Buying in Manhattan
How Buying in Manhattan Actually Works, Step by Step
From pre-approval to closing in roughly 60–90 days — what happens, in what order, and where deals fall apart.
Facts, figures and legal references on this page were verified against public sources in August 2026. Rules change; confirm anything decision-critical with your attorney or agent.
Manhattan deals run on their own conventions. Two differences from most of the US stand out immediately: attorneys, not agents, handle contracts, and nothing is binding until contracts are signed — accepted offers are gentlemen’s agreements only.
The sequence
- Line up financing. Get pre-approved before viewing. If you’re targeting co-ops, understand the board’s likely requirements too — the bank’s yes isn’t the only yes you need.
- Search and view. Most inventory is on StreetEasy and the portals; open houses are normal. A buyer’s agent costs you nothing directly (commissions are seller-paid by convention) and helps most with board packages and negotiation.
- Offer and accept. Made in writing via the agents, often with a financial statement attached. Not binding — either side can walk until contracts are signed, and “gazumping” does happen.
- Due diligence and contract. Your attorney reviews the building’s financials, board minutes and offering plan while negotiating the contract. On signing you hand over the 10% contract deposit. From here, walking away costs you that deposit.
- Mortgage commitment. The bank appraises and issues its commitment. In co-ops the building itself must also pass the lender’s review.
- Board package (co-ops). The dossier: application, financials, tax returns, reference letters, everything. Boards take two to six weeks and may then interview you. A rejection at this stage kills the deal — with your deposit returned, but weeks lost.
- Closing. Typically 60–90 days after contract signing. Funds move, and you get either a deed (condo) or a stock certificate and proprietary lease (co-op).
Where deals die
- Financing contingencies — or their absence. In competitive situations buyers waive them, which means the deposit is at risk if the loan falls through. Don’t waive casually.
- Board rejection. The classic Manhattan heartbreak. A good agent pre-screens whether you’ll pass before you offer.
- Building financials. Attorneys walk deals over underfunded reserves, pending assessments, or lawsuits found in the minutes.
The team you’ll need
A real estate attorney (non-negotiable in NY; budget roughly $2,000–4,000), a buyer’s agent (customary, seller-paid), your lender, and for condos possibly an inspector (less common for apartments than houses; the attorney’s review of building documents does much of that work).