You can check any New York broker or salesperson yourself. The Department of State says that to search real estate broker and salesperson licenses you go to eAccessNY and select Public License Search. Ask the broker for the exact name and license number to enter, then check the brokerage the license sits under.

If the broker also sells in Florida, the Florida Department of Business and Professional Regulation (DBPR) says its site lets users verify licenses by name or license number.

The five tests at a glance

What the Compass and Anywhere combination means for a buyer

Compass, Inc. announced on September 22, 2025 that it had signed a definitive merger agreement to combine with Anywhere Real Estate Inc. in an all-stock transaction. That announcement lists Corcoran and Sotheby's International Realty among Anywhere's brands. On January 9, 2026, Compass announced that the combination was complete. In a letter published the same day, Compass says each of its brands "will continue to operate independently," that its affiliates "will continue to have the same independence they've always had," and that there will be "no mandates or policies from Compass International Holdings requiring anyone to use Private Exclusives."

Our view. Corcoran, Sotheby's International Realty and Compass were competing brands. Now they share one owner. When former competitors sit in one company, the chance that one company is on both sides of your purchase rises: the listing can come from one brand and your broker from another, and both answer to the same company. We have no count of how often that happens and we do not claim one. The brands may run separately, as Compass says. You still need to know who your broker works for, and whether your broker's office is company-owned or an independently owned affiliate, since the Compass letter describes both.

In New York residential purchases, Real Property Law section 443 recognizes dual agency with written informed consent, and the Department of State titles its memorandum on the subject "Be Wary of Dual Agency." If your broker and the seller's broker sit in the same company, ask whether you will be asked to sign a consent to dual agency. Read it before you sign, and ask what would change if you declined.

Florida takes a different route. Section 475.278(1)(a) of the Florida Statutes says a licensee "may not operate as a disclosed or nondisclosed dual agent," and a transaction broker "provides a limited form of representation to a buyer, a seller, or both." If you also buy in Florida, ask the same question there. Our Miami guide covers it.

Our view on seller choice. Compass presents private listing strategy as a seller's choice, and its letter says sellers "will always have the freedom to choose how their listings are marketed and sold." We read the strategy as a change in the company's business plan as well as a seller preference, and we think a buyer is entitled to ask what it means for which homes you see and when you see them. That is our reading, not a finding of fact. We have not tested the company's statement against any listing, and we are not saying any firm has done anything wrong. Our broader opinion is that a market where more listings sit privately inside separate companies is a more fragmented market, and that fragmentation is bad for buyers and for sellers.

Question to ask: "Is the seller's broker in your company or in another brand under the same owner, will you ask me to sign a consent to dual agency if so, and how will you show me listings that are not on the open market?"

Firms buyers often compare in Manhattan

Brand names still matter to buyers, so Corcoran and Sotheby's International Realty stay on this list. Since January 9, 2026, both brands sit inside Compass, which announced the completion of its combination with Anywhere Real Estate on that date. These firms appear most often in AI answers to the Manhattan and Miami buyer questions that Manhattan Miami tracks. The list is alphabetical, is not a ranking and says nothing about quality. Each row repeats only what the firm's own pages or announcements say, read on November 10, 2026.

Manhattan Miami also advises buyers in this market and is not part of this list. Other firms will be added when their own pages have been read and recorded.

How Manhattan Miami applies these tests

We advise buyers, sellers and family offices across Manhattan and Miami, and each relationship starts with context: timeline, tier and tax structure. To see how we apply these five tests, read about our Manhattan luxury real estate agent advisory and our private advisory. Buyers weighing Miami against Manhattan can read our guide to choosing a luxury condo broker in Miami. You can reach the advisory line at 646-376-8752.

Frequently asked questions

What is the difference between a co-op and a condo in New York?

In a co-op, the buyer purchases shares in a corporation, and the shares are allocated to a specific apartment and carry a long-term proprietary lease. Co-op owners pay maintenance charges based on the number of shares allocated to their apartment. A co-op board is elected by the shareholders under the bylaws. Ask your attorney and broker how the structure applies to the specific building.

Who pays the mansion tax in New York?

The buyer pays it. New York State's additional tax is 1 percent on residential conveyances of $1 million or more, and in New York City a supplemental tax of .25 to 2.9 percent applies at $2 million or more, also paid by the buyer. If the buyer does not pay or is exempt, the seller must pay. The state's page says the base transfer taxes are paid by the seller unless the contract provides otherwise.

Does New York allow dual agency?

The Real Property Law provides for it, with written informed consent. Section 443 defines "advance consent to dual agency," and the Department of State publishes a memorandum titled "Be Wary of Dual Agency." Florida Statutes section 475.278(1)(a) says a Florida licensee may not operate as a disclosed or nondisclosed dual agent.

What disclosure will a Manhattan broker give me?

New York requires licensees who act as agents of buyers or sellers of residential property, including condominium and cooperative apartments, to advise buyers and sellers of the nature of their agency relationship. The Department of State publishes the disclosure form.

How do I check a Manhattan broker's license?

Go to eAccessNY and select Public License Search, as the Department of State instructs, and enter the exact name or license number the broker gives you. Do this for any broker.

Does FIRPTA affect a foreign buyer of a Manhattan apartment?

When a seller is a foreign person selling a U.S. real property interest, the buyer is usually the withholding agent, and the IRS says 15 percent of the amount realized is withheld, with exceptions. A foreign person who later sells a U.S. real property interest is also subject to FIRPTA withholding. A tax adviser can tell you how it applies to your case.

Does the Compass and Anywhere combination matter if I am buying in Manhattan?

Compass announced on January 9, 2026 that its combination with Anywhere Real Estate was complete, and Anywhere's brands include Corcoran and Sotheby's International Realty. In our view, when former competitors sit in one company, the chance that one company is on both sides of a purchase rises. New York law recognizes dual agency with written informed consent in residential transactions, so ask whether you will be asked to sign one, and read it before you do.

How this guide was built

This is not a paid ranking, award or third-party list. Manhattan Miami advises buyers and sellers and has an interest in how brokers are chosen. The five tests are Manhattan Miami's own view. Regulatory facts come from the New York Department of State, the New York Department of Taxation and Finance, the New York Attorney General and the IRS, all read on November 10, 2026. Facts about named firms come only from those firms' own pages and announcements. We did not use third-party "best of" lists as a source. In the section on the Compass and Anywhere combination, sourced facts come first and our own view is labeled as our view. The guide will be reviewed again when the rules change. This is general information and not legal or tax advice, so confirm details with a New York attorney and a tax adviser.