The pleasures of ownership


Essex House Residences

Residence Purchasing Guide


Essex House Condominium –
The hotel was converted by Marriott Corporation into a condominium-hotel in 1974. Today, there are 185 privately owned condominium units and by their owners for a multitude of uses; as a pied-a-terre, investment properties or as permanent residences. Currently, the condominium apartments are located between the 4th and 40th floors and may be side-by-side with a transient hotel unit.   
Unlike the modern Condo-hotels which have certain use restrictions for the residence owner, at the Essex House no such restrictions exist. Here, owners may use their condominium residences as often or as little as they wish throughout the year, they may allow friends, family or business associates use the residence without limit, or they may rent it furnished or unfurnished for periods ranging from one month to multi-year terms. A fully functioning brokerage division is operational at the Essex House for the pleasure and assistance of unit owners wishing to have the hotel rent or sell their units. Furthermore, there are no restrictions on the manner or style in which a residence may be decorated and furnished, creating an array of homes as magnificent and unique as the residence owners themselves. 
-       Residences may be used by owners without restrictions
-       Residences may be rented for period of one month or longer
-       Residences may be decorated in any style and manner desired by the owner
An Essex House condominium residence is "real" property.   A buyer receives a deed just as though he or she were buying a house. Each individual residence receives its own tax bill and there is a monthly common charge for essential building systems and services which include all typical hotel services with the exclusion of housekeeping (which owners may request as little or as much as they wish and so it is charged separately) as well as all utilities, cable and internet service and insurance on the building. 
The straightforward nature of buying an Essex House condominium residence coupled with the fact that they may be used by the owners or sublet at will for short or long term, provides a unique flexibility not seen in all other hotels or condominium buildings anywhere in Manhattan.

For The Seller
$1,700 & up
NYC Real Property Transfer Tax
-       1% of purchase price if $500,000 or less
1.425% of purchase price if over $500,000 of the entire amount
NYS Transfer Tax
-       .4% (.004) of purchase price
$450 *
Managing Agent Fee
Broker Commission
6% of purchase price
E Tax Filing (ACRIS)
Gains Tax Withholding (out of state seller)
7.7% of gain
Non-US Resident (FIRPTA)
10% of price withheld or paid
For The Purchaser
Own Attorney
$1,700 + up
Credit Report Fee
$50 - $100 per applicant
Lead Based Paint Disclosure Fee
$0 - $50
Mansion Tax
-1% of purchase price where $1 million and over
Mortgage Associated Fees:
Origination Costs – points
0 - 3% value of loan
Application, Credit Check, etc.
$500 + up
$275 + up
Bank Attorney
$500 + up
UCC-1 Filing
$50 + up
Mortgage Recording Tax
Up to $500,000 is 1.8% of mortgage; over $500,000 is 1.925% of mortgage
Title Insurance, Title Search & Recording Fees
Approximately 0.5% of purchase price
Building Searches
$200 - $400
Recording Charge
$17 per document plus $5 per page
Real Estate Tax Escrow
2-6 months
For unit sales by Sponsor:
NYC Real Property Ttransfer Tax
-       1% of purchase price up to $500,000
1.425% of purchase price over $500,000
NYS Transfer Tax
-       $4 per $1,000 of purchase price
Sponsor's Attorney Fee
-       $1,500 +up
**Always consult with your
attorney to determine more
specifically what costs you will
be incurring for selling or buying
an Essex House Residence**