Condo vs Coop in New York City #shorts

If you have ever looked apartments for sale in NYC, you are almost always seeing 2 types of buildings. Those are condos and co-ops. The idea for both is the same, residents live in separate apartments and share all the common areas. But as a first time home buyer in New York City it is very important for you to know the differences between condos and co-ops. #condo #coop #nycrealestate

The difference between condo and co-op is the form of ownership.

When you buy an apartment in a condominium, you are buying a real property. You’ll receive a deed and you own that individual apartment and a percentage of the common elements. You’ll also have a title to your property.

With co-ops the real property is the whole building, which is owned by a cooperative corporation and every apartment has a specific number of shares allocated to it. When you are looking to buy an apartment in a co-op building, you are buying the shares that are allocated to that apartment. You’ll receive a stock certificate that shows your ownership of those shares, and the proprietary lease will allow you to occupy that specific apartment in perpetuity as long as you continue owning those shares.