NYC Real Estate FAQs | Renting, Buying & Closing
Answers to common NYC real estate questions from Wonderstreet—board approval, move-in, closing costs, mansion tax, broker fees, mortgage pre-approval, and contacting Yimin Ge.
Rental FAQs
Will my fees be refunded if the board denies me?
Yes, in the scenario where you don’t receive board approval, 100% of your fees will be refunded unless stated otherwise on the board package.
Will I be charged rent even if the board hasn't issued approval by my lease start date?
No. The landlord will not start counting rent until the day you pick up the keys, after you receive board approval. At that point, you will be charged a prorated rent covering the days from when you picked up the keys until the end of the month. The first month’s rent you pay at lease signing will be applied to the first full month after move-in.
When can I move in?
Monday through Friday, 9–5pm, after receiving board approval and submitting your moving company’s COI and reserving the elevator with building management. Instructions are sent after board approval.
Can I move in at my lease start date even if the board hasn't issued approval?
No. Even if the date on your lease arrives, you will not be permitted to pick up the keys or access the apartment until the board issues approval.
Buying & Closing FAQs
What closing costs should NYC buyers expect?
Beyond the down payment, NYC buyers typically pay lender fees, attorney fees, title/insurance costs, recording fees, and taxes that vary by property type (new development, resale condo, or co-op). See our NYC Closing Costs guide or try the Closing Cost Calculator for an estimate.
What is the NYC Mansion Tax?
NYC’s mansion tax is a buyer-paid tax on residential purchases of $1,000,000 or more. Rates rise with price — starting at 1% for purchases from $1M to just under $2M, and increasing at higher brackets. Exact amounts depend on the purchase price and should be confirmed with your attorney and agent.
Where does the broker fee go?
In a typical NYC deal, the total commission is split between the sides and teams involved in the transaction — it is not a single flat payment to one person. Our Fee Anatomy page breaks down how buyer- and seller-side fees are commonly allocated.
Should I get mortgage pre-approval before touring homes?
Yes. Pre-approval clarifies your budget, strengthens offers in competitive buildings, and helps your Wonder Street agent focus on listings you can actually close on. Our Buyer’s Guide walks through goals, search, escrow, and closing.
Do international students need a guarantor to rent in Manhattan?
Often yes — landlords typically look for U.S. income and credit. Without those, many buildings ask for a guarantor, prepaid rent, or an insurance-style guarantor product. Requirements vary by landlord. See Rentals Q&A for International Students for details.
How do I get in touch with Wonder Street?
Reach us via the Contact form, call 917-923-2607, email yimin@wonder-st.com, or WeChat ID gexiaomin0306. We’re at 110 Fifth Ave, 7th Floor, New York, NY 10011.