Category Archives: Condos

Buying tips for your NYC apartment, Co-ops, Condos

Differences between co-ops and condos part 3

In this continuing series we will take a look at a couple more differences between co-ops and condos.

1- Co-ops tend to be located in prewar buildings while condos tend to be newer, shinier and more full of amenities. So if you love prewar lobbies, crown moldings and other details of prewar buildings, you probably will be looking at more co-ops. Almost all new offerings in the last 10 years plus are condos so condos tend to satisfy the wants of Manhattan buyers who are looking for newer buildings with amenities like swimming pools, roof decks, bowling or golf simulators. Some co-ops will have nice amenities as well but very few co-ops have been built in the last 20 years or so.

2- If you are a foreign national or US based investor, condos will most likely be your choice. Co-ops tend to examine a plethora of documents as previously mentioned including US credit. Since a co-op can turn down someone without providing a reason, if you are foreign national purchasing as a primary residence or a pied-a-terre, your safer bet will be a condo. Also, if you are purchasing for investment, almost all co-ops will require you live there first then there will be restrictions for how long you can rent.

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.

Co-ops, Condos, Real estate

Differences between co-ops and condos part 2

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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.

Buying tips for your NYC apartment, Co-ops, Condos

Differences between a Manhattan co-op and condo Part 1

There are many differences between a Manhattan co-op and condominium and in this first installment we will explore 2 of them.

1- Co-ops can turn down the application of a prospective purchaser without any reason given and that’s it, the buyer can not complete the purchase.  Any fees or costs incurred are not reimbursed and that’s it. A condo grants a waiver of the right of first refusal when they take an application from a prospective purchaser. The only time that they may exercise the right of first refusal is when an apartment is being sold far below market. Instead of letting the sale go forward, they can purchase the apartment.

2- Co-ops more closely scrutinize the financial wherewithal of prospective buyers than condos. So you need to have a down payment of 20-25% plus a debt to income ratio of no more than 28% plus stable job history, and excellent credit. A condo may run credit but they are satisfied with you obtaining a loan commitment or purchasing cash. They are not going to turn you down because you do not make enough money.

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.