If you’re in the process or have been contemplating moving to an apartment in Manhattan, choosing what area to live will be dependent on whether you’re interested condos or co-ops. Although co-ops account for most of the apartment listings in Manhattan, a wave of newly constructed condos have been introduced over the past 10 years. There have also been of buildings that have been reconstructed in condos. What are some of the differences between condos in Manhattan and co-ops in Manhattan?
Purchasing a condo in Manhattan is a straightforward way for you to become an owner of NYC real estate. After purchasing a condo in Manhattan, you’re provided with the deed and the keys to your apartment. As mentioned earlier, a large majority (roughly 80%) of the apartment inventory in Manhattan are co-ops but many of the newly constructed apartments in the area are luxury condos. If you’re more interested in becoming an owner of New York real estate with the freedom to customize the property as you wish, Manhattan condos are the ideal choice. Condos in Manhattan continue to grow in popularity every year so you may want to act as soon as possible.
The real estate market in Manhattan is still predominantly made up of co-op buildings which second as socialist hubs. These co-op buildings are owned by real estate firms that sell shares that accredits shareholders/buyers to property leases. The owners of co-ops have privilege to their apartments but do not own the apartment as condo owners do. Co-op buyers pay monthly fees for maintenance purposes such as utilities, insurance, taxes, etc..A percentage of the co-op fees are tax deductible. The co-ops in Manhattan are known for having stricter policies which are administered by the co-op’s boards which are selected by residents to handle building concerns. Co-ops are all over the place in the Upper East side, Upper West side and Gramercy Park areas.
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