Contrary to some of the well meaning answers the 80/20 tax rule has nothing to do with condops. The simple reason new construction becomes a condop rather than a condominium is because there is an underlying mortgage. A condo can not have an underlying mortgage. A condop can offer advantages to builders and purchaser/owners.
When a purchaser purchases in a new condop they assume debt with the purchase. A portion of the underlying mortgage is allocated to each unit/share.
The Azure at 333 East 91st street was built in 2009. It is a 34 story luxury condop, 305 West 16th street is a glass and steel new construction 7 story boutique condop built in 2011 in Chelsea. The Marais in Chelsea is a condop that doesn't have any commercial or retail space.
The apartment your question refers to in the link above was a rental building that converted to a coop in 1990. Subletting is only allowed for 5 years at a time after owning and living there for 2 years. Much more like a coop.It was not built as a condop.
If you're considering a condop it can offer the best of both worlds. It can offer rules and amenities of a condo, tax deduction, lower closing costs (no NY state mortgage recording tax) like a coop because a coop is not considered "real property" it is considered "personal property." Condops are usually valued in between a coop and a condo.
There is an advantage to buying a condop if you can find one in the neighborhood, room size and price range you require.
Let me know if you're interested in condops. I can let you know what's available in Manhattan's best condops.
Senior Associate Broker
The Corcoran Group