Condo vs. Co-op: Which is Right for You? + 21 great new listings around NYC

By CityRealty Staff | From Get To Know Monday, August 5, 2024

The Caledonia #2407 (Keller Williams NYC)

Co-ops and condos may seem similar at first glance, but there are some fundamental differences. A housing cooperative–or co-op association–is a legal corporation made up of shareholders that own a residential building. Membership in the corporation is granted when you purchase a share in the cooperative by buying a unit. Rather than owning your unit the way you would a condominium, you are, in a way, becoming a tenant. Property taxes are included in monthly fees, a portion of which are tax-deductible

Members screen and select new residents via their elected representatives (the co-op board). You may be familiar with many of the better-known differences between condos and co-ops: The building’s approval process, financial requirements, and rules are usually more stringent in a co-op, but co-ops generally cost less to purchase.

Co-ops comprise a much larger percentage of the city’s owned housing units–about 70 percent, though this number is steadily falling as many new condos come to market and virtually no new co-ops are being constructed. Co-ops have a history of being the upper-echelon choice in highly sought-after Manhattan neighborhoods like the Upper East Side and Upper West Side. If you’re looking for elegant old-world architectural details, know that many of the city’s classic pre-war buildings are co-ops–and the rare condo conversions of pre-war apartment buildings tend to be very expensive.

Whether a co-op would suit your needs depends on what you’re looking for in an apartment. If you’re seeking a space with pre-war details in one of the city’s pricier neighborhoods, a co-op is where you’ll find it. If you’re looking for a place to call home and put down roots, or if it’s important that the building be intimate and that your neighbors care about their surroundings, it may be more likely that you’ll find like-minded neighbors in a co-op.

If you’re a foreign buyer, hope to buy with a very low down payment, plan to use the unit as a pied-a-terre or rental investment, or hope to sell at a profit within a short time, you may find yourself frustrated in the co-op market.

Murray Hill

Pros of Buying a Co-op

• Co-ops are usually cheaper to purchase than condos.

• There are more of them: Co-ops make up a much larger percentage of the city’s owned housing units (around 75 percent).

• There are many more pre-war co-ops available than condos.

• Co-ops have slightly lower closing costs; title insurance isn’t needed and there is no mortgage recording tax.

• A thorough vetting process and stricter financial requirements mean more financial stability, especially in market downturns.

• The vetting process and restrictions mean more owner-occupied units and less turnover, which can prevent problems like a revolving cast of renters, illegal Airbnb use, and other potential disruptions.

• A portion of monthly maintenance fees is tax-deductible.

• Co-op shareholders are also considered tenants of the co-op, which gives them legal protections under New York City landlord-tenant law.

Cons of Buying a Co-op

• The approval process and building rules are usually stricter in a co-op, and potential buyers can be rejected without having to provide a reason; condo boards can’t legally reject potential buyers.

• Co-ops generally require buyers to make a down payment of at least 20 percent of the purchase price, sometimes as much as 50 percent or more; some exclusive buildings don’t allow financing at all. Co-ops also have liquid asset requirements and may ask buyers to meet a debt-to-income ratio and have an excellent credit score.

• Stricter financial requirements mean you’ll be asked to share more personal financial information.

• Limits on subletting, purchasing for others, and pieds-a-terre mean co-ops are not a good choice for investment buyers who don’t plan to live in the building or who are looking for short-term ownership.

• Monthly maintenance fees are generally higher for co-ops than for condos, as a share of the property tax and possibly payment toward an underlying mortgage is included.

• The purchasing process generally takes longer.

• Most new developments (1980s and later) are condos; if new is what you're looking for, you’ll likely have to go condo.

• Co-ops are more difficult for foreign buyers to purchase as they often don’t have the necessary records from a U.S. bank, and co-ops do not allow anonymous purchasing by LLCs.

Featured newly-listed co-op apartments

1 East End Avenue, #3C
$2,800,000

Yorkville | Cooperative | 4 Bedrooms, 4 Baths

1 East End Avenue, #3C (Douglas Elliman Real Estate)

From the Listing: Bring your contractor to design your custom dream home with gorgeous river views drenched in Eastern sunlight. A semi-private elevator landing introduces you to this wonderfully spacious 8 room home featuring an elegant floor plan and prewar details throughout. See floor plan and full details here.

15 West 12th Street, #4E
$2,250,000

Greenwich Village | Cooperative | 2 Bedrooms, 2 Baths

15 West 12th Street, #4E (Brown Harris Stevens Residential Sales LLC)

From the Listing: Awaiting your finishing touches, this two bed/two bath home has brilliant light and a sense of space so rare in the Village. Enter directly into an open-plan living space offering ideal proportions. The living area is accented by a wall of south-facing steel casement windows. A lovely balcony located off the living room provides the ideal spot to enjoy a morning coffee or a sunset, overlooking tree-lined West 12th Street and the stunning First Presbyterian Church. See floor plan and full details here.

Parker 72nd, #17A18A
$1,999,000

Lenox Hill | Cooperative | 2 Bedrooms, 2.5 Baths

Parker 72nd, #17A18A (Brown Harris Stevens Residential Sales LLC)

From the Listing: Following a meticulous, gut renovation, this stunning 2 bedroom, 2.5 bath, corner duplex is ready to debut! This is truly a triple mint-condition custom renovation during which no detail was overlooked, no expense was spared and attention to detail was exquisite. This never-lived-in, sun-flooded residence enjoys northern and western exposures with partial East River views from nearly every window as well as floor-to-ceiling glass doors offering breathtaking sunsets. See floor plan and full details here.

194 Riverside Drive, #4B
$1,650,000

Riverside Dr./West End Ave. | Cooperative | 2 Bedrooms, 2 Baths | 1,400 ft²

194 Riverside Drive, #4B (Compass)

From the Listing: This elegant and spacious prewar apartment features 2-bedrooms, 2-bathrooms, and a unique original shaving closet, blending prewar sophistication with modern comforts. Fully renovated, the home boasts new electrical wiring, plumbing, updated mechanicals, and smart hidden storage. The largest kitchen in the building includes custom Amish cherry cabinetry, granite countertops, stainless steel appliances, and a 2-zone wine refrigerator. The grand living room, facing south with angled windows, offers beautiful light throughout the day. The primary bedroom, accessed through French doors, features custom closets and a modernized shaving closet. See floor plan and full details here.

Concord Village, #12JH
$1,400,000

Downtown Brooklyn | Cooperative | 3 Bedrooms, 3 Baths | 1,625 ft²

Concord Village, #12JH (Corcoran Group)

From the Listing: Discover classic urban living at its finest in Concord Village. 195 Adams Street #12JH is Concord's most famous building, with a lovely garden facing West. This corner unit, a sprawling 3-bedroom, 3-bathroom residence, offers a rare blend of space and style. It boasts 1,625 square feet of luxurious living space in the sky. Situated high above Brooklyn's Dumbo Heights, this home is bathed in natural light from over a dozen windows, showcasing panoramic views of the city, parks, and skyline. See floor plan and full details here.

719 Carroll Street, #3L
$1,200,000

Park Slope | Cooperative | 3 Bedrooms, 1 Bath

719 Carroll Street, #3L (Corcoran Group)

From the Listing: This chic and renovated 3 bed 1 bath in the heart of Park Slope sits on the third floor in a well-maintained and self-managed 8-unit cooperative. Sun-filled and with excellent flow, this gem has it all. See floor plan and full details here.

Lincoln Plaza Towers, #27C
$1,175,000

Lincoln Center | Cooperative | 1 Bedroom, 2 Baths | 1,050 ft²

Lincoln Plaza Towers, #27C (Sothebys International Realty)

From the Listing: Exceptionally bright, oversized corner, one bedroom apartment, with Central park and Lincoln Center views, located in the best neighborhood in New York! See floor plan and full details here.

Cast Iron Building, #721
$799,500

Greenwich Village | Cooperative | 1 Bedroom, 1 Bath

Cast Iron Building, #721 (Sothebys International Realty)

From the Listing: Welcome to this charming light filled home at the iconic landmarked Cast Iron Building! This architectural gem sits at the central part of Lower Manhattan at the intersection of New York City’s most dynamic neighborhoods- Greenwich Village, East Village, NoHo, Gramercy, Union Square, and Flatiron. Originally erected in 1868, the seven-story Cast Iron Building was converted to a luxury co-op in 1973. Apartment 721 is located on the top floor’s southeast corner, enjoying direct views of the magnificent Grace Church spire and has light streaming in all day. See floor plan and full details here.

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Clinton Hill Co-ops, #10B
$785,000

Clinton Hill | Cooperative | 2 Bedrooms, 1 Bath

Clinton Hill Co-ops, #10B (Corcoran Group)

From the Listing: 185 Clinton Hill Avenue 10B - A corner unit on a high floor. Welcome to your new home on the picturesque, tree-lined streets of Clinton Hill, Brooklyn, adjacent to Fort Greene. Unit 10B is a stunning corner unit offering breathtaking views and abundant natural light with its Southern and Western exposures.+ New Laundry Room coming soon.+ New Windows+ Updated Heating System.+ Newly updated Kitchen and Bathroom. This two-bedroom apartment features original hardwood floors throughout and large, newly installed windows that enhance the space with natural light and beautiful sunset views. See floor plan and full details here.

235 East 57th Street, #3B
$650,000

Midtown East | Cooperative | 1 Bedroom, 1 Bath | 750 ft²

235 East 57th Street, #3B (The Agency Brokerage)

From the Listing: Apartment 3B is a turnkey, enormous one-bedroom home that combines modern style with comfort. This stunning apartment features an open floor plan, creating a seamless flow between the living, dining, and kitchen areas, perfect for entertaining or relaxing. A large foyer opens to the recently renovated and expanded, open kitchen with stainless steel appliances, marble backsplash, quartzite counters, and a peninsula. See floor plan and full details here.

76 Thayer Street, #2A
$495,000

Washington Heights | Cooperative | 2 Bedrooms, 2 Baths | 948 ft²

76 Thayer Street, #2A (REAVIS PARTNERS LLC)

From the Listing: A gut-renovated pre-war co-op with modern fixtures and finishes, this bright 2-bedroom, 2-bathroom home offers stylish Fort George living seconds from Fort Tryon Park and The Met Cloisters.Tall sash windows let in incredible natural light. Beautiful hardwood floors and recessed lighting run throughout, and thru-wall A/C units complement traditional steam heating. An open living and dining area maximizes space and light. See floor plan and full details here.

Lincoln Towers, #9C
$470,000

Lincoln Center | Cooperative | Studio, 1 Bath | 590 ft²

Lincoln Towers, #9C (Brown Harris Stevens Residential Sales LLC)

From the Listing: From the moment you enter this spacious over-sized alcove studio apartment, you know your search is over. Located on the 9th floor at 165 West End Avenue, this alcove studio has been uniquely designed to provide a distinct sleeping space in addition to a large living and dining area. A tasteful tri-fold screen can be adjusted for privacy or openness. During the day this allows the west-facing light to filter into your home via 4 oversized windows and at night it provides separation between living and sleeping areas. See floor plan and full details here.

Skyview on Hudson, #8X
$399,900

Riverdale | Cooperative | 2 Bedrooms, 1 Bath

Skyview on Hudson, #8X (Argo Residential)

From the Listing: Beautiful Hudson River, Palisades and Bridge views! This 2 bed (Jr. 4) has a new kitchen.Plenty of white cabinetry, stainless steel appliances, dishwasher, microwave, gas stove and refrigerator. The bathroom also renovated with a white subway-tiled stall shower. The primary bedroom has a large closet for storage and room for a washer dryer should you want to install one. Plenty of closets throughout the apartment, plenty of light and views. Wood floor throughout. Separate dining area.Skyview on the Hudson is its own vibrant cooperative community located in Riverdale. See floor plan and full details here.

Newly-listed co-ops for sale

The Art House, #B6A
$725,000

East Harlem | Condominium | 2 Bedrooms, 1 Bath | 776 ft²

The Art House, #B6A (Corcoran Group)

From the Listing: Welcome to your dream city retreat in the heart of East Harlem! This exquisite 2-bedroom apartment is located in The Arts building, a 12-story condo building that offers an array of luxurious amenities.Step into a spacious living space bathed in natural light, open concept kitchen and generous closet space. Aside from the two bedrooms this unit provides an additional room that can be used as a third bedroom or office space for those with hybrid work. See floor plan and full details here.

99 John Deco Lofts, #908
$833,000

Financial District | Condominium | 1 Bedroom, 1 Bath | 693 ft²

99 John Deco Lofts, #908 (Compass)

From the Listing: Downtown dream living awaits in this move-in ready one-bedroom, one-bathroom condo featuring loft-like proportions and designer finishes in a full-service, luxury Fulton/Seaport building by the same firm that designed the Empire State Building. See floor plan and full details here.

Gramercy Starck, #3K
$925,000

Gramercy Park | Condominium | 1 Bedroom, 1 Bath | 719 ft²

Gramercy Starck, #3K (Corcoran Group)

From the Listing: Experience luxury living in this exquisite one-bedroom residence at The Gramercy by Starck. This spacious home features floor-to-ceiling windows and dark oak wood floors. The kitchen is fully equipped with a Sub-Zero refrigerator, double freezer drawers, a Miele oven/cooktop, and a Fisher & Paykel drawer dishwasher. See floor plan and full details here.

Arris Lofts, #424
$998,000

Long Island City | Condominium | 1 Bedroom, 1.5 Baths | 929 ft²

Arris Lofts, #424 (Compass)

From the Listing: This luminous, south-facing one-bedroom, one-and-a-half bath apartment is nestled in Hunters Point, a prime location of Long Island City with the nearby Court Square subway station, a one-stop access to midtown Manhattan. Converted from the famous 1920s Eagle Electric Factory, the architectural marvel is an icon in LIC with its unique triangular shape. See floor plan and full details here.

St. James Tower, #3C
$1,325,000

Beekman/Sutton Place | Condominium | 2 Bedrooms, 2.5 Baths | 1,253 ft²

St. James Tower, #3C (Compass)

From the Listing: Welcome to Residence 3C at the prestigious St. James’s Tower, located at 415 East 54th Street in desirable Sutton Place. This split-plan 2BR, 2.5 BA condominium boasts 9'2" ceilings and offers a perfect blend of comfort and sophistication with low monthly charges.This spacious apartment (approx. 1250 sq. ft.) offers exceptional value and makes a wonderful full-time residence, a fabulous pied-à-terre, or a terrific investment property. See floor plan and full details here.

One Hanson Place, #23E
$1,480,000

Fort Greene | Condominium | 1 Bedroom, 2 Baths | 1,152 ft²

One Hanson Place, #23E (Corcoran Group)

From the Listing: Imagine living high on the 23rd floor of the most revered, landmarked, full-service building Brooklyn will ever offer. Rarely does an apartment of this fine quality and ambiance become available - one with panoramic vistas - radiant by day, breathtaking at sunset, enchanting by night. lovely custom design of the Living room bestows an air of elegance in a comfortable and ever-practical space - one where a sophisticated banquet clearly defines the separation of dining from living. See floor plan and full details here.

Schaefer Landing North, #19E
$1,595,000

Williamsburg | Condominium | 2 Bedrooms, 2 Baths | 1,300 ft²

Schaefer Landing North, #19E (Corcoran Group)

From the Listing: Welcome home to a spacious, bright and perfectly laid out two bedroom, two bathroom home with open views across Brooklyn and Manhattan perched high on the 19th floor on the Williamsburg waterfront! Upon entering this 1,300-square-foot home, you are immediately greeted by a wall of windows and streaming sunshine through a wall of south-facing windows. The living, dining, and entertaining space is open plan and perfect for any layout. See floor plan and full details here.

123 South 1st Street, #3A
$1,795,000

Williamsburg | Condominium | 2 Bedrooms, 2 Baths | 1,135 ft²

123 South 1st Street, #3A (Serhant LLC)

From the Listing: Step into refined urban elegance with this meticulously renovated, oversized 2-bedroom, 2-bathroom floor-through residence, nestled in the vibrant heart of Williamsburg. Bathed in southern light and adorned with herringbone floors, this residence exudes timeless charm.The expansive living and dining areas create an ideal setting for both intimate gatherings and grand entertaining, complemented by a state-of-the-art open kitchen featuring premium stainless-steel appliances and ample storage. See floor plan and full details here.

66 Washington Avenue, #5R
$2,100,000 (-7.7%)

Clinton Hill | Condominium | 2 Bedrooms, 1 Bath | 1,132 ft²

66 Washington Avenue, #5R (Brown Harris Stevens Residential Sales LLC)

From the Listing: This Clinton Hill loft is truly one of a kind, the perfect cross between industrial and chic. This open-plan loft was converted to a 2 bedroom and renovated exquisitely. No detail was left unfinished with meticulous attention to quality materials and refinement while keeping the original details wherever possible. Located on top/third floor of a short two-flight walk-up building. The loft boasts over 1,100 square feet with gorgeous 12x4" wood beams throughout, arched doorways and ceilings as high as 13'2 Feet. See floor plan and full details here.

The Royale, #2903
$2,899,000

Lenox Hill | Condominium | 2 Bedrooms, 2.5 Baths

The Royale, #2903 (Douglas Elliman Real Estate)

From the Listing: The Spacious Living/Dining room allows Entertaining Holiday diners and gatherings. There is Custom Cove lighting throughout the apartment, new Hardwood floors, and fitted custom cabinets with new custom wood doors. There are 9' ceiling, with Spectacular Panoramic views of the city from all rooms, (East, North and West), and one can enjoy the wrap terrace, with access from living/dining room, kitchen and primary bedroom. See floor plan and full details here.

Caledonia, #2407
$4,399,500

Chelsea | Condominium | 3 Bedrooms, 3 Baths | 1,927 ft²

Caledonia, #2407 (Keller Williams NYC)

From the Listing: Perched on the 24th floor with jaw-dropping Hudson River views as far as the eye can see, this stunning 3 bedroom/3 bath home at The Caledonia offers a rare opportunity to live in West Chelsea without compromise. Entering this gracious home in the sky, the mind will imagine elegant black-tie cocktail parties, intimate dinners and informal gatherings of friends and family. There will also be Zen-like moments for reflection and solitude while taking in the views. This apartment offers a gracious, open, and contemporary layout that exudes a dramatic and stylish ambiance. See floor plan and full details here.

The Alfred, #30FG
$4,500,000

Lincoln Center | Condominium | 3 Bedrooms, 4 Baths | 2,250 ft²

The Alfred, #30FG (Brown Harris Stevens Residential Sales LLC)

From the Listing: Your dream home awaits! Rare gem occupying the NE and SE corners of the 30th floor encompassing 2250sqft. Elegantly renovated 3 bedrooms, 4 full baths, 2 wraparound balconies with amazing light and breathtaking views from every room.Floor-to-ceiling windows offering sights of Central Park, Hudson River and Manhattan skyline. The enormous living room on the southeast corner adjoining a wraparound balcony enjoys sunshine throughout the day. Formal dining room next to the second wraparound balcony faces north with an unobstructed skyline view all the way to George Washington Bridge. See floor plan and full details here.

The Parkville, #5
$12,495,000

Park/Fifth Ave. to 79th St. | Condominium | 5 Bedrooms, 4.5 Baths | 4,184 ft²

The Parkville, #5 (Compass)

From the Listing: Searching for irresistible allure? This impressive and private 5th-floor residence (approximately 4184 sq. ft) at 823 Park Avenue, an exclusive yet welcoming pre-war full-service boutique condominium at 75th and Park in proximity to Central Park, a bevy of schools and world-renowned cultural institutions, offers the highest level of luxury, service and elegant day-to-day living. Please note: showings are permitted Mon-Fri 9AM-330PM only. See floor plan and full details here.

Olympic Tower, #3334EF
$16,600,000

Midtown East | Condominium | 3 Bedrooms, 2.5 Baths | 4,203 ft²

Olympic Tower, #3334EF (Douglas Elliman Real Estate)

From the Listing: Additional photos coming soon.Experience the epitome of Fifth Avenue living in this high floor, updated corner duplex apartment.Spanning approximately 4,203 square feet on the 33rd and 34th floors of the iconic Olympic Tower condominium, this residence offers breathtaking panoramic views of the city skyline, iconic landmarks including the Empire State Building, St. Patrick's Cathedral, Rockefeller Center and the serene East River. Bathed in an abundance of natural light with South and East exposures, the residence creates a warm and inviting atmosphere throughout.Ideal for grand-scale entertaining, this home boasts a fluid layout that seamlessly connects the elegant living spaces. See floor plan and full details here.

The Apthorp, #2ABC
$26,000,000

Riverside Dr./West End Ave. | Condominium | 6+ Bedrooms, 6+ Baths | 8,557 ft²

The Apthorp, #2ABC (Douglas Elliman Real Estate)

From the Listing: Fully renovated and offered for the first time, 2ABC is the largest private residence ever made available at The Apthorp. Situated within one of Manhattan's most coveted addresses, timeless elegance is fused with contemporary design to present a spectacular sprawling home with north, south, east and west exposures. Experience over 8,500 square feet of unparalleled luxury in a New York City landmark.

This 9-bedroom, 9-bathroom apartment epitomizes timeless sophistication.Renowned for its pre-war elegance, guests are welcomed by an expansive entry foyer adorned with The Apthorp's original iconic architectural details. Soaring ceilings reaching over 10.5 feet in height create an atmosphere of grandeur. Marble mosaic flooring, stately columns and crown molding demonstrate the expert craftsmanship The Apthorp is famed for. See floor plan and full details here.

Would you like to tour any of these properties?

This is your member's center

In this article:

Pros of Buying a Co-op

Cons of Buying a Co-op

Featured newly-listed co-op apartments

1 East End Avenue, #3C
$2,800,000

15 West 12th Street, #4E
$2,250,000

Parker 72nd, #17A18A
$1,999,000

194 Riverside Drive, #4B
$1,650,000

Concord Village, #12JH
$1,400,000

719 Carroll Street, #3L
$1,200,000

Lincoln Plaza Towers, #27C
$1,175,000

Cast Iron Building, #721
$799,500

Select which properties are of interest to you:

Clinton Hill Co-ops, #10B
$785,000

235 East 57th Street, #3B
$650,000

76 Thayer Street, #2A
$495,000

Lincoln Towers, #9C
$470,000

Skyview on Hudson, #8X
$399,900

The Art House, #B6A
$725,000

99 John Deco Lofts, #908
$833,000

Gramercy Starck, #3K
$925,000

Arris Lofts, #424
$998,000

St. James Tower, #3C
$1,325,000

One Hanson Place, #23E
$1,480,000

Schaefer Landing North, #19E
$1,595,000

123 South 1st Street, #3A
$1,795,000

66 Washington Avenue, #5R
$2,100,000 (-7.7%)

The Royale, #2903
$2,899,000

Caledonia, #2407
$4,399,500

The Alfred, #30FG
$4,500,000

The Parkville, #5
$12,495,000

Olympic Tower, #3334EF
$16,600,000

The Apthorp, #2ABC
$26,000,000

This is your member's center

In this article:

Pros of Buying a Co-op

Cons of Buying a Co-op

Featured newly-listed co-op apartments

Select which properties are of interest to you:

Select which properties are of interest to you:

Listings in this article

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