Free Tool
NYC closing cost estimator
Commercial closings carry real costs beyond your down payment — led, in NYC, by the mortgage recording tax. Estimate them before you sign a term sheet.
Assumes property within New York City. The mortgage recording tax alone is often the single largest closing cost on an NYC commercial loan — many borrowers underestimate it.
Estimated closing costs
$71,375 – $108,625
Roughly 4.1%–6.2% of the loan, on top of your down payment.
- Mortgage recording tax
- $44,625
- Everything else
- $26,750 – $64,000
Cost breakdown
| NYC mortgage recording tax2.55% of the loan (borrower's typical share) | $44,625 |
| Lender origination fee0.5%–1.0% of the loan | $8,750 – $17,500 |
| Title insurance~0.4%–0.6% of the loan (NY premiums) | $7,000 – $10,500 |
| Legal (borrower + lender counsel) | $3,500 – $15,000 |
| Commercial appraisal | $2,500 – $8,000 |
| Environmental (Phase I ESA)Usually required on acquisitions | $2,000 – $5,000 |
| Survey | $2,000 – $5,000 |
| Processing, recording & misc. | $1,000 – $3,000 |
Why NYC closings cost more
New York City levies a mortgage recording tax on the loan amount — for commercial and larger multifamily mortgages of $500,000 or more, the combined rate is 2.80%, of which the borrower customarily pays about 2.55%(the lender pays the remaining 0.25%). On a $1.75M loan that's roughly $45,000 — often the single largest line item at closing. Title insurance, legal, appraisal, and an environmental Phase I add to it.
Estimates only, for property within New York City. Actual costs vary by lender, deal structure, and third- party vendors, and tax rules change — confirm current figures with your lender and attorney. Not tax or legal advice.
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