There are many differences between Manhattan co-ops and condos and in this series we take a look at a couple at a time.
1- Condos typically let you rent your apartment out without limit. So if you experience a job change and do not want to sell, you can rent out the apartment without an issue. In a co-op typically, you can rent out 2 of 5 years and then need to move back or sell.
2-Co-ops normally have higher monthly carrying charges than condos but lower prices. For example a 2bd/2ba co-op on the upper west side of about 1100 sqft might cost you $1.5 million and have monthly charges of about $2900. A similar condo might run you $2.1 million but the monthly charges might only be $2000.
Price differences, and ability to rent out are just two differences of the many between co-ops and condos in Manhattan.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every Manhattan market from Battery Park City to Washington Heights.