Frequently Asked Questions

While every building and transaction is unique, here are some typical answers to common investor questions:

• How is the Manhattan real estate market right now? The Manhattan market remains active and competitive. Inventory has increased slightly, giving buyers more options, but well-priced homes are still selling quickly. Interest rates and neighborhood demand continue to drive trends block by block.
• Is it a buyer’s or seller’s market right now? It depends on the neighborhood and price range. Luxury properties are leaning toward a buyer’s market, while move-in-ready condos and co-ops under $2M often sell fast, creating more balance overall.
• What’s the average price per square foot in Manhattan? As of late 2025, average prices hover around $1,500–$2,000 per square foot, though that varies widely by area — Tribeca, SoHo, and the Upper West Side tend to command higher values.
• What’s the difference between a condo and a co-op? In a condo, you own real property and can generally rent or sell freely. In a co-op, you purchase shares in a corporation and must be approved by a board — these often have stricter rules but lower prices per square foot.
• What’s a sponsor unit? A sponsor unit is an apartment sold directly by the building’s owner or developer, often without the need for board approval. They can be ideal for buyers who want a faster or simpler purchase.
• How much are closing costs for buyers in Manhattan? For condos, expect 2–4% of the purchase price (higher if you’re financing). Co-ops are typically lower since there’s no mortgage recording tax. Buyers should also budget for attorney and move-in fees.
• Do I need a real estate agent to buy in NYC? Yes — and it doesn’t cost you extra. The seller usually pays the agent’s commission. The agent protects your interests, navigates co-op boards, and ensures you don’t overpay in this complex market.
• What’s the process for buying an apartment in Manhattan? Typical steps include:
  1. Getting pre-approved for financing
  2. Touring properties
  3. Making an offer
  4. Signing a contract
  5. Completing due diligence
  6. Board approval (for co-ops)
  7. Closing and moving in
  The Sapir Team guides you through each stage seamlessly.
• How much down payment do I need? Most co-ops require 20–25% down, while condos may allow 10–20% depending on the lender. Strong financials and liquidity after closing are key in Manhattan.
• What’s a co-op board package? It’s a detailed application including your financials, employment verification, reference letters, and more. The board reviews it to ensure you’re a good fit for the building. Our team helps you prepare a flawless package.
• Can foreign buyers purchase property in Manhattan? Absolutely. Foreign buyers can own condos (and sometimes sponsor co-ops) with few restrictions. However, financing and taxes can differ, so having an experienced agent attorney is essential.
• What are typical closing costs for sellers? Sellers usually pay broker commission (typically 5–6%), attorney fees, NYC and NY State transfer taxes (~1.825% combined), and any building fees. The Sapir Team provides a clear estimate upfront.
• What’s the best time of year to list my property? Spring and early fall are traditionally strong listing seasons, but Manhattan’s market is active year-round. Well-priced, beautifully presented homes sell in any season.
• Do I need to stage my apartment before selling? Yes, staging can make a huge difference. Professionally staged homes tend to sell faster and for higher prices. Even light staging or virtual staging can enhance your marketing photos.
• How long does it take to sell a home in Manhattan? On average, 60–90 days from listing to accepted offer — though unique, well-marketed properties often sell faster. The Sapir Team’s pricing strategy and digital marketing help shorten timelines.
• What’s the difference between no-fee and fee rentals? “No-fee” means the landlord pays the broker’s commission. In “fee” rentals, the tenant pays it — Typically, one month’s rent or 15% of the annual rent. We clarify this upfront for transparency.
• What credit score and income do I need to rent in Manhattan? Most landlords expect a credit score above 700 and an annual income of at least 40x the monthly rent. If you don’t meet that, a guarantor or corporate lease may be an option.
• Can I rent out my condo or co-op? Condos generally allow rentals, though minimum lease terms may apply. Co-ops vary — some allow subletting only after a few years of ownership or for a limited period. We’ll check each building’s policy for you.
• Can I list my apartment on Airbnb? Not in most cases. New York City’s Short-Term Rental Law restricts stays under 30 days unless the host is present. Always verify building and city regulations before listing.
• Is it better to buy or rent in Manhattan right now? If you plan to stay 3–5 years or longer, buying often makes sense — especially with rent prices staying high. We can run a personalized buy-vs-rent analysis for your situation.
• Which Manhattan neighborhoods are up-and-coming? Areas like Hudson Square, the Lower East Side, and East Harlem are seeing new developments and strong appreciation potential. Our team tracks data across all neighborhoods to help clients spot value early.
• Do I need an attorney for a real estate transaction in NYC? Yes. Attorneys are required for both buyers and sellers in New York. They review contracts, title, and building documents to ensure a smooth and secure closing.
• What makes the Sapir Team different from other agents? We blend top-tier marketing, data-driven pricing, and genuine community involvement. Our team approach ensures every client receives personalized attention and expert advice — from first showing to closing.
• Which neighborhoods does the Sapir Team specialize in? We focus on Manhattan’s East Side, including the Upper East Side, Midtown East, and Gramercy, while also serving clients across the entire city through Compass’s network.
• How can I get started with the Sapir Team? You can schedule a consultation through our website or contact us directly. Whether you’re buying, selling, or just exploring options, we’re happy to guide you through every step of your Manhattan real estate journey.
• What documents should I prepare when I put an offer to purchase an investment unit? While your attorney or lender may ask for specific documents based on the structure of your deal, for the most part, you may need to provide a financial statement showing your assets, liabilities, earnings, and expenses. If you purchase in cash, you will need to provide proof of funds. If you're taking out a mortgage, a pre-approval letter from the bank will also be required. You may also be asked to provide your tax returns and other documents showing your financial situation.
• How much are my closing costs when buying a condo? If you are not taking out a mortgage, prepare yourself for 3-4% of the purchase price for units under $1M or 4-5% of the purchase price for homes above $1M. If there is a mortgage, 4-5% Below $1M, 5-6% above $1M.
• How long does it take to buy?  Without a mortgage, the process will take about 2-3 weeks. If a bank is involved, it is usually 45 days. This is after the contract is signed, of course.
• What are my total charges per month? As an owner, you will be paying taxes, common charges, and homeowner's insurance, as well as electric and utility bills. If you’re a landlord, the tenant will be paying for renter's insurance (on top of your homeowner's insurance), electricity, and all utility bills, except heat and hot water, which are covered by the building in NYC.
• How much would it cost me to renovate an apartment in NYC? While this number changes greatly based on the size of the unit, its age, the quality of goods you will be using, and if permits and special expertise are required, the average price per square foot for renovations in NYC (in 2023) is $150-$250. Luxury renovations with a high level of customization will run you $400-$600 PSF.
• What does the renovation process involve? A renovation can be small, involving mainly cosmetic work, or it can be more extensive and include structural work such as the removal or addition of walls, rewiring the electricity, moving water lines, replacing the floors, etc.
• How long would it take to renovate a unit? It depends on the scope of the work needed. Painting, resealing floors, and replacing simple fixtures can be done in about a week. Larger renovations can take a month or over, depending on contractor schedules, building permits and approvals, and the availability of materials. 
• How can I collect payment from my tenant? It depends on whether or not you have a US bank account. Tenants can make a direct deposit into your account, pay via Zelle, Venmo, or PayPal (but these payments are subject to taxation) or they can mail you a check.
• Do I need to pay a broker's fee for help to find an apartment for investment? Most likely no. Usually, the seller pays the buyer's broker fee. However, New NYC legislation could affect who pays the buyer's broker in case of a negotiation. 
• I don't live in NYC. Do I need to come to NYC to buy the apartment? No. These days we can handle the entire purchase process - including the closing - remotely. It is recommended, however, that you see what you are purchasing. In either case, consult your real estate agent on how to best approach the process.
• Do I need to use your vendor services if I want to hire a Sapir Team agent? Absolutely not. We believe that the vendors that we have on the website are the best in their field, but we are happy to work with your preferred choice. 
• I’m looking to start in NYC, but later on, I would like to invest in a different area in the US. Can you help me? YES! Compass agents are located all over the US, and we can refer you to agents who are not in NYC and who specialize in your target market.
• I’m Looking to invest in a year from now, when should I contact you? The earlier the better, but no later than 4 months ahead. The sooner we learn exactly what you are looking for, your budget, and your financial goals, the better prepared we can be to start vetting the right opportunities for you so you don't miss out on the market. 
• Can you help me buy, sell, and rent an investment unit? Of course! Our team's agents specialize in buying, selling, and even renting your investment unit. We do so while taking your buy-sell timelines into account and we vet your potential renters in advance.
• I’m looking to invest in commercial properties. Can you help me? Yes. Our team specializes mostly in residential units, but we are well-connected to the top brokers in the industry. We can put you in touch with the right Compass agents that fit your needs.
• How much of my time do I need to dedicate to the process before and after I buy? It depends on your financial situation and level of involvement. If you have no financial limitations, finding the perfect investment unit for your needs will be easier, even if it requires renovations. Searching for the appropriate unit to turn a profit on investment could take months, depending on current market conditions. You can save some of the research and legwork by using one of our team members: we will send you regular market updates, and collections of relevant properties, and can even tour units for you and take videos! After you purchase, you have the choice of managing the property on your own with your renter or hiring a management company to do it for you.
• Which professional do I need to contact first? While there is no set order, we have uniquely built our process in such a way that when you contact us, we put you in touch with all other relevant parties for your deal. However, we recommend speaking with your attorney and a CPA/financial advisor at the same time you discuss your investment preferences with your real estate advisor. This way, you can make sure you structure your deal correctly both from a legal and financial perspective while remaining informed on what your funds can actually afford in terms of a home.
• What should I pay attention to when I choose my professional team? Since NYC has a unique real estate market and regulations, we highly advise that you hire local, reputable professionals to represent you on all aspects of your deal. Your attorney should specialize in real estate transactions, specifically in New York City condominiums. Make sure your lender specializes in residential transactions and has been in the industry for over five years. When you shop for a lender, verify that they offer the right mortgage products for investors. Your contractor should be licensed and highly versed in local building regulations so they're able to anticipate regulatory requirements, and your CPA/financial advisor needs to have real estate knowledge to advise on the correct entity structure for taxation purposes. In any case, your chosen professionals should have a proven track record of success in the city, should be attentive to your goals and needs, and should be communicative and responsive so your best interests are being served.