Condo vs. Co-op Apartment:
The N.Y.C. Apartment Question
Differences Between Co-ops and Condos
There are a few key differences between condominiums and cooperative apartments.
Condo owners have legal title, i.e., ownership rights, to a piece of land that New York calls ‘real property.’ Whether your condo is situated on the 3rd floor or high up in the penthouse, it’s still a piece of land.
Co-op apartment owners don't own land, but rather shares of stock that the cooperative apartment corporation allocates to their unit. Buying a co-op involves having not only your finances scrutinzed, but also your personal background. If you get sick thinking about the Taxi sitcom episode when Louie, Danny Devito’s character, gets interviewed by a luxury co-op board with a hoity-toity attitude, a condo may be more your style.
Today, the vast majority of newly built New York City apartment buildings are condominiums. Real estate brokers know that buyers place a premium on the freedom and flexibility that condos generally offer over co-ops.
Click here to learn more about the potential advantages of buying a condo instead of a co-op.