NY Bits
 

Co-Op Buildings

 
APARTMENTS

BUILDINGS

COMPANIES

NEIGHBORHOODS

 
NY Bits » Co-Op Buildings
-- advertisement --

Co-op ownership implies owning shares in a company that owns the building. This form of ownership has both advantages and drawbacks (see notes below).

The following are the co-op buildings we've surveyed. At present, this list is far from comprehensive - in fact, a very large proportion of buildings in Manhattan belongs to this category.

Downtown Manhattan Co-Op Buildings

This is a partial list of co-op buildings in Downtown Manhattan. The longer complete list of downtown co-op buildings is also available.

See all downtown co-op buildings (48 buildings)

Midtown Manhattan Co-Op Buildings

Below is a partial list of midtown co-op buildings. The longer complete list of midtown co-op buildings is also available.

See all midtown co-op buildings (55 buildings)

Uptown Manhattan Co-Op Buildings

A partial list of uptown buildings can be seen below. As usual, the complete list of uptown co-op buildings is also available.

See all uptown co-op buildings (64 buildings)

The latest additions/updates to the database of co-op buildings were made on: November 4, 2009.

Recently Added/Updated Co-op Buildings: The Toulaine , 349 West 44th Street , 250 West 15th Street , 431 West 54th Street , The Rivera , 330 East 94th Street , Skyview - 5900 Arlington , 372 Fifth Avenue

NOTES

Buying a co-op is different from buying a condo in several respects:

  • Technically, you don't own your apartment, you own shares in the building. The number of shares is usually determined by square footage.
  • Most buildings are older. Coops started appearing in New York early in the 20th century. Condo buildings came later. In fact, most pre-war buildings in Manhattan are co-ops.
  • Most co-op apartments are cheaper than comparable condos.
  • On the other hand, maintenance fees tend to be higher than in comparable condo buildings.
  • There are tax differences as well.
  • Most things (starting with getting admitted into the building) require board approval. Co-ops tend to be much restrictive with allowing renovations, especially those that are considered disruptive to neighbors.
  • For the same reason, renting out your co-op apartment may be difficult. It all depends on the co-op board.
  • Financing a co-op purchase can be more difficult (or, in some cases, even impossible). The most prestigeous (and restrictive) buildings have been known to require the full purchase price upfront, without possibility of getting a mortgage (This may seem a little extreme, but the thinking of those boards, apparently, is that if you can't afford paying in cash, you can't afford being their neighbor). Other boards may be more understanding but still require a significant downpayment.
  • The boards themselves range from reasonable to eccentric. While the reasonable variety is more common, horror stories abound, too - from applicants having to supply 1,000+ page tomes of documentation and countless "character references" to board interviews conducted in French. (Presumably, in the last case, non-French-speaking applicants were deemed to be of insufficiently good character to qualify as neighbors).
  • As you might imagine, all these factors can complicate the sale of your co-op apartment, should you decide to eventually sell it. Some buildings with exceptionally demanding boards have been known to have apartments on the market for several years.
Renting in a co-op is also a possibility, but depending on how the building functions, you may have to be approved by the co-op board first, which may be quite a process. Again, it all depends on the board!

If all this sounds like too much trouble, your options are: buying/renting a condo or finding a good apartment in a rental building.



 
©2003-2009 Gromco   Post Your Rental(s) | Advertise | Privacy Policy