Posts

Showing posts from July, 2016

REBNY Legal Line Question of the Week: Square Footage Disclosure in Co-ops and Condominiums

Image
QUESTION; I have noticed that many co-op listings do not include a square footage estimate but condominium listings do. Why do real estate brokers disclose the estimated square footage of a condominium unit but not a co-op unit?
ANSWER: There are a number of reasons why square footage is generally disclosed in condominium transactions but not in co-op transactions. First, there is little data on file with New York City regarding the actual square footage of co-ops. Many co-ops in New York City were built before square footage was calculated and, in the 1980s, when many buildings were converted into co-ops, square footage was not required to be included in the offering plan. On the other hand, for condominiums, square footage is listed in the condominium’s original offering plan. This provides an authoritative reference for determining a condominium’s size. Second, the calculations of co-op square footage that exist are frequently inaccurate. This is because, in New York City, there is no…