Image Modal

Condominiums and Cooperatives

Condos vs. Co-Ops

Cooperative Buildings 

Tenant-owners of co-op apartments own shares in the corporation, and this entitles them to a long-term proprietary lease. The corporation pays the total amount of the building's mortgage, real estate taxes, employee salaries, and other expenses for the upkeep of the building.  

Cooperative Boards

Purchasing in a co-op requires approval by the building’s Board of Directors. The board is elected by tenant-owners of the co-op and interviews all prospective owners. Co-op boards look for people who are financially qualified and will have no issue paying both the monthly maintenance fees and the mortgage to the bank. 

Condominium Buildings 

A condominium apartment in Manhattan is real property. Buyers get a deed just as if they were buying a house. Since they are real property, there is a separate tax lot for each apartment. This means buyers pays their own real estate taxes for the property. Owners will also pay common charges on a monthly basis. Common charges are similar to maintenance fees in a cooperative. 

Get in Touch