New York State applies an additional tax commonly called the mansion tax to residential transactions of $1 million or more. For New York City residential conveyances at $2 million and above, supplemental graduated rates can also apply. The exact structure should be modeled with counsel and a tax professional for the specific transaction.nnFor luxury buyers, closing cost analysis should happen early because transfer taxes are only one line of the capital stack. Depending on the asset, there can also be title insurance, mortgage recording tax, lender costs, legal fees, building charges, move deposits, mansion tax, sponsor transfer costs, working-capital contributions or other transaction-specific items.nnSource: New York State Department of Taxation and Finance, Real Estate Transfer Tax guidance, updated June 2026.