Plan beyond the down payment
At this price point, cash planning must include attorney and lender costs, inspections, building charges, prepaid items, reserves, and the additional New York State transfer tax commonly called the mansion tax. Obtain a transaction-specific estimate before setting the top of the search.
Price does not standardize the product
A seven-figure budget can lead to very different homes depending on borough, neighborhood, property type, condition, size, building services, and monthly charges. Compare the complete ownership proposition rather than treating purchase price as a proxy for quality.
Monthly costs can change the ranking
A lower-priced co-op with high maintenance may be less comfortable financially than a higher-priced home with different charges. Review what each fee covers, the building's financial condition, assessment history, tax treatment, and realistic future repair obligations.
Keep negotiation property-specific
Recent comparable sales, time on market, condition, building history, financing constraints, and competing interest all matter. Automated estimates cannot substitute for diligence on the apartment and building, particularly when two apparently similar units carry different risks.
Primary sources
Use these official resources to verify current rules and transaction-specific details.