Coop vs Condo NYC - What's the Difference Between Coops and Condos in New York City?

Understanding the difference between condos and coops is something every New York City home buyer must know. It’s almost as important as knowing that you can save thousands on your NYC property purchase by requesting a buyer’s agent commission rebate from Hauseit.

So, what’s the difference between a condo and a coop?

1. Coop Ownership is Not a Form of Real Property Ownership

New York City home buyers who purchase a coop apartment actually purchase shares of stock in a corporation that owns the coop.

Owners of condos are considered owners of real property just like any home owner in the rest of the country.

2. There are More Coops than Condos in NYC

Over 75% of the apartments in New York City are coops.

3. Condos are Much More Expensive than Coops

NYC condos cost 10-40% more than coops.

4. Closing Costs are Much Higher for Condos than for Coops

New York City condos have buyer closing closing costs which are roughly 2% higher than for for comparable coops.

5. Coops Have the Most Rigorous Buyer Board Application Process

NYC coops have a rigorous board application and review process for potential buyers. Buyer rejections for coops are much more common than for condos.

6. Coops Have Higher Monthly Maintenance Charges

Monthly maintenance charges for co ops are often higher than the monthly common charges levied by condos.

7. Coops have Stricter Sublet Rules than Condos

Coops often restrict an owner’s ability to sublet or rent the unit.

Which is better?

Whether a coop or condo is better depends on your personal situation. Regardless of what you buy, make sure you request an NYC commission rebate from Hauseit. A buyer’s agent commission rebate can save you tens of thousands of dollars on your property purchase in NYC.

[angelaprince]

Thanks for sharing the video and your thoughts regrading rental.... I hope this video will help to many individuals.

[QuiteDecent]

It's like that outside of NYC too.

[ASH-sekr]

I’m interesting in buying condo in bronx NYC but i would like to know what the average maintenances fee monthly and what is the average condo rent if I rent it ? I wanna calculate how much I can make monthly profit, thx

[becontentandsilencethemind]

Thanks for the video and a question regarding rental....Can i buy a coop and then rent it out?

[dane_marco]

I have a question... If I buy a co-op in NYC when I die would it be handed down to children?