Sales Guide


New York City is composed of a mix of cooperative and condominium apartments. In order to know which one will be the ideal fit for you, you need to know and understand the main differences between them.

Co-operative Buildings

The Cooperatives are each owned by an apartment corporation. The tenant doesn’t actually own the apartment as in the case of "real" property, but instead, owns the shares of the corporation and is granted the right to occupy the apartment.

When buying a CO-OP apartment, you need to take into an account:

  • The down payment required by the building is most cases 20%-50% of the purchase price.
  • Each co-op offers a tax-advantage as a portion of the monthly maintenance that is tax deductible.
  • An interview with the board of directors is taking place for each potential buyer. Most co-op boards typically request financial disclosure with supporting  documentation, employment history, current salary, personal and business references, tax returns and credit history and have the right to reject any candidate while looking to select the best qualified tenants in order to protect the interests of the shareholders.
  •  Most co-op's aren’t very flexible in their subleasing policy and if subleasing is allowed, it will still require a board approval.  
  • Although co-ops have their disadvantages, it’s important to keep in mind that they are usually less expensive than condominiums and that currently 85% of the apartments available in NYC are co-ops, although this number starts to change as more condominiums are being built.

 Condominium Buildings

A condominium apartment in Manhattan is real property the same as buying a house anywhere else. It entitles the buyer to a deed on the property and he’s responsible for paying his own real estate taxes. In a condominium building there is also a monthly common charges payment. A lot of buyers find that a condominium is a preferred choice for them for the following reasons:
  • The down payment required in most condominium apartmenst is much more flexible than in a cooperative, where the buyer can finance up to 90% of the purchase price.
  • There is greater flexibility in subleasing your apartment, which makes a condominium choice for an investment property.
  • Lower monthly charges than in a co-op.
  • They are the ideal choice for non-U.S citizens and buyers who would like to revile less financial information than is required in case of a co-op purchase.

Since condominiums allow much more flexibility in their financing, future sublet options and have lower monthly charges, they are priced more than co-ops.

The entire process of purchasing an apartment usually moves more quickly in a condominium and the time line from contract to closing in about 60 days. However, the cooperative usually takes longer, and a time line of 60 to 90 plus days is not unusual, all reliant upon getting the approval for a mortgage, if it is needed.
Your real estate broker will walk you through all the stages in one of your most important life decisions, help you figure out your budget, how you get a mortgage and find a real estate attorney. We will guide you through a co-op interview if needed and we will be by your side til you get your NEW HOME.