Coops and Condos - Know the Facts
What’s the Difference Between a Co-op and a Condo? Co-ops are a unique part of the New York City real estate landscape. In fact, when you buy a co-op, you’re not buying real estate in the traditional sense. You’re purchasing shares of a cooperative, or “co-op,” and that co-op owns the building. The bigger your unit, the more shares in the co-op you own. You’ll get what’s called a proprietary lease, which lays out the relationship between the co-op and you, the shareholder. A condo, on the other hand, is a private residence in which you own the unit itself, making it true real estate. Not only do condo residents own their individual apartments, they also jointly own common areas that make up the rest of the building, like the hallways, elevators, and any other shared spaces. You’ll receive a deed, which is a record of ownership. “You have a little bit more control and a little bit more flexibility as an owner of a condo than when you purchase a co-op. Price points, approva...