Homes for Sale in New York

Real estate for sale in New York: complete analysis of the five boroughs for international investors and buyers

New York is, along with London, Paris, and Hong Kong, one of the four great global residential real estate markets. The city occupies approximately 300 square miles distributed across five boroughs — Manhattan, Brooklyn, Queens, The Bronx, and Staten Island — and concentrates 8.5 million inhabitants within the city, with a metropolitan area of approximately 20 million. It is a global center for finance, law, media, art, fashion, technology, medical science, and diplomacy (UN headquarters).

For the international buyer — Brazilian, Portuguese, Middle Eastern, Asian, Latin American, European — New York is a deep, liquid, and regulated market, but technically complex. Coop vs. condo, property tax by class, mansion tax and transfer taxes, 421-a abatements, Local Law 18 (Airbnb restrictions), NY State and NYC taxation, federal and state estate tax — everything materially influences the economic formula of ownership. It is worth analyzing borough by borough before committing capital.

The five boroughs in summary

Manhattan

The iconic borough — 1.7 million residents in 23 square miles. It concentrates the highest density of prestige, corporate performance, top restaurants, culture, and power. Price per sqft between 1,000 and 3,500+ USD depending on the neighborhood:

• Tribeca, West Village, SoHo, NoHo, Hudson Yards — trophy segments, 2,000-3,500+ USD/sqft
• Upper East Side, Upper West Side, Central Park West — traditional premium, 1,500-2,500 USD/sqft
• Chelsea, Flatiron, Gramercy, Murray Hill — central residential, 1,300-2,000 USD/sqft
• Financial District, Battery Park City — in post-pandemic conversion, 1,000-1,500 USD/sqft
• Harlem, Inwood, Washington Heights — accessible Manhattan segment, 600-1,200 USD/sqft

Brooklyn

The most populous borough (2.6 million) and one of the most culturally influential globally. Since 2010, it transitioned from a Manhattan alternative to a premium destination in its own right in several neighborhoods. Rising prices:

• Brooklyn Heights, DUMBO, Cobble Hill, Carroll Gardens — traditional premium, 1,300-2,000 USD/sqft
• Park Slope, Boerum Hill, Fort Greene, Clinton Hill — brownstones and townhouses, 1,100-1,800 USD/sqft
• Williamsburg, Greenpoint — trendy waterfront, 1,000-1,700 USD/sqft
• Bedford-Stuyvesant, Crown Heights, Prospect Heights — accelerated gentrification, 700-1,300 USD/sqft
• Bay Ridge, Sheepshead Bay, Bensonhurst — established residential with less pressure, 500-900 USD/sqft
• Mill Basin, Manhattan Beach — residential waterfront, detached houses, 700-1,500 USD/sqft

Queens

The most ethnically diverse borough in the world (more than 138 languages spoken). 2.3 million residents across a vast geographical area. It has some of the markets with the best price/quality ratio within NYC:

• Long Island City (LIC) — new waterfront towers with Manhattan views, 1,200-1,800 USD/sqft
• Astoria — cosmopolitan, gastronomic, 700-1,200 USD/sqft (see detailed analysis on the dedicated page)
• Forest Hills, Kew Gardens, Rego Park — large pre-war coops, 600-1,100 USD/sqft
• Sunnyside, Woodside, Jackson Heights — functional and accessible, 500-900 USD/sqft
• Bayside, Whitestone, Douglaston — suburban-urban with houses, 600-1,200 USD/sqft
• Flushing — NYC's Chinese and Korean commercial center, 700-1,300 USD/sqft
• Far Rockaway, Belle Harbor — beach community, 400-900 USD/sqft

The Bronx

1.4 million residents. Historically more accessible than other boroughs; post-2015 with strong investment in waterfront and parks. A market in transformation:

• Riverdale, Fieldston — traditional Bronx premium, large houses and coops, 500-1,000 USD/sqft
• Mott Haven, Port Morris (South Bronx) — intense development with new towers, 700-1,100 USD/sqft
• Belmont, Pelham Bay, Throgs Neck — established residential, 400-700 USD/sqft
• City Island — New England-style fishing island, 500-900 USD/sqft

Staten Island

The most suburban borough — 480,000 residents, with single-family homes and a predominantly residential environment. For the buyer who wants a house with a garage and garden within NYC limits, it is the most affordable option:

• St. George, Stapleton — ferry area, under development, 400-700 USD/sqft
• Todt Hill, Grymes Hill — the island's premium, large houses, 500-900 USD/sqft
• Tottenville, Great Kills, Annadale — suburban residential, 350-600 USD/sqft
• Mid-Island — functional, semi-detached houses, 350-550 USD/sqft

Coop vs. condominium — essential distinction for all boroughs

In NYC, about 75% of apartments in buildings are coops and 25% are condominiums. Materially relevant structural difference:

Coop (cooperative)

• Buyer acquires shares of a cooperative that owns the building, with a proprietary lease for the unit
• Board approval mandatory — 6-12 week process with full financial review (3 years of tax returns, balance sheet, reference letters, interview)
• Monthly maintenance includes property tax via formula and operating expenses
• Rental restrictions (subletting) are common — often a maximum of 2 years in every 5, or prohibited
• Price per sqft typically 15-30% lower than an equivalent condominium
• Non-residents have a high rejection rate — coops historically distrust foreigners without deep ties to NYC

Condominium (condo)

• Buyer is the direct owner of the unit
• Limited board approval (more of a right of first refusal than approval)
• Rentals generally permitted with few statutory restrictions
• Common charges + property tax are separate
• Higher price per sqft, but more flexible structure
• Almost exclusive option for international buyers

Townhouses, brownstones, single-family homes

For the buyer who values full ownership (no board, no fixed common charges, total control):

• Townhouse / brownstone in Manhattan: West Village, Greenwich Village, Upper East Side, Harlem — 4 to 25+ million USD
• Brownstone in Brooklyn: Brooklyn Heights, Park Slope, Carroll Gardens, Fort Greene — 2.5 to 9+ million USD
• Single-family home in Queens: Bayside, Forest Hills, Douglaston — 700 thousand to 3+ million USD
• House in Staten Island: starting from 400 thousand USD
• House in Riverdale (Bronx): 800 thousand to 4+ million USD

Property tax — unique and complex system

NYC has property tax in four classes with materially different treatment:

• Class 1 — single-family homes and buildings with 1-3 units. Effective rate typically 0.5% to 0.9% of market value. Annual increase caps applicable
• Class 2 — coops, condos, and rental buildings. Effective rate 0.3% to 1.2% of market value, highly variable depending on classification and abatements
• Class 4 — commercial. Not applicable to residences

For a coop or condo apartment, monthly property tax can vary between 150 USD/month and 3,000+ USD/month in buildings without abatement. Checking case by case is essential.

421-a Abatement

Program that drastically reduces property tax in new buildings post-2008 for 10-25 years. Important implication:

• Condo in a new tower with active 421-a may have property tax of 200-600 USD/month
• When the abatement expires, the same condo may start paying 1,500-3,000 USD/month
• Checking the remaining term of the 421-a is a critical step before purchasing a condo in a new tower

SCRIE and DRIE

Programs to reduce property tax for eligible retirees and people with disabilities. Not applicable to investors or non-residents.

Transaction costs in NYC

Buying in NYC has relatively high costs:

• Mansion tax (NY State + NYC): 1% above 1 million USD; progressive scale up to 3.9% on purchases above 25 million USD
• NYC Real Property Transfer Tax (RPTT): 1% up to 500 thousand USD; 1.425% above — paid by the seller but often reflected in the price
• NY State Transfer Tax: 0.4% — paid by the seller
• Mortgage Recording Tax: ~1.8-1.925% on the financed amount — paid by the buyer in a purchase with a mortgage
• Title insurance: 0.4-0.6% of the price
• Legal fees: 3,000-15,000 USD depending on complexity
• Mansion tax + RPTT + others can total 5-8% of the price for the buyer with a mortgage; less without a mortgage

Tourist rentals — substantially closed

Local Law 18, in effect since September 2023, transformed the short-term rental market in NYC:

• Mandatory registration with the city for any rental shorter than 30 days
• Host must be present in the property during the stay (primary residence)
• Maximum of 2 unrelated guests
• No separate door between rooms
• Platforms like Airbnb were forced to verify registrations

Result: investment thesis via tourist rentals is not viable in the vast majority of configurations. For an investor, the product must be modeled as a conventional annual rental.

Taxation — federal, NY state, and NYC municipal

• NY State income tax: progressive, up to 10.9% for high incomes
• NYC income tax: additional for residents, progressive up to 3.9%
• Combined total for residents in high brackets can exceed 14% state + municipal on income, plus federal tax
• Federal estate tax: up to 40% above ~13 million USD in 2026 (~60 thousand USD for unstructured non-residents)
• NY State estate tax: applies above ~6.5 million USD for residents. "Cliff" tax can significantly penalize those who exceed the limit without planning
• FIRPTA: 15% withholding on future sale by non-residents
• NIIT (Net Investment Income Tax): 3.8% additional on passive income above certain limits

Investment analysis

Appreciation

NYC had volatile dynamics post-2008 — recovery 2010-2015, peak in 2015-2016 in several segments, correction 2017-2020, new peak cycle during and post-pandemic (2021-2022 with paradoxical migration out and in), partial correction in 2023-2024. For 2026, the expectation is stabilization with clear differentiation: condos in new waterfront towers recover more slowly; brownstones and coops in established neighborhoods have sustained moderate appreciation.

Conventional rental

Gross yield in NYC varies significantly:

• Manhattan trophy: 2-3%
• Manhattan average: 3-4%
• Brooklyn premium: 3.5-4.5%
• Brooklyn / Queens average: 4-5.5%
• Multi-family in outer boroughs: 5-7.5%
• Bronx / Staten Island: 5-8%

Net after expenses, taxes, and management, cash return is often 1.5-3% — NYC is, like Paris and London, a market for capital preservation and appreciation, not yield.

Liquidity

The market has global depth. Average sale time in the segment up to 3 million USD: 60-120 days. In the high segment (5-15M USD): 4-9 months. Trophy properties (15M+) can take 12-36+ months.

Risks and points of attention

Old buildings with legacy systems

Pre-war buildings (1900-1940) represent a large part of the inventory in Manhattan and Brooklyn. Old systems (steam radiators, legacy electrical, periodic roofs) imply recurring costs. Local Law 11 / FISP (facade inspection for buildings above 6 floors) generates material periodic assessments per unit.

Special assessments in coops and condos

Boards can approve one-time assessments for major works (roof, facade, elevator, central systems). The share per unit can be 5 to 50+ thousand USD for significant work. Check 5-year history and building reserves.

Climate risk and flood zones

Hurricane Sandy (2012) left a mark on coastal areas (Battery Park City, Financial District, parts of the Brooklyn waterfront, Far Rockaway, Staten Island South Shore). FEMA reclassifications raised exposure for several areas. For purchase on the waterfront or low-lying areas:

• Check FEMA flood zones (AE, VE, X)
• Budget for flood insurance (1,500-8,000+ USD/year in critical zones)
• Check insurance claim history for the building and unit
• Evaluate actual elevation vs. base flood elevation

Insurance market

Insurers have reduced appetite for waterfront and historical areas with old systems. Check availability and premiums before closing.

Seasonality and winter

Winter in NYC has moderate to high snowfall, temperatures often below 23ºF (-5ºC), wind. Old buildings can have high heating costs. The sales market concentrates in spring/summer.

Protests and urban mobility

NYC has an active protest culture. Traffic, public transport (occasional MTA strikes), blockades are a reality. For residents with a car, parking is often a challenge and a cost (300-700 USD/month in a Manhattan garage).

Co-ownership restrictions and local regulation

Buildings may have regulations restricting use (Airbnb, office), pets, renovations, interior changes. Some areas are Historic Districts with additional restrictions on exterior changes.

Restricted liquidity in the very high segment

The market in the segment up to 5-8 million USD has solid liquidity. Above 15-20 million USD, the buyer pool reduces to a few hundred domestic and international buyers per year across the entire market.

Competition from Florida and Texas

Migration of high earners to Florida (Miami, Palm Beach, Naples) and Texas (Austin, Dallas) for tax reasons has been a relevant theme since 2020. Although migration slowed in 2024-2025, NY State + NYC taxation continues to be a structural pressure factor for the high segment.

For international buyers — specificities

Brazilians

• Brazil-US treaty does not exist regarding real estate income — specific implications for tax planning
• Structuring via US LLC (Delaware, Florida) and/or offshore holding + irrevocable trust is common practice to mitigate federal and NY state estate tax
• Without structuring, federal estate tax can reach 40% above ~60 thousand USD — material risk
• Financing via private banking (BTG Pactual US, Itaú Private Miami, Bradesco Miami, BB Americas) with 30-50% down payment
• FBAR and FATCA applicable to the Brazilian side? No — applicable to US persons. But reporting obligation in Brazil for assets abroad

Portuguese

• Portugal-US treaty applicable to some income
• Asset structuring recommended for medium/high values
• Portuguese community in NYC concentrated in Newark/NJ (nearby) and specific areas of Queens/Brooklyn

Continental Europeans

• Double taxation treaties vary by country
• Currency considerations (USD vs. EUR) material over a long horizon

Buyers from the Middle East, Asia, Latin America

• NYC has had consolidated flows for decades — specialized banks and lawyers
• Rigorous KYC/AML; proof of origin of funds required

For whom this market makes sense

• International family with a long horizon looking for capital preservation in USD in a stable and liquid jurisdiction
• Senior professional in finance, law, media, tech based in NYC
• Buyer with children in American education (Columbia, NYU, Cornell Tech, elite private schools)
• Family office diversifying global real estate exposure
• Buyer of a cultural pied-à-terre for periodic use in addition to a primary residence in another jurisdiction
• Intergenerational wealth succession with proper planning
• Multi-family investor in outer boroughs with active management
• International buyer with professional, family or educational ties in NYC

For whom it does NOT make sense

• Those looking for aggressive rental yield — NYC is structurally low
• Those who want tourist rentals via Airbnb — substantially closed by Local Law 18
• Those who prefer favorable taxation — Florida, Texas, Nevada, Tennessee are alternatives within the US
• Those who cannot absorb high structural costs (maintenance, property tax, insurance, assessments)
• Those looking for a single-family home with a garden in Manhattan — they don't exist; alternatives in outer boroughs, Westchester, or Long Island
• Those who do not tolerate tax and regulatory complexity without specialized advice
• Those who expect explosive appreciation — NYC appreciates moderately in long cycles

Comparison with global reference markets

• vs. London (Mayfair, Belgravia) — London has a deeper traditional trophy segment and post-Brexit taxation in flux (abolition of the non-dom regime). NYC is more transparent in transactions but with coop/condo complexity
• vs. Paris (6e, 7e, 8e) — Paris has irreplaceable Haussmann architectural heritage and IFI. NYC has more depth in the middle segment
• vs. Hong Kong / Singapore — Premium Asia with favorable taxation; but with increasing political risks (HK) and restricted supply
• vs. Lisbon / Madrid — prices per sqm/sqft materially lower; lower depth and prestige; alternative for European diversification
• vs. Miami / Palm Beach — alternative within the US with much more favorable taxation (no state income tax in FL, no state mansion tax). NYC has cultural, professional, and diplomatic depth that Miami does not offer
• vs. Boston, San Francisco, Los Angeles — other major American cities with distinct profiles; NYC is among the most liquid and diversified

Trends 2026 and coming years

Positive factors

• Sustained international demand
• Recovery of the office market in specific areas (Park Avenue, Hudson Yards) supports the premium residential segment
• Investment in public transport (Second Avenue Subway Phase 2, LIRR Grand Central expansion, projected IBX Brooklyn-Queens) — increases value of served areas
• Continuous revitalization of areas like Long Island City, Williamsburg, South Bronx, Downtown Manhattan

Pressure factors

• State + municipal tax pressure maintains migration to Florida and other states
• Expiration of 421-a abatements in several new condos in the next 5-10 years pressures monthly costs
• Climate risk and insurance premiums continue to rise, especially on the waterfront
• Regulation on Airbnb remains severe
• Construction and renovation costs in NYC continue significantly above the national average

What to evaluate before buying in New York

• Property type: coop vs. condo vs. townhouse — material impact on approval, rental, and financing for non-residents
• 421-a abatement status in new condos — remaining term and predictable impact on property tax
• Building financials: reserves, recent assessments, lawsuits, upcoming Local Law 11 works
• Maintenance / common charges trend — check 5-year history
• Age and condition of central systems (boiler, elevator, electrical)
• FEMA flood zone in coastal areas
• Insurance claim history (CLUE report)
• Recommended legal structure before purchase for internationals (LLC, holding, trust)
• Tax planning in conjunction with the country of tax residence
• Estate planning — especially for non-residents; without proper structure, exposure to federal estate tax can be severe
• Co-ownership restrictions / board approval in coops
• Access and logistics — check public transport, proximity to subway, distance to airports
• Buyer's broker and specialized lawyer in NYC transactions (and international transactions, if applicable) — do not skimp on this stage

Suburban and satellite areas — alternatives to consider

For the buyer who values quality of life with more space and a garden, but a real connection to NYC, it is worth considering adjacent markets:

• Westchester County (Bronxville, Larchmont, Scarsdale, Chappaqua, Armonk) — strong schools, direct Metro-North, traditional premium
• Long Island North Shore (Sands Point, Brookville, Lloyd Harbor, Locust Valley, Mill Neck) — Gold Coast estates, privacy, solid schools
• Long Island South Shore / Hamptons (East Hampton, Bridgehampton, Sag Harbor, North Haven, Montauk) — premium second residence or permanent residence
• Connecticut (Greenwich, Darien, New Canaan, Westport) — lower state taxation than NY, strong schools, direct Metro-North
• New Jersey (Hoboken, Jersey City, Montclair, Short Hills, Summit) — alternative via PATH or NJ Transit, varied environments
• Hudson Valley (Hyde Park, Rhinebeck, Hudson, Beacon) — premium second residence, rural environment with Amtrak to NYC

For those looking for real estate for sale in New York, the reading is clear: one of the most solid real estate markets in the world, with depth, liquidity, and global prestige. Each of the five boroughs offers distinct profiles — Manhattan for maximum density and prestige; Brooklyn for creativity and brownstones; Queens for diversity and price/quality ratio; Bronx for an emerging market; Staten Island for an accessible single-family home. It has material tax and regulatory complexity (coop vs. condo, NYC property tax, mansion tax, 421-a, Local Law 18, state and federal taxation) that requires specialized advice from a local lawyer, accountant, and broker. It is a solid choice for specific profiles with a long horizon and a thought-out wealth structure.

Consult our updated selection of properties in Manhattan, Brooklyn, Queens, Bronx, and Staten Island, as well as in Westchester, Long Island, Hamptons, Hudson Valley, and Connecticut.