Home Buying in Tribeca>Question Details

Aj, Home Buyer in Tribeca, New York, NY

coop prices per/sq. ft. in tribeca seem to be at par with condo. is that right?

Asked by Aj, Tribeca, New York, NY Mon Dec 5, 2011

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5
Aj,
In general, when comparing condos to co-ops, condos are generally higer in purchase price and a little lower in monthly costs. Co-ops are less expensive, but higher in monthly costs. You are asking on the basis of price per square foot. With condos, we know the price per square foot, because it is in the offering plan. In co-ops, we usually do not know the accurate square footage, because what is in the offering plan is the number of shares in the corporation associated with the unit, not square footage. In many cases where it is listed, it is very inaccurate. Furthermore the way square footage is measured in condos is a different methodology than co-ops.
What is important is to work with an experienced agent and get pre-qualified. You may or may not meet guidelines for most co-ops. It is easier to qualify for a condo for several reasons. Once you know where you stand from that perspective, start looking with your agent and find the place that feels right for you.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com
0 votes Thank Flag Link Sun Dec 11, 2011
AJ,
There are so many factors involved besides square footage but I'm confident that if you see and compare the actual home you will find the condos to be higher priced due to the flexibility in renting them out and board approvals
0 votes Thank Flag Link Thu Dec 8, 2011
In general, condo sales prices are always higher than comparable co-op prices on a consistently measured square foot basis, *unless* of course the condo is bank owned or in some other distressed state.

The only other exception would be certain co-ops that are extremely exclusive, famous buildings that are in a special class all of their own.

Otherwise, condos will cost more, for several reasons.

Karla Harby
Licensed Real Estate Salesperson
Rutenberg Realty
917-365-0876
karla.harby@gmail.com
0 votes Thank Flag Link Thu Dec 8, 2011
There are many different ways to slice and dice the numbers but Tribeca is consistent with the rest of Manhattan; Co-op prices per square foot in Tribeca are less expensive per square foot than condos. Anna is also correct in stating that there are many different ways to measure square footage and if you have an engineer an architect and a inspector measure you typically get three different numbers.
0 votes Thank Flag Link Tue Dec 6, 2011
If looking to purchase don't simply rely on square footage prices, as it can be measured in many different ways, rather review comps with your agent, recently sold similar units in the immediate area, see what the data suggests and go from there...
0 votes Thank Flag Link Mon Dec 5, 2011
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