Selling Your Northern Manhattan Building on Your Own: An Owner's Playbook for 2026
The short answer: in New York, you're free to sell a building you own without hiring a broker. Whether you should comes down to one thing: do you already have a buyer who can close?
This playbook is for owners of mixed-use, walk-up, retail and medical buildings above 110th Street. It covers how to decide, what you'd be signing up for, and what the sale will cost either way.
Four questions to answer before you decide
Is there already a buyer at the table? A partner, a relative, a tenant or the owner next door. If yes, a direct sale can be simple. If you'd have to go find one, that search is most of a broker's job.
Do you know what the building is worth today? Not what it was worth when you bought it, or what a neighbor says they got. Buyers price off the current rent roll and recent trades. An independent appraisal or broker opinion of value gives you a number to defend.
Are your records ready for a buyer's attorney? Leases, rent registrations, tax bills, violations and two to three years of income and expenses. Gaps here turn into price cuts later.
Do you have the time? Showings, buyer calls, document requests and negotiation can run for months. Be honest about whether you want that on your plate.
If you answered yes to all four, selling direct is realistic. If not, the gaps are where outside help pays for itself.
If you sell it yourself: an owner's checklist
Before you talk to anyone
Retain a real estate attorney who regularly closes Manhattan building sales. In New York, attorneys draft the contract and run the closing.
Order an appraisal or opinion of value so your asking price has support.
Assemble a current rent roll: every apartment and storefront, rent, lease end date, security deposit, and regulated or free-market status.
Gather 2 to 3 years of income and expense statements and your latest real estate tax bills.
Look up open DOB, HPD and ECB violations and your certificate of occupancy, and clear what you can.
Read your commercial leases for any tenant right of first refusal or first offer to buy.
While you market it
Have every serious buyer sign a confidentiality agreement before you share leases or numbers.
Ask for proof of funds or a lender letter before scheduling a tour.
Put the key terms in a letter of intent: price, deposit, inspection period, financing, closing date.
Through closing
Request estoppel certificates from commercial tenants confirming their lease terms.
Expect the buyer to order a title search, survey, building inspection and often a Phase I environmental report.
Your attorney prepares the deed and the city and state transfer tax filings, recorded through ACRIS.
Turn over keys, original leases, security deposits and a signed notice telling tenants where to pay rent.
If the property is a one- to four-family residential building, New York's property condition disclosure rules also apply. Ask your attorney what you need to provide.
The money: what selling costs with or without a broker
Transfer taxes are the largest closing cost, and in a typical New York City sale the seller pays them. They're the same whether or not a broker is involved. For commercial, mixed-use and 4+ unit buildings:
NYC Real Property Transfer Tax: 1.425% up to $500,000; 2.625% above $500,000
NYS Real Estate Transfer Tax: 0.4%, plus an extra 0.25% on NYC commercial sales of $2 million or more
Example: on a $3 million sale, that's roughly $78,750 to the city and $19,500 to the state, about $98,250 combined, before attorney and title costs. Sources: NYC Department of Finance, Agarunov Law.
Broker commissions are negotiable. There is no standard or required rate in New York; the fee is whatever you and the broker agree to in writing. Some brokers will also take on a limited role, such as pricing only, for a reduced fee.
Be careful with "finders." Under New York Real Property Law, only a licensed broker can be paid a commission for bringing a buyer to a sale. If someone unlicensed offers to find you a buyer for a cut, talk to your attorney first.
What Northern Manhattan buyers check first
Buyers for buildings in Washington Heights, Inwood, Hudson Heights and Harlem tend to zero in on the same few things:
The regulated-unit count. Rent-stabilized apartments limit how much income can grow, so buyers price them carefully. Clean DHCR registration history makes that easier.
The storefront. A ground-floor tenant on Broadway, Dyckman Street or St. Nicholas Avenue with years left on a solid lease supports value. A vacancy, or a lease ending soon, invites a lower offer.
Medical and community-facility use. Space near the hospital campuses in Washington Heights attracts its own set of users and investors.
Deferred maintenance. Roofs, boilers, facades and open violations show up in the inspection, and buyers subtract them from the price.
Who's buying. Many of the strongest bidders are families and investors who already own nearby. They rarely find deals through a sign in the window.
Five mistakes we see owners make
Naming a price too early. The first number you say to a buyer becomes the ceiling. Get your valuation before any conversation about price.
Sharing the rent roll with anyone who asks. Your leases and income tell a competitor or a tenant a lot. Ask for a signed confidentiality agreement first.
Taking the first offer from a buyer who can't close. An unfinanced buyer can keep your building off the market for months under contract. Check their funds before you sign anything.
Letting tenants hear it secondhand. Rumors unsettle tenants and can slow lease renewals. Decide when and how you'll tell them.
Ignoring open violations. Buyers will find them in due diligence and ask for a credit. Clearing them beforehand usually costs less.
Questions owners ask us
Can I list my building on a website myself?
Yes. Owners can advertise their own property. Keep the description accurate, and don't share tenant details publicly.
My tenant wants to buy the building. Do I still need anyone?
You'll need an attorney on each side. Many owners also get an independent valuation so the price is fair to both parties.
Can I sell with rent-stabilized tenants in place?
Yes. Their leases and protections stay in force under the new owner.
What if I hire a broker and then find the buyer myself?
That depends on your listing agreement. Some agreements exclude buyers you bring in; read the terms before you sign.
Is selling direct faster?
It can be when a ready, all-cash buyer already exists. Without one, it's often slower, because the search falls entirely on you.
Thinking about selling? Start with a conversation
We've worked with building owners across Washington Heights, Inwood, Hudson Heights and Harlem since 2003. Whether you plan to hire a broker or sell to a buyer you already know, we can give you a confidential opinion of your building's value and a straight answer about what kind of help, if any, you need.
Navi Times CRE, Inc., Licensed Real Estate Broker
4160 Broadway, New York, NY 10033
212-928-5050 · info@navitimes.com · navitimes.com
This article is general information, not legal, tax or financial advice. Tax rates and laws change; confirm the details of your sale with a New York real estate attorney and your accountant.
Comments