Condo

Mostly modern design newer structures which allow
for amenities such as garages and pools.

Ownership of the physical Real Estate ie the apartment itself
and proportionate share of the building's common elements


Fee Simple title to the apartment and entitlement to the use
of common areas of the building.

Common Charges assessed proportionate to the total expense
involved in operating the building. Fee does not include Real
Estate taxes or any building mortage.

Board of Managers elected by the Condo owners.
Managing agents run the operational affairs of the building.


Condos Taxed as individual units - owners assessed and
pay taxes directly to the City of New York.

Real Estate taxes and interest paid on loans used to finance
the Condo purchase are tax deductable.


Condos are financed the same as single family residences.



Condo purchase and sale do not require the approval of
any Board or compliance with by-laws.


Each apartment carries it's own mortage. There is no mortage
on the Condo Building.


Condo owners may sublet their units at their own discretion.

Co-op

Distinctive older buildings many are Pre-War Architecture


Ownership of Shares in the Co-op Corporation
each apartment assigned a share value according to the
size and positioning in the building.

Use of the apartment governed by "proprietary lease"
issued to individual shareholders.

Maintenance payments proportional to the number of shares
covering building utilities, property taxes, building mortgage
and any other expenses incurred by the Co-op Corporation.

Co-op Board of directors elected by the shareholders of
the Co-op. Managing Agents frequently in charge of the
daily operation of the Co-op.

The Coop is taxed in the entirety. Individual Co-op owners
are billed a portion of this tax in monthly maintenance fee.

A percentage of the maintenance charge that applies to
Real Estate Taxes levied on the Co-op is tax deductable.
Interest on a loan to purchase the Co-op is tax deductable.

A mortage loan secured by your shares in the Co-op
is taken. Mortage rates are typically 1/4 - 3/8 of a point
higher for Co-ops than for Condos.

Co-op Boards must approve the sale of the Co-op, except
when being purchased directly from the Co-op sponsor of
the conversion.

Co-ops typically have an underlying mortage which is amortized by monthly payments made in the maintenance charges asssigned to each unit.

Most Co-ops require Board approval for the subletting
of apartment units.