Money & taxes · NYC housing

In New York, a co-op and a condo are not the same thing.

A condo feels familiar: you own real estate. A co-op is more New York: you buy shares and get the right to live in the unit through a proprietary lease. Both can be wonderful. The trick is comparing the whole deal, not just the listing price.

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Comparator

Co-op vs. condo carrying costs

The price tag is only the first line. A co-op's maintenance usually includes the building's property tax; a condo normally shows common charges and property tax separately.

Co-op

Purchase price$Monthly maintenance$

Condo

Purchase price$Common charges$Monthly tax$

Down payment%

Co-op cash down

$150,000

Condo cash down

$170,000

Co-op monthly

$1,800

Condo monthly

$1,700

This planning estimate leaves out mortgage, insurance, assessments, board-required reserves, tax abatements, flip taxes, and closing costs. Down payment is capped at 100% for this comparison. Confirm building-specific numbers with the offering plan, board package, lender, and attorney.

Co-op

You buy shares in a corporation and receive a proprietary lease for the apartment. Board review is part of the deal.

Condo

You own the apartment as real property and share common areas through the condo association.

Monthly cost

Co-op maintenance often includes the building's property tax. Condo common charges and property tax are usually separate.

Resale

Some co-ops have flip taxes, financing rules, sublet limits, or board approval steps that matter later.

Pre-offer checks

Ask what the monthly charge includes, whether there is an assessment coming, what the building reserves look like, and whether the board has rules about financing, pets, renovations, subletting, or pied-a-terre use.

For a co-op, ask for the board package requirements early. For a condo, ask how property taxes have changed and whether any abatement is ending. A small monthly difference today can become the real story after closing.

Official sources

Reviewed July 2026. Building documents, board rules, abatements, reserves, and closing costs are property-specific; confirm with the official documents and your attorney.

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