Coop vs Condo in NYC what's the difference?

amother

Goldenrod

Sun, Sep 30 2018, 4:13 pm

I need to know the difference in ownership. Which one do you get to keep forever until you Iyh sell it?
I know one of then you buy the place but if they break down the building your share in the property is out. Which one is it? Also how much property tax do you pay on a condo in Boro Park?

pesek zman

Sun, Sep 30 2018, 4:28 pm

I don't know anything about knocking down buildings but condo you own the apartment while coop you own shares of the building, not the actual apartment

Maintenance tends to be higher for coops, and less for condos.

My experience is in manhattan though

mommish613

Sun, Sep 30 2018, 4:31 pm

A coop is percentage ownership in the shares of the cooperative ownership. There is no deed but rather a transfer of shares when you buy a coop apartment. With a condo, you actually own your unit along with a percentage of common elements. There is a deed for ownership transfers.

Many 3+ family homes in boro park are set up as condos. Coops are generally large apartment buildings.