Buying in NYC
Condo vs co-op in NYC
Understand the difference between NYC condos and co-ops — financing, board approval, maintenance, and resale implications.
Ownership structure
A condo buyer owns real property with a deed. A co-op buyer purchases shares in a corporation that owns the building and receives a proprietary lease for a specific unit. That structural difference drives most co-op rules around subletting, alterations, and resale.
Financing and approval
Condos are generally easier to finance and do not require board approval in most cases. Co-ops often require board packages, higher down payments, and post-closing liquidity tests. Buyers should confirm lender appetite before making an offer.
Monthly carrying costs
Co-op maintenance often includes the building’s underlying mortgage and property taxes. Condo common charges and taxes are billed separately. Compare total monthly cost, not just the list price, when evaluating comparable units.