Manhattan Apartments for Sale

Where I'd Buy Right Now

Not every neighborhood offers the same value. Here's my honest assessment of where the opportunities are—and where you might be overpaying.

Best Value Right Now

Financial District

FiDi has transformed. It's not the ghost town it was during COVID—it's bustling day and night. One Wall Street and The Greenwich (125 Greenwich) don't just offer great value—they elevate the entire neighborhood. One Wall Street has Whole Foods, Lifetime Fitness, and Printemps in the base, bringing destination retail downtown. The Greenwich was designed by Rafael Viñoly (432 Park architect) with amenities on the top three floors. Both buildings are raising the bar for what FiDi can be.

Price range: $1,200–$2,200/SF. My verdict: Undervalued. Buy now before prices rise.

Upper East Side (East of Third Avenue)

The prime UES (Fifth to Lexington) is dominated by co-ops with boards that make the Supreme Court look casual. But east of Third Avenue? New construction at reasonable prices. The Strathmore at 400 E 84th is a great example—prices are attractive and that part of the UES is very popular now.

Price range: $1,400–$1,800/SF. My verdict: Good value with easy access to Central Park and Museum Mile.

Any New Development on the Market Today

This might sound like a sales pitch, but it's economics. Every new development currently selling was built with pre-tariff material costs. With tariffs of 20-50% now hitting steel, aluminum, lumber, gypsum, and copper, the next generation of buildings will cost 20-30% more to construct—and those costs will be passed on to buyers. The buildings on the market today are the last of the "cheap" inventory. Once they sell out, replacement cost pricing takes over.

My verdict: Buy now. Current inventory is a bargain compared to what's coming next.

Trophy Neighborhoods (If Money Isn't the Issue)

The Village

The Grand Dame of Downtown. Most Village real estate has landmark protection—there are rarely new projects, and it's perpetually a seller's market. When something does launch, it sells fast. 80 Clarkson Street is the current crown jewel: the Zeckendorfs (of 15 Central Park West fame) building 45 stories of ultra-luxury. Over $1 billion in contracts signed, though sales haven't been publicly reported yet. The Village West at 525 Sixth Avenue is also selling fast.

Price range: $2,500–$4,500/SF. My verdict: You're paying a premium, but supply will never increase. If you want the Village, buy when you find something.

Tribeca

Tribeca attracts financiers, tech entrepreneurs, and celebrities who want space and privacy. The neighborhood has abundant lofts, converted warehouses, and a few new developments. Expect fierce competition for well-priced units.

Price range: $2,200–$4,000/SF. My verdict: Blue-chip neighborhood. Holds value in any market.

Billionaire's Row (57th Street)

Central Park Tower is a standout—the tallest residential building in the Western Hemisphere with amenity space on the 100th floor and an outdoor pool, which is extremely rare in NYC. 111 West 57th Street (Steinway Tower) offers incredible architecture. 53 W 53 sits above MoMA with Jean Nouvel design. Buildings like One57, 432 Park, and 220 Central Park South have mostly sold out, proving the market for ultra-luxury on 57th Street.

Price range: $3,000–$10,000+/SF. My verdict: Central Park Tower is the flagship of Billionaire's Row.

Condo vs. Co-op: The Real Differences

Manhattan is roughly 75% co-ops, 25% condos. Most buyers default to condos because they've heard co-ops are "difficult." But the reality is more nuanced.

My Take: Co-ops can offer more space for the money, but the board process is invasive—tax returns, reference letters, interviews. And the restrictions on renting and reselling can be limiting. For most buyers, especially international clients, condos are the better choice.

International Buyers: What You Need to Know

Over 70% of my clients are international buyers. Manhattan welcomes foreign investment—no visa or residency required to purchase. But there are nuances:

• Buy condos, not co-ops. Co-op boards can (and do) reject foreign buyers without explanation.
• FIRPTA withholding. When you sell, 15% of the sale price is withheld for potential capital gains tax. You can file for a refund if your actual tax liability is lower.
• Financing is available. HSBC, Citibank, and specialized lenders offer mortgages to foreign nationals. Expect 30-40% down and higher rates.
• Estate planning matters. US real estate is subject to US estate tax for non-residents. Consider holding through an LLC or foreign corporation—consult a cross-border tax attorney.

Best neighborhoods for international buyers: Financial District (One Wall Street, The Greenwich), Hudson Yards, Midtown East (Waldorf Astoria), and any new development condo. These buildings are accustomed to foreign buyers and the transaction process is smoother.

New Development vs. Resale

Why Buy New Development

• No renovation needed. Move-in ready with modern finishes, appliances, and systems.
• Tax abatements. Some buildings have 10-25 year tax abatements that significantly reduce carrying costs.
• Amenities. Pools, gyms, lounges, children's playrooms, pet spas—things most prewar buildings can't match.
• Negotiating leverage. Sponsors are motivated to close out buildings. I've secured 5-15% discounts, closing cost credits, and free parking for clients.

Why Buy Resale

• Prewar character. 10-foot ceilings, herringbone floors, original details you can't replicate.
• Established neighborhoods. You know exactly what you're getting—the street, the neighbors, the building's track record.
• Immediate availability. No waiting 2-3 years for construction to complete.

My Take: For international buyers and investors: new development condos are the clear choice. For buyers who want more space and don't mind renovation: prewar apartments offer more square footage per dollar. For everyone else: it depends on your priorities. I help clients weigh these tradeoffs daily.

The Buying Process: What to Expect

Closing Costs to Budget

• Mansion Tax: 1-3.9% on purchases over $1M (sliding scale)
• NYC/NYS Transfer Taxes: ~1.825% (paid by buyer on new development)
• Attorney Fees: $3,000-$5,000
• Title Insurance: ~0.5% (condos only)
• Mortgage Recording Tax: 1.8-1.925% of loan amount

Rule of Thumb: Budget 3-5% of purchase price for closing costs on a condo, 2-3% on a co-op (no title insurance). New developments: add another 1-2% since buyer typically pays transfer taxes.

Carrying Costs: What You'll Pay Monthly

Beyond the purchase price, Manhattan apartments have ongoing costs that vary significantly by building type and age. Understanding these is critical to budgeting.

Condos

• Common charges: $1.00-$2.50/SF monthly. Covers building staff, amenities, maintenance, insurance. A 2,000 SF condo might pay $2,000-$5,000/month.
• Property taxes: Paid separately. Budget 1-1.5% of assessed value annually. New developments often have 10-25 year tax abatements that reduce this significantly.
• Tax abatements: 421a and other programs can reduce property taxes by 50-90% for 10-25 years. Always ask about abatement status and expiration date—this dramatically affects carrying costs.

Co-ops

• Maintenance: $1.50-$4.00/SF monthly. Includes property taxes, building operations, and often heat/hot water. Higher than condo common charges but all-inclusive.
• Underlying mortgage: Some co-ops have building debt that's included in maintenance. Check the percentage—high underlying mortgages mean higher monthly costs.
• Flip tax: Many co-ops charge 1-3% of sale price when you sell. This is paid by seller (sometimes split). Factor this into your exit costs.
• Assessments: Older buildings may levy special assessments for capital improvements (facade work, elevator replacement, roof). Review board minutes and financials before buying.

My Take: New development condos with tax abatements often have lower total carrying costs than older co-ops, despite higher common charges. Run the full numbers before assuming co-ops are cheaper.

New York vs. Miami: Which Market is Right for You?

I sell in both markets. Many of my clients own in both. Here's how they compare—and when each makes sense.

Choose NYC if: You want the deepest, most liquid real estate market in the world. Proven long-term appreciation. Global prestige. Culture, dining, and walkability that Miami can't match. You're willing to pay higher taxes for the NYC lifestyle.

Choose Miami if: Tax savings are a priority. You want waterfront living. You need rental income and flexibility. You prefer newer construction with amenities. You want a second home in a warm climate.

Choose both if: Many of my clients maintain a primary residence in NYC (for work, culture, established life) and a Miami property (for tax residency, winter escape, rental income). Establishing Florida domicile while keeping a NYC pied-à-terre is a common strategy—consult a tax attorney to do it correctly.

Frequently Asked Questions

How much do I need for a down payment in Manhattan?

Condos typically require 10-20% down. Co-ops often require 20-50% down, with some buildings requiring all-cash purchases or limiting financing to 50% of purchase price. New developments from sponsors sometimes offer more flexible terms.

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

When you buy a condo, you own real property (the unit itself). When you buy a co-op, you purchase shares in a corporation that owns the building, plus a proprietary lease for your unit. Co-ops have stricter board approval, higher down payments, and more restrictions on renting—but often cost less per square foot.

Can foreigners buy apartments in Manhattan?

Yes. Foreign buyers can purchase condos without restriction—no visa or residency required. Co-ops often restrict or reject foreign buyers. FIRPTA withholding (15% of sale price) applies when foreign owners sell. Financing is available through select international lenders with 30-40% down.

How long does it take to buy an apartment in Manhattan?

From accepted offer to closing: 60-90 days for condos, 90-120+ days for co-ops (due to board approval process). The search phase varies from weeks to months depending on your criteria and market conditions. Co-op board packages take 2-4 weeks to prepare.

What are closing costs in Manhattan?

Budget 3-5% for condos (mansion tax, transfer taxes, attorney, title insurance) and 2-3% for co-ops (no title insurance). New development purchases: add 1-2% since buyers typically pay NYS/NYC transfer taxes. Mansion tax alone is 1-3.9% on purchases over $1M.

What are the most expensive neighborhoods in Manhattan?

Billionaire's Row (57th Street corridor), Tribeca, the West Village, Central Park South, and the Upper East Side's Gold Coast along Fifth and Park Avenues command the highest prices—$3,000 to $12,000+ per square foot for trophy properties.

Are property taxes high in Manhattan?

Property taxes vary significantly. Without abatements, budget 1-1.5% of assessed value annually. Co-op maintenance includes property taxes. Always ask about abatement status before buying.

Can I rent out my Manhattan apartment?

Condos generally allow rentals with minimal restrictions. Co-ops typically limit subletting to 1-2 years out of every 5, and some prohibit rentals entirely. If rental flexibility is important, buy a condo. Always verify the specific building's policy before purchasing.

Is now a good time to buy in Manhattan?

New development inventory is down 28% since 2022 and unlikely to recover—the 421a tax abatement expired, construction costs are up 30%, and tariffs of 20-50% will make future projects even more expensive. Current inventory was built with pre-tariff costs. If you're waiting for prices to drop, you may be waiting a long time.

Manhattan vs Miami: which is better for real estate investment?

Different markets for different goals. Manhattan offers: deepest market liquidity, proven 100+ year appreciation, global prestige, no hurricane risk. Miami offers: zero state income tax, lower prices per SF, higher rental yields, easier buying process. Many investors own in both. I can help you evaluate based on your specific situation.

Why Work With Manhattan Miami Real Estate

I've been selling Manhattan apartments since 2005. Over 70% of my clients are international buyers—from Brazil, Europe, Asia, and the Middle East. I understand the unique challenges: financing, FIRPTA, estate planning, and navigating buildings that don't always welcome foreign buyers.

• Market knowledge: I track every new development, every price change, every building's sales velocity. The analysis in this guide comes from that daily work.
• Off-market access: Not every apartment hits the open market. Relationships matter.
• Negotiation: I know which sponsors are motivated, which buildings are struggling, and where there's room to negotiate. I've saved clients millions in aggregate.
• Full service: From search to closing to property management and eventual resale. I'm here for the long term.

Explore Further

Market Reports

• New Development NYC for Sale — manhattanmiami.com/new-development-nyc-for-sale-properties
• Manhattan Condo Market Analysis — manhattanmiami.com/manhattan-condo-market-analysis

Property Types

• Top 50 NYC Penthouses — manhattanmiami.com/manhattan/top-50-nyc-penthouses-for-sale
• NYC Townhouses for Sale — manhattanmiami.com/manhattan/nyc-townhouses-for-sale
• 100 Most Expensive Manhattan Properties — manhattanmiami.com/manhattan/100-most-expensive-manhattan-properties-for-sale

Featured Buildings

• One Wall Street — nyc.manhattanmiami.com/1-wall-street
• The Greenwich (125 Greenwich) — nyc.manhattanmiami.com/125-greenwich
• Waldorf Astoria Residences — nyc.manhattanmiami.com/waldorf-astoria-hotel-and-residences
• Central Park Tower — nyc.manhattanmiami.com/central-park-tower
• One High Line — nyc.manhattanmiami.com/one-high-line
• Browse All Manhattan Buildings — nyc.manhattanmiami.com/listing

Buyer Resources

• Buying an Apartment in NYC Guide
• Condo vs. Co-op Guide
• Can Foreigners Buy Property in the USA?
• Manhattan Neighborhoods Guide

Last Updated: December 2025