Co-op vs. Condo: Which NYC apartment type is right for you? + Must-see open houses

By Cait Etherington | From Get To Know Today, November 8, 2024

393 West End Avenue, #11A

In New York, most buyers ultimately purchase one of two types of units: a co-op or condo. While many co-ops and condos look the same from the outside and both have built-in fees, these different types of properties are actually quite distinct. They also each come with their own pros and cons and unique purchasing requirements.

Co-op, Condo, and Condop Defined

Central Park West and Fifth Avenue have some of the most prestigious co-op buildings and toughest co-op boards in the city (CityRealty)

Co-ops are owned by a corporation. As a result, when you buy a unit in a co-op building, you are not actually buying a property but rather buying shares of a building. In this case, the shares entitle you to what is known as a proprietary lease. This also means that you will never receive a property tax bill from the city. In a co-op, property taxes are rolled into your building fees.

Condominiums or condos differ from co-ops on several levels. When you buy a condo, you’re actually buying a property. In this respect, owning a condo is closer to owning a house. For example, with any condo purchase, you’ll get a deed to the property you have purchased. Because you’re the sole owner, however, you’ll have to deal with your own property taxes.

The condop, which is a rare but not unheard of hybrid, refers to a building where at least one unit is owned by a cooperative corporation, but other parts of the building (e.g., street-level retail spaces or the garage) are owned by a condominium developer. Contrary to what many would assume, it is not a co-op governed by condo rules.

Pros and Cons of Purchasing a Co-op

Co-ops offer many benefits to buyers. First, with an estimated 75% of New York City housing stock is classified under the co-op category, there is considerable stock on the market. If you’re looking for a pre-war apartment, you’ll also find far more options on the co-op side of the market, though some pre-war buildings are structured as condos. Second, co-ops tend to be much more affordable. So far in 2024, the median price per square foot for a Manhattan condo was $1,736; during the same period, co-op units sold for just $1,026 per square foot. Finally, and most importantly, as a shareholder, you’ll always get to vote on critical decisions made about your building.

While co-ops clearly have many advantages, they also come with their share of hassles. Unlike condos, co-ops require tenants to undergo board approval and co-op boards have a surprising degree of license to select which tenants ultimately are approved to live in the building. While they can’t legally discriminate against prospective tenants on the basis of gender, race, or sexuality, they can use a host of other excuses to keep some tenants out (e.g., a co-op board might reject a foreign national arguing that they are a liability since they are more likely to leave the country without paying their co-op fees). Also, depending on the co-op, you might not have the right to rent out your unit or to use it as a pied-à-terre.

Another risk of buying a co-op is that one’s board might assign a hefty assessment at any time. Co-op boards generally assign assessments, which can range from just a few hundred dollars per month to several thousand, when the building needs to complete a capital improvement project (e.g., repairing a building façade or adding a roof-top garden). While one does get a vote, if the majority of shareholders vote in favor of an assessment, you may find yourself paying a high assessment fee in addition to your regular building fees for several years. During this time, the ability to sell your unit will also decrease as many buyers are unwilling to buy in buildings with high assessments.

Pros and Cons of Purchasing a Condo

View NoMad condo and office towers from the new development condo VU New York

The main benefit of purchasing a condo is the ease of purchase. When you buy a condo, you’re typically buying from a developer—or in the case of a resale, directly from the owner of the unit. Chances are that neither a developer or current owner will want to know everything about you, your family, and lifestyle, which is often the case in co-op buildings. Also, while co-op boards often limit financing option (e.g., only permit 50% financing rather than 80%) and ask for a large amount of escrow funds upfront, the condo market operates much like the housing market. You’ll still need a down payment of 10% to 20%, but it is less likely that you’ll be asked to put down more than 20% or place funds in an escrow. In addition, most condos are far more flexible about renting and pied-à-terres.

The primary downside to purchasing a condo is cost. As already noted, in Manhattan, condos are nearly twice as costly as co-ops. In addition, since your fees don’t include taxes, you’re on your own when it comes to taxes. Finally, if you’re looking for a building where your neighbors share your specific values (e.g., you want to live in a quiet, child-friendly, or pet-friendly building), you’re less likely to discover like-minded people in a condo since prospective tenants are not vetted beyond their ability to pay their mortgage and fees in a timely manner.

If you do end up buying in a condop, your experience will likely share more in common with the experience of buying in co-op than condo. After all, condops are essentially co-ops with a small percentage of condo space, but the condo spaces are generally only leased to non-residential tenants.

Condo listings with upcoming open houses

Pinnacle Condominium, #8A
$724,000

Forest Hills | Condominium | 1 Bedroom, 1.5 Baths | 908 ft²

Open House: Sunday, November 10, 2024

Pinnacle Condominium, #8A (Compass)

From the Listing: Indulge in a tranquil and serene lifestyle at this exceptional residence nestled within the esteemed Pinnacle luxury condo. With an expansive 908 square feet of living space, this thoughtfully designed one-bedroom unit offers 1.5 baths and a delightful balcony that presents a picturesque view of the lush Pinnacle gardens. Start your mornings with a cup of coffee and unwind in the evenings on the spacious 90 square foot balcony. Inside, you'll appreciate the renovated kitchen, a walk-in closet, and the convenience of an in-unit washer/dryer. See floor plan and full details here.

Number 5, #5A
$938,000

Midtown East | Condominium | 1 Bedroom, 1.5 Baths | 876 ft²

Open House: Sunday, November 10, 2024

Number 5, #5A (Berkshire Hathaway HomeServices New York Properties)

From the Listing: Best Priced Boutique Condo in the Heart of NYC, Just Off 5th Avenue! Apartment 5A is a south-facing 1-bedroom, 1.5-bathroom condo with nearly 10-foot ceilings, offering amazing sunlight throughout the day with floor-to-ceiling windows. U See floor plan and full details here.

Magnolia Mansion Lofts, #4B
$1,099,000

East Harlem | Condominium | 4 Bedrooms, 2 Baths | 1,600 ft²

Open House: Sunday, November 10, 2024

Magnolia Mansion Lofts, #4B (Corcoran Group)

From the Listing: Welcome to #4B at Magnolia Mansions Lofts. This exquisite, stylish East Harlem duplex loft stands out from all the rest with its impressive 15ft ceilings, floor-to-ceiling windows, renovated kitchen and bathrooms, and 1600 square feet of entertaining space, with FLEX 4 bedrooms/office space. See floor plan and full details here.

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The Olmsted, #12M
$1,150,000

Central Park West | Condominium | 1 Bedroom, 1 Bath | 850 ft²

Open House: Sunday, November 10, 2024

The Olmsted, #12M (Brown Harris Stevens Residential Sales LLC)

From the Listing: Welcome to this high floor Junior 4 condominium with private balcony and sweeping Central Park views! Ideally situated alongside Central Park, this extra spacious one-bedroom property boasts some of the lowest monthly charges for a full-service building on the Upper West Side, making it the perfect fit for both primary residents and savvy investors alike. See floor plan and full details here.

Kips Bay Towers, #12M
$1,800,000

Gramercy Park | Condominium | 3 Bedrooms, 2 Baths | 1,345 ft²

Open House: Sunday, November 10, 2024

Kips Bay Towers, #12M (Compass)

From the Listing: Welcome to Residence 12M at 343 E 30th Street, a bright and spacious three-bedroom, two-bathroom home in the iconic I.M. Pei-designed Kips Bay Towers. Known for its large picture windows and private 3.5-acre park, this residence offers serene water views and North-facing exposures facing uptown and beyond. See floor plan and full details here.

Maison East, #7E
$2,695,000

Carnegie Hill | Condominium | 3 Bedrooms, 3 Baths | 1,773 ft²

Open House: Sunday, November 10, 2024

Maison East, #7E (Douglas Elliman Real Estate)

From the Listing: Welcome to Residence 7E at Maison East Condominium - 1438 Third Avenue @ 81st Street. This spacious 3-bedroom, 3-bathroom home spans nearly 1,800 SF, offering refined Upper East Side living.The fully renovated suburban sized windowed eat-inkitchen, features top-quality appliances, including a Viking hood and microwave, Subzero fridge/freezer,JennAir stove, wine cooler and Bosch dishwasher, all complemented by Carrara marble countertops. See floor plan and full details here.

The Glass Farmhouse, #8C
$2,750,000

Midtown West | Condominium | 2 Bedrooms, 2 Baths | 1,900 ft²

Open House: Sunday, November 10, 2024

The Glass Farmhouse, #8C (Compass)

From the Listing: Step into a realm of luxury with this remarkable 2-bedroom, 2-bathroom corner loft, boasting an impressive 1,897 square feet of sophisticated living. This exquisite residence not only provides the opportunity to convert into 3 bedrooms but also represents one of the few prewar condo offerings in Hudson Yards at this price point, characterized by high ceilings, an abundance of natural light, and exceptional versatility. Enhanced by striking architectural details such as steel columns, exposed brick, and soaring 14-foot ceilings, this home seamlessly combines sophistication with distinctive character. See floor plan and full details here.

Chelsea House, #PH2B
$2,800,000

Chelsea | Condominium | 3 Bedrooms, 2 Baths | 2,030 ft²

Open House: Sunday, November 10, 2024

Chelsea House, #PH2B (Corcoran Group)

From the Listing: Mesmerizing Views, glorious light, 3 bedroom home in a full-service condo in a prime downtown location!! Welcome to PH2B at 130 W 19th Street, where luxury living awaits. This 2,030 SF stunning home offers 3 bedrooms, a convertible 4th, 2 full baths and a 149 SF terrace directly off the living room with northern skyline and east/ west 19th street views. See floor plan and full details here.

Griffin Court, #PHC
$3,600,000

Midtown West | Condominium | 3 Bedrooms, 3.5 Baths | 1,829 ft²

Open House: Sunday, November 10, 2024

Griffin Court, #PHC (Compass)

From the Listing: Penthouse C, situated across floors 7 and 8, stands as the largest duplex penthouse within Griffin Court, a prestigious luxury condominium in Midtown West. Boasting an expansive 1829 interior square feet and an additional 1400 square feet of private terrace, this residence offers breathtaking unobstructed panoramic city views facing East, West, North, and South. See floor plan and full details here.

56 Leonard Street, #21BEAST
$4,850,000

Tribeca | Condominium | 2 Bedrooms, 2.5 Baths | 1,668 ft²

Open House: Sunday, November 10, 2024

56 Leonard Street, #21BEAST (Brown Harris Stevens Residential Sales LLC)

From the Listing: Breathtaking views of the downtown skyline and river greet you in this masterfully crafted condo by Herzog & de Meuron. 56 Leonard itself has forever changed the downtown skyline and it is hard to distinguish whether it is a masterpiece of art or architecture. A wide elegant foyer greets you upon entering and leads to an open living room where the spectacle of sunsets greet you across the Hudson river. See floor plan and full details here.

393 West End Avenue, #11A
$5,950,000

Riverside Dr./West End Ave. | Condominium | 4 Bedrooms, 4 Baths | 2,435 ft²

Open House: Sunday, November 10, 2024

393 West End Avenue, #11A (Brown Harris Stevens Residential Sales LLC)

From the Listing: Immediate closings! Residence 11A is a beautifully appointed 2,435 square-feet four bedroom, four-bathroom home celebrating three exposures and Hudson River Views. There is a substantial entrance foyer, a fabulous open kitchen, flowing floor plan and laundry room.The primary bedroom boasts a corner exposure, large walk-in closet and windowed en suite five-fixture bathroom. See floor plan and full details here.

88 & 90 Lex, #1506
$6,600,000

Flatiron/Union Square | Condominium | 3 Bedrooms, 3.5 Baths | 2,265 ft²

Open House: Wednesday, November 13, 2024

88 & 90 Lex, #1506 (Ostrov Realty Group Limited)

From the Listing: his three-bedroom, three-and-a-half-bath residence is a true jewel of Flatiron Area and 88-90 Lexington Avenue Condominium. Its unique sprawling 530 sq. ft. terrace offers unobstructed city views and is a magnificent addition to the property's spacious living room that is ideal for both entertaining and smaller gatherings. With its high ceilings and oversized panoramic windows that capture light from double Southern and Western exposures, the space is enhanced by the design of the highly acclaimed Workshop/APD, renowned for its attention to detail in all the materials and features. See floor plan and full details here.

Co-op listings with upcoming open houses

24 Cornelia Street, #3
$469,000

Greenwich Village | Cooperative | Studio, 1 Bath

Open House: Sunday, November 10, 2024

24 Cornelia Street, #3 (Corcoran Group)

From the Listing: Peaceful garden views from this patio level, south facing studio, on historic Cornelia Street in the West Village. Located on the back of the building, this sunny, affordable and serene co-op apartment has hardwood floors, an open kitchen with breakfast dining bar, stainless steel appliances, including dishwasher, microwave, refrigerator, and gas range. There is a decorative brick fireplace, built-in shelving and office space, large closets, and updated bathroom. See floor plan and full details here.

The John Murray House, #15N
$549,000

Murray Hill | Cooperative | Studio, 1 Bath

Open House: Sunday, November 10, 2024

The John Murray House, #15N (Douglas Elliman Real Estate)

From the Listing: Situated across the street from the Morgan Library and Museum, the John Murray House is in the heart of Midtown South historic district, one of NYC most sophisticated coops. As a pied-a-terre, it is only a few blocks from Grand Central Station and a direct route across town to reach the major airports. See floor plan and full details here.

357 East 57th Street, #20C
$555,000

Midtown East | Cooperative | 2 Bedrooms, 1 Bath

Open House: Sunday, November 10, 2024

357 East 57th Street, #20C (Keller Williams NYC)

From the Listing: Serenity in Sutton PlaceIf you are looking to own a slice of the Big Apples East Side, look further! Sophisticated and upscale, Apartment 20C (C for classic!) is a spacious, corner converted two-bedroom that exudes style and elegance. It will be the backdrop for your intimate moments as well as memorable gatherings of family and friends, allowing you to unwind or entertain. See floor plan and full details here.

36 Sutton Place South, #15D
$650,000

Beekman/Sutton Place | Cooperative | 1 Bedroom, 1 Bath

Open House: Sunday, November 10, 2024

36 Sutton Place South, #15D (Sothebys International Realty)

From the Listing: Charming, South Facing, Sutton Place one bed that really has it all! Perched on the 15th floor, with approximately 1033sf of living space, this one bedroom, one bath home, with a sunny, windowed den, or home office, that looks out onto the southern facing terrace, is a rare gem. See floor plan and full details here.

The Gramercy House, #6P
$749,000

Gramercy Park | Cooperative | 1 Bedroom, 1 Bath

Open House: Sunday, November 10, 2024

The Gramercy House, #6P (Compass)

From the Listing: Welcome home to your bright pre-war one bedroom apartment with ample closet space on the 6th floor at The Gramercy House! This Art Deco co-op is just a block and a half from Gramercy Park and a short walk to Union Square, the Flatiron district and the East Village. The apartment has a living room with a beautiful working fireplace, a bedroom with Northern views uptown and the Chrysler Building, and open kitchen great for cooking and entertaining. See floor plan and full details here.

254 West 25th Street, #5D
$749,000

Chelsea | Cooperative | 2 Bedrooms, 1 Bath

Open House: Sunday, November 10, 2024

254 West 25th Street, #5D (Corcoran Group)

From the Listing: Lovely pre-war home with efficient two-bedroom layout and modern renovations in boutique Chelsea coop featuring a spectacularly renovated roof terrace.Residence 5D is a peaceful urban retreat overflowing with charming details, modern renovations and 7 oversized windows. High ceilings and hardwood floors are accentuated by great natural light from two exposures, including south. See floor plan and full details here.

5 Charles Street, #2R
$875,000

Greenwich Village | Cooperative | 1 Bedroom

Contact CityRealty to arrange a tour

5 Charles Street, #2R (Douglas Elliman Real Estate)

From the Listing: A West Village loft with European charm!This inviting one bedroom apartment offers a peaceful oasis in an ideal location. Soaring ceilings andoversized windows allow plenty of soft natural light to fill the main living area, creating a welcomingatmosphere. The large dining room has enough space for a home office and dinner guests, andoverlooks a picturesque courtyard. See floor plan and full details here.

35 Sutton Place, #10G
$899,999

Beekman/Sutton Place | Cooperative | 2 Bedrooms, 1.5 Baths

Open House: Sunday, November 10, 2024

35 Sutton Place, #10G (Compass)

From the Listing: Introducing an exceptional opportunity to create a personalized oasis in Manhattan’s most desirable neighborhood. This breathtaking residence on the 10th floor of the prestigious 35 Sutton Place features an ideal layout to create a sophisticated two-bedroom apartment that accommodates a formal dinning area or a home office, all while preserving the spaciousness and natural light that define this home. In a well maintained condition, this light-filled space offers spectacular south-facing water views from every room, creating a serene backdrop for both entertaining and quiet reflection. See floor plan and full details here.

519 East 86th Street, #1A
$900,000

Yorkville | Cooperative | 2 Bedrooms, 2 Baths | 1,100 ft²

Open House: Sunday, November 10, 2024

519 East 86th Street, #1A (Corcoran Group)

From the Listing: Experience sophisticated living in this elegantly designed and meticulously kept co-op located in the heart of the Upper East Side. From the moment you enter the pristine, attended lobby, you are welcomed into a space that exudes luxury, comfort and the warmth of home. See floor plan and full details here.

Carlton Regency South, #2A
$925,000

Murray Hill | Cooperative | 1 Bedroom, 1.5 Baths

Open House: Sunday, November 17, 2024

Carlton Regency South, #2A (Compass)

From the Listing: An entertainers dream, 2A is a flexible 2 bedroom home with 1.5 bathrooms and abundant closets. This renovated corner home boasts two flanks of windows and fabulous light from south and west exposures. The gracious entrance foyer is enhanced by double closets and an adjacent guest bathroom.A beautifully appointed open plan kitchen is outfitted with an island, granite counters, white mosaic tile backsplash, gray cabinetry and stainless steel appliances. See floor plan and full details here.

Southbridge Towers, #15L
$950,000

Financial District | Cooperative | 2 Bedrooms, 1 Bath

Open House: Sunday, November 10, 2024

Southbridge Towers, #15L (Corcoran Group)

From the Listing: Views of The Freedom Tower and downtown Manhattan! Step into a sun-drenched great room with abundant natural light streaming through southwest-facing windows. The private balcony extends your living space, offering breathtaking views of the Freedom Tower and the city skyline. The kitchen invites you to make it your own, with a layout perfect for cooking and entertaining.Retreat to the spacious bedroom, a cozy haven complete with generous closet space. See floor plan and full details here.

The Musician's Building, #1G
$950,000

Central Park West | Cooperative | 2 Bedrooms, 1 Bath

Contact CityRealty to arrange a tour

The Musician's Building, #1G (Brown Harris Stevens Residential Sales LLC)

From the Listing: Charming 2 bedroom in Prized Prewar BuildingRare Two Bedroom apartment in the legendary Musicians Building, 50 West 67 Street, built in 1917 and located half a block from Central Park. The building was constructed with thick masonry walls and special floors to ensure the apartments would be pin-drop quiet. Apartment 1G features ceilings of approx.11 ft, a very gracious living room, dining foyer, large windowed renovated kitchen with a washer/dryer, and beautiful moldings and architectural details throughout. See floor plan and full details here.

Park Towers, #15H
$999,000

Gramercy Park | Cooperative | 2 Bedrooms, 1.5 Baths

Open House: Sunday, November 10, 2024

Park Towers, #15H (Compass)

From the Listing: Apartment 15H at Park Towers is a 2 bedroom/1.5 bathroom home with exceptional light and unobstructed views and it is ready for you to create your dream apartment. Upon entry you will feel the expansiveness of the space with a 25 foot long living area. The current layout has a separate dining area that can easily be made into a proper and sizable secondary bedroom. See floor plan and full details here.

330 East 70th Street, #5AB
$1,250,000

Lenox Hill | Cooperative | 3 Bedrooms, 2 Baths

Open House: Sunday, November 10, 2024

330 East 70th Street, #5AB (Compass)

From the Listing: Welcome to apartment 5AB at 330 East 70th Street. This exceptional, oversized corner combination unit features 3 spacious bedrooms and 2 full bathrooms, offering an unparalleled flexible layout. Bathed in sunlight from three exposures—south, east, and west—the home boasts a grand, sun-flooded ambiance throughout. See floor plan and full details here.

1230 Park Avenue, #16C
$1,495,000

Carnegie Hill | Cooperative | 2 Bedrooms, 2 Baths

Open House: Sunday, November 10, 2024

1230 Park Avenue, #16C (Corcoran Group)

From the Listing: Welcome to 1230 Park Avenue, Unit 16C. Discover the allure of pre-war charm in this magnificent high-rise coop nestled within the famed Upper East Side, right on iconic Park Avenue. This cherished treasure offers a truly luxurious Manhattan lifestyle, complete with all the conveniences of modern living. See floor plan and full details here.

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Contributing Writer Cait Etherington Cait Etherington has over twenty years of experience working as a journalist and communications consultant. Her articles and reviews have been published in newspapers and magazines across the United States and internationally. An experienced financial writer, Cait is committed to exposing the human side of stories about contemporary business, banking and workplace relations. She also enjoys writing about trends, lifestyles and real estate in New York City where she lives with her family in a cozy apartment on the twentieth floor of a Manhattan high rise.

Read Full Bio | Contact Cait Etherington

This is your member's center

In this article:

Co-op, Condo, and Condop Defined

Pros and Cons of Purchasing a Co-op

Pros and Cons of Purchasing a Condo

Pinnacle Condominium, #8A
$724,000

Number 5, #5A
$938,000

Magnolia Mansion Lofts, #4B
$1,099,000

Select which properties are of interest to you:

The Olmsted, #12M
$1,150,000

Kips Bay Towers, #12M
$1,800,000

Maison East, #7E
$2,695,000

The Glass Farmhouse, #8C
$2,750,000

Chelsea House, #PH2B
$2,800,000

Griffin Court, #PHC
$3,600,000

56 Leonard Street, #21BEAST
$4,850,000

393 West End Avenue, #11A
$5,950,000

88 & 90 Lex, #1506
$6,600,000

24 Cornelia Street, #3
$469,000

The John Murray House, #15N
$549,000

357 East 57th Street, #20C
$555,000

36 Sutton Place South, #15D
$650,000

The Gramercy House, #6P
$749,000

254 West 25th Street, #5D
$749,000

5 Charles Street, #2R
$875,000

35 Sutton Place, #10G
$899,999

519 East 86th Street, #1A
$900,000

Carlton Regency South, #2A
$925,000

Southbridge Towers, #15L
$950,000

The Musician's Building, #1G
$950,000

Park Towers, #15H
$999,000

330 East 70th Street, #5AB
$1,250,000

1230 Park Avenue, #16C
$1,495,000

This is your member's center

In this article:

Co-op, Condo, and Condop Defined

Pros and Cons of Purchasing a Co-op

Pros and Cons of Purchasing a Condo

Select which properties are of interest to you:

Select which properties are of interest to you:

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