Co op housing in NYC can be purchased on the open market just like buying a condo in NYC. Cooperative real estate can be found on all property search websites or through your buyer’s broker just like condos, townhouses or multi-family properties. In fact, there have historically been many more co-op apartments for sale vs condo apartments.
Who is the owner of a co op apartment?
Therefore, co-op apartment owners are technically shareholders of a corporation that owns the building, versus outright owners of real property. Furthermore, because a shareholder is allowed to occupy their apartment through the proprietary lease, they are technically tenants versus owners of their apartment.
How often can you sublet a co op apartment?
Furthermore, most co op rules and regulations prohibit subleasing for more than 2 out of every 5 years, and some coops require a minimum period of residency before a shareholder is allowed to sublet their apartment. Only very rarely will you see a coop that allows unlimited subletting from day one.
What’s the ratio of co ops to condos in NYC?
After the rental conversion boom of the 1980’s, when many rental buildings were converted to co-operatives, the proportion of co ops vs condos in New York City reached as high as 75% coops to 25% condos. Today, most new construction consists of high end condominiums, so the ratio of condos vs coops is becoming more equal.
What are closing costs on co-op in NYC?
Buyer closing costs for co-ops (1% to 2%) are less than half of what you’d pay for a comparably priced condo (around 4%). If you’re buying a $1,000,000 apartment, saving 2% on your buyer closing costs can equate to an extra $20,000 in your pocket at closing.
Why did I Never buy a NYC co-op again?
Those who bought their apartments when the building first went co-op were the ones who were on the board, had no mortgages, and were very, very loose with spending money, and tight on rules and lack of transparency. It felt like an exclusive club of which I did not want to be a member.
