PROPERTY TYPES - CONDOS

When you buy a condo, you buy real property. You receive a deed for your specific unit along with an undivided interest in the common areas.

A condo is managed by a board of directors. Technically, the board has the right of first refusal to every apartment that’s offered for sale, but this option is rarely exercised. Condos typically cost between 20-25% more than co-ops. Condos comprise approximately 25% of the NYC real estate market and are great for investors or buyers who may not meet the financial requirements of a co-op.

Financing:
Typically up to 90%

Inventory:
Approximately 25% of NYC market

Ownership:
Individual deed

Building Approval:
Condos require a board package but not an interview

Monthly Expenses:
Common charges and
real estate taxes

Sublet Policy:
Flexible and thus investor-friendly

Cost:
Generally more expensive than a co-op