Question 1

Is it better to buy or rent in NYC in 2025?

Accepted Answer

For short-term stays (under 7-10 years), renting is almost always financially superior due to extremely high closing costs. Buying a favorable Co-op is a good long-term wealth preservation strategy.

Question 2

What is the difference between a Co-op and a Condo?

Accepted Answer

In a Condo, you own real property. In a Co-op, you own shares in a corporation and a proprietary lease. Co-ops are roughly 30% cheaper but have stricter rules, board interviews, and higher down payment requirements.

Question 3

What triggers the NYC Mansion Tax?

Accepted Answer

Any residential property purchase of $1,000,000 or more triggers a 1% tax. The rate increases progressively for higher-priced properties, reaching up to 3.9% for homes over $25M.

New York: Equity Empire or Rent Forever?