If you’re thinking about buying or selling an apartment in New York City, one of the first things you’ll hear is: condo or co-op. These are the two main types of ownership here. From the outside, the buildings may look the same, but the way they work, and what it means for you, is very different. Knowing the difference can save you time, money, and stress.
What’s a Condo?
A condo is the simpler option. You actually own the apartment itself, just like you would own a house. You also share ownership of the building’s common spaces, like the lobby, hallways, or roof deck.
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Buying a condo: You get a deed, you pay property taxes and monthly building fees (called common charges). Approval is usually faster and less strict.
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Selling a condo: Condos are attractive to more buyers, including investors, so they usually sell quicker and for higher prices. You’ll also have fewer restrictions when it comes to showings or resale.
What’s a Co-op?
A co-op is different. You don’t actually own the apartment, instead, you buy shares in the building’s corporation and get the right to live in the unit through what’s called a proprietary lease.
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Buying a co-op: You’ll go through a detailed approval process with the co-op board. That means showing your finances and even sitting for an interview. It can take longer, but co-ops usually cost less upfront than condos.
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Selling a co-op: The board also has a say in approving your buyer. Even if you find the right buyer, the deal can fall through if the board isn’t comfortable. This makes the process slower and sometimes more complicated.
Quick Side-by-Side
| Condo | Co-op | |
|---|---|---|
| Ownership | You own the apartment (deed) | You own shares (lease) |
| Approval | Limited board review | Full board approval + interview |
| Monthly Costs | Common charges + property tax | Maintenance (includes property tax) |
| Flexibility | Easier to rent out or sell | Rules are stricter |
| Price | Usually higher | Usually lower |
Which One Fits You?
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Buyers: If you want flexibility, plan to rent in the future, or want a smoother approval process, a condo might be your best choice. If you’re looking for a lower purchase price and don’t mind stricter rules, a co-op could make sense.
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Sellers: If you own a condo, you’ll generally have an easier time finding a buyer. If you own a co-op, your sale may take longer because the board must approve your buyer, but with the right strategy and guidance, you can still get a great outcome.
Final Word
Both condos and co-ops have pros and cons, and in NYC, those details matter. The key is knowing how they affect your budget, your timeline, and your long-term plans.
That’s where The Parviz Team at Compass comes in. Navigating board approvals, pricing strategy, and neighborhood trends isn’t easy, but having an experienced team by your side means fewer surprises and stronger results. We combine deep market knowledge with hands-on guidance to make sure you’re prepared at every step, whether you’re buying your first condo, selling a co-op, or weighing the difference between the two.
Ready to take the next step? Contact The Parviz Team at Compass today. With trusted experts on your side, you’ll move forward with clarity and confidence in one of the world’s most competitive real estate markets.
