When you purchase a coop, you purchase shares within a corporation. You don't own the apartment, you have a proprietary lease. Co-ops are generally less expensive than comparable condominium apartments.
All prospective purchasers must be approved by the Board of Directors. The Board approval process is often time-consuming and rigorous -- requiring extensive information regarding finances, employment, and personal background. Monthly maintenance fees for co-ops are much higher than for condos. This is because the monthly fee includes part of the underlying mortgage for the building.
Many co-op boards limit the amount of the purchase price that can be financed and require higher down payments than are usually required for condominiums. It is harder to sub-lease a co-op. Each co-op building has its own rules, but many limit or forbid subletting.
When you purchase a condo you own that property. You would be a homeowner and have few restrictions. Condos are more popular in New York City. Each individual unit has its own deed and its own tax bill. Condos offer greater flexibility, but are often priced higher than comparable co-op apartments.
In most cases, buyers can finance a larger portion of the purchase price (up to 90%) and put less money down. With a condo you donâ€™t have to deal with board approval, although you do have to submit a board package with personal and financial information to the condo board who has the right to waive first refusal. Rarely has a condo board ever not waived their right of first refusal. Monthly maintenance fees for condos are much lower than for co-ops.
Condos are generally more expensive than comparable co-op apartments. Monthly maintenance payments are not tax-deductible. There are fewer condos available in the New York City real estate market, which limits your options.
That said, there are not as many apartments on the market right now, as there is a low inventory. The apartment you are considering is priced very well, although I see that they have an accepted offer. It seems there is another 3 bedroom in that building but with a smaller square footage and less than $1.3M.
Feel free to contact me should you have any questions.
Best of luck!
Licensed Real Estate Salesperson
Member of Real Estate Board of New York
770 Lexington Avenue, 10th Floor New York, NY 10065
If you would like to discuss this further, please contact me at email@example.com.
Good luch with your search.
Ella J. Chavers
I am a real estate attorney and would be more than happy to speak with you to answer any questions you may have, after getting a few more details about what you are looking for. I can also recommend good real estate brokers who would work with your budget and your needs and will show you apartments that are in the areas you want to live in.
Olga Friedman, Esq. (f/k/a Kondrashova)
Davis & Friedman LLP
for $1.3 mil you can buy 3 units. one for you, and 2 to lease for about a total of approximately $4400 per month ($2300 each unit). After HOA and other cost net approximately $2100-$2200 from both units.
If that's not your thing, then just buy 1 unit for your self, and enjoy the savings.
there are many, maybe most, living there that take the ferry to work in manhattan, Especially good if you work downtown manhattan.
Spectacular views of manhattan and or vz bridge for very many of the units.
HomeTeam Agency, Inc.