When buying New York City real estate, there’s a lot to think about beyond just the price point and neighborhood. We posed this question to busy NYC agents: When showing apartments for sale to your clients, what factors do you consider when presenting co-ops compared to condos and vice versa?

Matthew Cohen
BROWN HARRIS STEVENS

I always give people the technical difference and which I feel is better for the client I am working with. Condos are always more expensive than co-ops. The technical reason for this is because condos are like a house. You own the actual property so you have much more flexibility when it comes to renovations and subletting policy. In a co-op, someone owns shares of the corporation, which is why they have to go to the board to basically get anything done. It all depends what the buyer’s end goal is. If it’s an investor, condo is typically the only way to go because of the flexibility to rent it out. If it’s a primary home buyer who is financially qualified and OK with a board going through their personal life, than I always sug- gest co-ops because you get more for your money.

James Weiss
THE CORCORAN GROUP

The difference between condos and co-ops comes down to ownership structure, flexibility, and lifestyle. Co-ops play by stricter rules – board approvals, limited rentals, and a deep dive into your financials—versus condos, where there’s more freedom and fewer hoops to jump through. Classic New York charm – think prewar details, soaring ceilings, and working fireplaces—can often be found in co-ops, while condos typically provide more modern building amenities plus the sheen of brand-new finishes. When deciding between the two, I determine my client’s priorities quickly. We consider how long they plan to own the property, whether it’s a personal residence or an investment, and if it will be in their name, a trust, or an LLC. If rental flexibility is a priority, condos win hands down. But in some of the city’s most coveted spots – Fifth Avenue on the Upper East Side or prime SoHo—co-ops dominate, so availability makes the choice for us. The scrutiny of the co-op buying process can be tedious, but the upside is they frequently offer more bang for your buck. That said, many in the next generation of wealth aren’t interested in the hassle. They want turnkey, no red tape, and complete freedom—so condos often win their attention.

Krista Nickols
SERHANT.

Choosing between a co-op and a condo goes beyond the apartment itself—it’s about finding the right fit for a buyer’s lifestyle and financial goals. Co-ops often have stricter board approvals and regulations, making them ideal for those seeking stability and community. Condos, while typically more expensive, offer greater flexibility and fewer restrictions. My goal is to help clients navigate these differences so they can make confident, informed decisions.

Michael Passaro
DOUGLAS ELLIMAN

When presenting co-ops versus condos to clients, I consider several key factors beyond price and location. Co-ops typically require more extensive approval processes, including board interviews and financial scrutiny, which can be a hurdle for some buyers. I emphasize this to clients, especially first-time buyers, as co-op ownership involves shared responsibility for the building’s finances. In contrast, condos offer more flexibility with ownership and often appeal to those seeking fewer restrictions, as they don’t have the same approval requirements. Additionally, co-ops usually have lower monthly maintenance fees, but these fees can include costs for building up- keep, staff, and other shared expenses. Condos, on the other hand, tend to have higher fees but may provide more amenities and fewer building restrictions, ie: the ability to rent. I also obviously consider the potential for future resale value as well. Condos typically offer better long-term investment potential because they are easier to sell due to fewer restrictions. Co-ops, however, might attract more stable buyers interested in long-term living. Ultimately, I tailor my advice based on my client’s priorities—whether it’s financial considerations, flexibility, or lifestyle preferences.

Mike Fabbri
THE AGENCY

When presenting co-ops vs. condos, I always frame it as lifestyle vs. logistics. With co-ops, it’s about fitting into a community—buyers need to understand the board approval process, financial requirements, and cultural fit. Condos, on the other hand, are about flexibility—higher price points but fewer restrictions, making them ideal for investors, pieds-à-terre, or those who prioritize ease of purchase. Also, I always bring resale value into the conversation. Co-ops tend to have more stable pricing, with fewer speculative swings, but they can also limit your buyer pool due to board approvals and stricter financial requirements. Condos, while more expensive upfront, often appreciate faster and offer more liquidity when it’s time to sell—especially in a shifting market.

Lila Nejad
DOUGLAS ELLIMAN

We oftentimes get asked by buyers what is the difference between co-ops and condos. The main difference is the ownership. With a condo, you own the unit, have the deed and a share of the common charges. With a co-op you own shares in a corporation and the board has more control over your unit and the building. For a co-op, I tend to see New Yorkers who have been here for some time, with a steady job and know that Manhattan is their home base, who want to take advantage of the value in square footage and price. Basically, you can get a larger apartment for less price than a condo. This can be anywhere from around 20%–30+% discount pricing compared to a condo with similar square footage and oftentimes less monthly fees as well (common charges/taxes). Co-ops do take a deeper look at a buyer finances, where the money comes from and look for steady job history. The buyer also in most cases needs at least three years of taxes and common charges, and monthly mortgage payments in post closings savings. Condos can be more expensive, but you have the freedom of less board and financial restrictions, investor-friendly and more internationals can purchase. You can list a condo unit for rent, the day after closing, which is a big advantage for investors as well. Condos are definitely a home base purchase as well, nut buyers are just paying more for the flexibility and if a life change happens, you can hold on to your investment and rent it. Some co-ops let you rent your unit out, but most have stipulations from must having to live there for two years first, and where then you can only rent for a total of 2 years, or every other year up to 5 years. A co-op board can also turn you down and they do not have to give an exact reason. With a condo, you do have to be financially viable, with supported financials, but a much less rigorous process.

This article appeared in the March 21 edition of Behind The Hedges inside Dan’s Papers New York City. Read the entire digital edition here.