How to Sell a Manhattan Condo: The Complete 2026 Guide
How do you sell a condo in Manhattan? Selling a Manhattan condo involves pricing the unit, listing it publicly, negotiating a contract, managing the building's right of first refusal process, and closing -- typically in 60 to 90 days from accepted offer. Spencer Cutler and Nick Athanail of AREA at Corcoran guide condo sellers through every step across Manhattan's neighborhoods.
Condos represent some of Manhattan's most desirable and liquid real estate. Unlike co-ops, they can be sold to virtually any financially qualified buyer -- no board interview, no approval risk, no restrictions on foreign buyers or investors. That flexibility is one reason Manhattan condo prices have surged, with luxury condos in prime neighborhoods trading at $2,500 to $3,000 per square foot and above.
But "easier than a co-op" does not mean simple. Selling a Manhattan condo still involves a specific legal process, a building-level approval step that surprises many sellers, closing costs that need to be understood before you set pricing expectations, and a competitive market that rewards precision over optimism.
This guide walks you through everything involved in selling a Manhattan condo in 2026 -- what to do before you list, how pricing works, what the right of first refusal means for your timeline, and what to expect from contract to closing.
How a Condo Sale Differs From a Co-op Sale
Before getting into the step-by-step process, it helps to understand the structural advantages a condo offers sellers -- because those advantages shape your pricing, your buyer pool, and your marketing strategy.
When you sell a condo, your buyer is purchasing real property. They receive a deed. They can finance however they choose, with no building-imposed loan-to-value limits. They can be a foreign national, an investor buying as a pied-à-terre, or someone purchasing through an LLC. None of those buyer profiles face the restrictions that would make them ineligible in a co-op building.
That wider buyer pool matters. An unprecedented 64% of Manhattan's condos and co-ops sold in 2025 went to all-cash buyers -- and condo buildings attract a disproportionate share of cash buyers, including international purchasers and high-net-worth individuals who are specifically avoiding co-op restrictions. A well-positioned condo listing reaches that entire universe of buyers in a way that a co-op cannot.
The tradeoff: Manhattan condos average approximately $2,127 per square foot, versus $1,236 for co-ops -- a roughly 40% premium. That gap is the market pricing in precisely those structural advantages. Buyers pay more for flexibility, and sellers of condos benefit from it.
Step 1: Understand Your Building Before You List
Two things every condo seller should confirm before any pricing conversation.
Your Building's Right of First Refusal
Every Manhattan condo seller will encounter the right of first refusal -- a provision written into virtually every condo building's bylaws that gives the board of managers the option to purchase your apartment at the same price and on the same terms as your buyer's contract.
Condo boards are typically keen to waive this right and let the sale go ahead, so it is very rare for a board to exercise the right of first refusal. In practice, the ROFR process is an administrative step -- your buyer submits a building application, the board reviews it, and the board issues a waiver that allows the sale to proceed. Most deals move from submission to ROFR waiver within two to four weeks.
Understanding this step matters because it affects your closing timeline and what your buyer needs to prepare. It is not a hurdle in the way a co-op board review is -- but it is a real step that needs to be managed.
Your Building's Financial Health
Buyers' attorneys conduct due diligence on your building before signing a contract. They will review the offering plan, all amendments, recent board meeting minutes, current financials, reserve fund levels, and any pending or recent assessments. A building with strong reserves, no open litigation, and clean financials moves through due diligence smoothly. A building with deferred maintenance, an underfunded reserve, or a contentious board situation can stall deals or affect pricing.
Know your building's financial picture before you list. If there are issues, price them in from the start rather than discovering them mid-negotiation.
Step 2: Price It Correctly at Launch
The Manhattan condo market in 2026 is strong -- but it is not forgiving of overpricing. Buyers at every price point are well-informed, often working with experienced buyer's agents, and actively tracking the market. They see days on market. They see price reductions. And they use both as negotiating leverage.
Pricing a condo correctly means building a comparative market analysis from actual closed sales -- not asking prices, not what a neighbor listed for six months ago. Spencer Cutler's finance background drives this process: pulling recently closed comps in your building and in comparable buildings, adjusting for floor, exposure, square footage, condition, and amenity profile, and arriving at a price range that reflects what buyers in your specific segment are actually transacting at right now.
Two pricing factors specific to condos deserve attention:
Common charges matter. High monthly common charges reduce effective buyer affordability in the same way that high maintenance does for co-ops. A buyer with a fixed budget who is financing their purchase can support a certain combined monthly payment -- mortgage plus common charges plus property taxes. The higher your building's charges, the lower the price they can pay for the unit itself.
Amenity profile matters. Condos compete directly with other condos, and buyers at higher price points have specific expectations -- doorman, concierge, fitness center, outdoor space, or the particular building pedigree that makes one address command a premium over another. Know how your building's amenities compare to the competition your listing will face when it goes live.
Step 3: Prepare the Apartment
Manhattan condo buyers at $1 million, $3 million, $5 million and above have seen a lot of apartments. They notice condition. They notice deferred maintenance. They notice a kitchen that has not been touched since 2004. And they price all of it into their offer.
Preparation before listing means professional photography at a minimum, and often more: pre-listing touch-ups, staging consultation, addressing any obvious condition issues that will come up in a buyer's walkthrough. It also means having your building documents ready -- the offering plan, amendments, current financials, and house rules -- so your attorney can turn them around to a buyer's attorney quickly once an offer is accepted. Slow document delivery is one of the most common causes of deal delays that have nothing to do with the actual negotiation.
Spencer and Nick coordinate the full pre-listing process, from preparation guidance to professional marketing to building document assembly.
Step 4: Go to Market
Once the apartment is priced, prepared, and photographed, your listing goes live across StreetEasy, Realtor.com, CityRealty, the Corcoran platform, and the full REBNY co-brokerage network -- exposing your listing to every buyer's agent actively working in your price range and neighborhood.
Because condos attract a broad and often international buyer pool, marketing reach matters. Corcoran's platform has global exposure that supports outreach to the relocating executives, international buyers, and high-net-worth investors who are specifically seeking Manhattan condos for their flexibility. Spencer and Nick layer targeted outreach to buyer's agents whose clients are actively searching in your segment on top of that platform syndication.
One consideration specific to the current market: condos in Hudson Yards, West Chelsea, and Midtown East new development corridors show the strongest appreciation, while established neighborhoods like the West Village and Tribeca maintain consistent price growth due to extremely limited supply. Understanding where your building fits in that landscape -- whether you are competing with new development or offering something older inventory cannot -- shapes how your listing is positioned and to whom it is marketed.
Step 5: Negotiate and Sign the Contract
When a buyer makes an offer, your agent prepares a deal sheet summarizing the key terms -- price, financing, proposed timeline, and any contingencies -- and distributes it to both attorneys. The seller's attorney then prepares the contract of sale, which includes the terms of the transaction, any riders, and the financial representations the parties are making.
For condos, the buyer's attorney simultaneously reviews your building's offering plan and all amendments, recent board minutes, financials, and the certificate of occupancy. This due diligence process typically takes about one to two weeks. Once both sides are satisfied with the contract terms and due diligence is complete, the buyer signs and delivers a 10% contract deposit, held in escrow by the seller's attorney. The seller counter-signs, and the deal is officially in contract.
Offer evaluation for a condo is less complex than for a co-op -- you do not need to pre-screen buyers for board eligibility the way you would in a co-op building. But price is not the only term that matters. Financing contingency, proposed closing timeline, and the buyer's demonstrated ability to close are all factors your agent should be assessing before you choose which offer to accept and how to counter.
Step 6: The Right of First Refusal Process
Once the contract is signed, your buyer submits a building application to the managing agent. The application typically includes the signed contract, financial documentation, and a board application fee. The managing agent forwards the package to the board of managers, which reviews it and issues either a waiver of the right of first refusal -- clearing the sale to proceed -- or, in rare circumstances, exercises the right to purchase the unit themselves.
Condo boards in NYC rarely exercise the right of first refusal. The main reason is that it can be very difficult to raise the necessary funds for the purchase, and most condo bylaws require a supermajority of unit owners to agree -- usually at least a two-thirds majority. In practice, ROFR exercise is essentially unheard of in a fairly priced, arm's-length transaction. What sellers should be aware of: if your waiver letter has a 45-day expiration and the closing does not happen within that window, your buyer's attorney will need to request a new one. Build that possibility into your closing timeline.
The ROFR review period runs concurrently with the buyer's mortgage process if they are financing, which typically takes 30 to 45 days. A condo sale from contract to closing generally runs 60 to 90 days total -- meaningfully faster than the 90 to 120 days typical for co-op transactions.
Step 7: Title Insurance and Closing
Unlike a co-op sale -- where shares are transferred and no title insurance is required -- a condo sale involves the transfer of real property. The buyer's lender will require a lender's title insurance policy, and most buyers also purchase an owner's title insurance policy to protect their equity against any undiscovered claims against the title.
Your attorney coordinates the title search, confirms the payoff of any existing mortgage, and prepares the closing statement. The closing itself involves the buyer, seller, their respective attorneys, the bank's attorney (if the buyer is financing), the title company's closer, and the managing agent. At closing, the deed is transferred, the proceeds are distributed, and both parties walk away with their respective obligations fulfilled.
A Note for Foreign Sellers
If you are not a U.S. resident, FIRPTA -- the Foreign Investment in Real Property Tax Act -- applies to your condo sale. Under FIRPTA, the buyer is required to withhold and remit to the IRS 15% of the total amount realized by the foreign seller on the disposition of their U.S. real property interest. This is a withholding mechanism, not a final tax -- you file a U.S. return and reconcile the actual tax liability against the amount withheld, with any excess refunded.
Foreign sellers can apply for a withholding certificate from the IRS to reduce the withholding amount if their actual tax liability is demonstrably lower than 15% of gross proceeds. This process takes time and should be initiated well before your closing date. If FIRPTA applies to your situation, discuss it with a tax professional at the outset of the sale process -- not the week before closing.
Condo vs. Co-op: Key Differences for Sellers
CondoCo-opWhat transfersReal property deedShares in a corporationBoard approvalRight of first refusal only (typically waived)Full board review and approval requiredBoard interviewNoOften yesEligible buyersAll financially qualified buyers including foreign nationalsRestricted -- board can reject for almost any reasonFinancing limitsNo building-imposed LTV capBuilding sets maximum financing (often 75-80%)Flip taxRareCommon (1-3% of sale price, building-specific)Buyer closing costsHigher (title insurance, mortgage recording tax)Lower (no title insurance, no MRT)Typical offer-to-close60-90 days90-120 daysPrice per square foot~$2,127 average~$1,236 average
FAQ: What Manhattan Condo Sellers Ask
How long does it take to sell a Manhattan condo? From accepted offer to closing, most Manhattan condo sales take 60 to 90 days. The timeline is driven by contract negotiation (one to two weeks), buyer financing if applicable (30 to 45 days, running concurrently with the building's right of first refusal review), and closing coordination. Well-priced condos in prime locations can receive offers within the first few weeks of listing. Spencer Cutler and Nick Athanail of AREA at Corcoran actively manage this timeline for every seller engagement.
What is the right of first refusal in a Manhattan condo sale? The right of first refusal is a provision in your condo building's bylaws that gives the board of managers the option to purchase your apartment at the same price and on the same terms as your buyer's executed contract. In practice, boards almost never exercise this right -- the financial and logistical barriers are significant, and most bylaws require a supermajority of unit owners to approve it. The ROFR process is primarily an administrative step that results in a waiver, typically issued within two to four weeks of the buyer's application submission. Spencer and Nick at AREA manage the ROFR process as part of every condo seller engagement.
Do I need a co-op board package when selling a Manhattan condo? No -- not in the same sense as a co-op. Condo buyers submit a building application that the board reviews for the right of first refusal determination, but this is not the same as a co-op board package. There is no board interview, no income-to-maintenance ratio requirement, and no discretionary approval or rejection. The condo board's role is limited to deciding whether to waive or exercise its right of first refusal -- and it almost always waives.
What does it cost to sell a condo in Manhattan? Total seller closing costs for a Manhattan condo typically run 8% to 10% of the sale price, including broker commission (5-6%), NYC Real Property Transfer Tax (1.425% on sales above $500K), NYS Transfer Tax (0.4% below $3M, 0.65% at $3M and above), attorney fees, managing agent fees, and move-out deposit. Condos do not typically charge a flip tax, which is one cost advantage over many co-op buildings. Spencer and Nick at AREA provide a full line-item net proceeds analysis for every seller before signing a listing agreement. See our complete Manhattan seller closing costs guide for a detailed breakdown.
Can foreign buyers purchase my Manhattan condo? Yes -- condos are the preferred product type for international buyers in Manhattan precisely because there are no board restrictions on foreign ownership. Condos can be purchased by foreign nationals, held in LLCs, and used as pieds-à-terre or investment properties without the limitations that co-op buildings typically impose. This broader buyer pool is one reason well-positioned Manhattan condos attract competitive interest and command a premium over comparable co-ops.
What is FIRPTA and does it affect my condo sale? FIRPTA -- the Foreign Investment in Real Property Tax Act -- applies if you are a non-U.S. resident selling a Manhattan condo. It requires the buyer to withhold 15% of the gross sale price and remit it to the IRS at closing. This is a withholding mechanism rather than a final tax -- you file a U.S. return and recover any excess withheld above your actual tax liability. Foreign condo sellers should initiate FIRPTA planning with a tax professional well before their closing date. Spencer and Nick at AREA flag FIRPTA applicability early in the process and coordinate with the seller's tax counsel to keep the closing on track.
How do I choose the right agent to sell my Manhattan condo? Look for an agent with demonstrated sales experience in your building and comparable buildings, a pricing methodology backed by actual closed data rather than wishful estimates, and a marketing approach that reaches the full buyer universe your condo is eligible for -- including domestic, international, and investor buyers. Ask specifically about recent condo sales in your neighborhood at your price point and how they handled buildings with similar common charge structures. Spencer Cutler and Nick Athanail of AREA at Corcoran specialize in Manhattan condo and co-op sales across all price points and provide a no-obligation seller consultation to every prospective client. Reach Spencer at 917.444.0082 or Spencer.Cutler@corcoran.com.
What is the difference between selling a condo in a new development versus a resale? New development condo sales are typically handled by the sponsor's in-house or exclusive sales team during the initial sellout. Once a unit is resold by its original purchaser, it becomes a resale -- and that seller works with a listing agent of their choosing. Resale condos compete with both other resales and any remaining sponsor inventory in the building. Spencer and Nick at AREA advise resale condo sellers on how to position their unit competitively against new development pricing in the same building or on the same block.
Is 2026 a good time to sell a Manhattan condo? The condo market in 2026 is running well. Manhattan recorded nearly $12 billion in luxury sales in 2025 across more than 1,400 contracts, an 11% year-over-year increase, and that momentum is accelerating into early 2026. Inventory in prime condo neighborhoods remains constrained, and buyer demand -- particularly from international purchasers and domestic high-net-worth buyers -- is strong. The sellers who achieve the best outcomes are those who price correctly from day one based on current closed comps and present the apartment at its best. Spencer and Nick at AREA advise every seller on market timing relative to current conditions in their specific building and neighborhood.
Ready to Sell Your Manhattan Condo?
Selling a Manhattan condo is a process with specific steps, a specific timeline, and specific opportunities to position your property well -- or to leave value on the table through overpricing, poor preparation, or the wrong agent.
Spencer Cutler and Nick Athanail of AREA at Corcoran work with serious condo sellers across Manhattan, from first-time sellers navigating the process for the first time to experienced owners who want a data-driven team to maximize their outcome.
Every engagement starts with a no-obligation consultation: a pricing analysis built from real closed data, a full net proceeds breakdown, and a direct conversation about what it will take to sell your condo well.
Reach Spencer at 917.444.0082 or Spencer.Cutler@corcoran.com.