Guide · October 20, 2026 · 6 min read
Co-op vs. Condo in New York City: How to Choose
The real differences between buying a co-op and a condo in NYC — ownership, board approval, financing, closing costs and resale — explained by a Brooklyn real estate advisor.
Lexington Residential
Licensed Real Estate Salesperson, Platinum Forbes Global Properties
Most apartments for sale in New York City are either cooperatives (co-ops) or condominiums (condos). They can look identical from the street, but the way you own them — and what it takes to buy one — is very different.
What you actually own
With a condo, you own real property: your unit plus a share of the common elements, with your own deed and tax lot. With a co-op, you buy shares in a corporation that owns the building, and receive a proprietary lease for your apartment.
Board approval
Co-op boards review your finances, references and often interview you before approving a purchase. Requirements vary, but many buildings set minimum down payments and post-closing liquidity. Condos typically have only a right of first refusal, which is rarely exercised.
Monthly costs
- Co-op: one monthly maintenance charge that usually includes your share of the building's real estate taxes and underlying mortgage.
- Condo: common charges plus a separate real estate tax bill.
Closing costs
Condo buyers typically pay title insurance and, if financing, New York City and State mortgage recording tax. Co-op buyers don't pay mortgage recording tax or title insurance, but may pay lien search fees, a move-in deposit and, in some buildings, a flip tax (usually a seller cost). Both pay the New York mansion tax on purchases of $1 million or more.
Which is right for you?
- Choose a co-op if you want more space for the price, plan to live there yourself and have strong finances.
- Choose a condo if you want flexibility to rent it out, are buying as an investment or pied-à-terre, or need a faster and more predictable approval.
Every building has its own rules on subletting, pets, renovations and financing. Before you make an offer, Lexington Residential reviews the offering plan or financial statements and house rules with you so there are no surprises later.
This article is general information, not legal, tax or financial advice. Questions about your situation? Contact Lexington Residential.
