The listing that your question refers to PHG at 310 East 46th Street is a condop.
A condop is a residential building or portion that includes cooperative and condominium ownership structure. The condominium has a residential cooperative unit separate from the commercial unit and or garage unit.
A Coop can have underlying mortgage a condo can not. A condop such as 310 East 46th offers the flexibility of a condo such as 90% financing allowed, No Board Interview and also allows sublets like a condo.
A condop can offer the best of both condos and coops. The 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."
Lic. Assoc. RE Broker
The Corcoran Group