Buying property in New York City involves understanding the difference between co op and condo ownership.

Ownership structure

Co ops involve purchasing shares in a building corporation while condos provide deeded ownership.

Down payment expectations

Co ops often require higher down payments while condos offer more flexibility.

Board approval

Co ops have board interviews and approval processes. Condos have fewer restrictions.

Costs

Condos may have higher purchase prices but co ops may include higher monthly maintenance.

Understanding these differences helps buyers choose the option that aligns with their goals.

To explore more guides for buying or selling in New York City visit our NYC Real Estate Guide.