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NYC Apartment Buyer's Guide

Owning a property in NYC can be a great investment. The power to sell when the market is best provides a great opportunity to capitalize on your investment.

NYC Cooperatives and Condominiums:


Co-ops are generally less expensive than condominiums of comparable value. It is a legal structure where ownership lies with the co-op corporation with the individual tenants owning shares in the corporation and a proprietary lease for their apartment. 

Prospective purchasers must be approved by the Board of Directors. The Board rigorously screens every buyer, and in many cases limit or forbid subletting.

Co-op Boards require a purchase application, financial statement, three letters of personal reference, two financial letters of reference, a letter from a present landlord, employment verification letter, business letters of reference, copies of the last three years' tax returns, a credit search, lead paint disclosure, and financing information.


Unlike a co-op, condos are "real" properties. Ownership lies with the individual tenant and each unit has its own deed. Condos are usually more expensive than co-ops but purchasers do not have to deal with the approval process associated with a co-op. Also, as a condo owner you have more flexibility in ownership and can freely sublet your apartment.

The approval process for a condo requires application packages with full financial disclosure. It is more flexible to finance a condo and in most cases a buyer can finance up to 90% of the purchase price. 

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