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Condo vs Coop in New York City. What is a co-op apartment and which one is the right choice for you? As a first time home buyer, buying a co-op in New York City can seem an extremely complicated and challenging process. This video will help you understand what a co-op is, how coops operate, how co-op board approval process works and monthly expenses associated with owning a co-op apartment in New York City.
What is a condo?
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Buyer Closing Costs in NYC
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When you buy an apartment in a co-op building, you are buying in a cooperative corporation. The corporation owns the entire building. In this case, the real property is the entire building, not your apartment.