What are the transfer taxes in a New York apartment sale?
February 6, 2017 | by Virginia K. Smith
As one might expect of such a complicated financial transaction, the sale of a New York City apartment tends to come with numerous extra costs in tow, well beyond the actual price of the apartment and the broker's commission. And one major component of the so-called "closing costs" is an extra fee known as the "transfer tax," usually paid for by the seller.
"The transfer tax is a tax for property sold that is made up of a state tax and a local city tax," explains TripleMint agent Gina Ko. The New York state tax is 0.4 percent of the final sales price, while the city's transfer tax depends on the cost of the apartment. For apartments $500,000 or less, the city's transfer tax is 1 percent; for apartments over that a... Read More
City Council Will Vote on Controversial Changes to the Landmarks Law
June 6, 2016 | by Dana Schulz
Over the past couple years, preservationists have waged two big battles pertaining to the 51-year-old landmarks law. First, there was Landmarks Preservation Commission’s decision to de-calendar 95 historic sites–in other words, remove them from the “waiting list” to be considered for landmarking, leaving them in jeopardy. The LPC eventually withdrew this plan after massive public outcry, but then proposed a bill, Intro. 775, to implement timelines for reviewing possible landmarks, which was met with criticism again for a perceived catering to developers who want to demolish or alter a property. The proposal stalled, but the Council is back at it, now “proposing a half-dozen recommendations to simultaneously streamline and expand... Read More
The Fed’s decision not to raise interest rates brings some relief for buyers.
October 12, 2015 | by Governors of the Federal Reserve System
For immediate release
Information received since the Federal Open Market Committee met in July suggests that economic activity is expanding at a moderate pace. Household spending and business fixed investment have been increasing moderately, and the housing sector has improved further; however, net exports have been soft. The labor market continued to improve, with solid job gains and declining unemployment. On balance, labor market indicators show that underutilization of labor resources has diminished since early this year. Inflation has continued to run below the Committee's longer-run objective, partly reflecting declines in energy prices and in prices of non-energy imports. Market-based measures of inflation compensation moved lower; survey-based... Read More
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