In New York City, a co-op, condop, and condo are all types of multi-unit buildings that can be owned by individuals. However, there are significant differences in how each type of building is structured and how ownership works.
What is a co-op?
A co-op, or cooperative, is a type of multi-unit building in which residents own shares in the building rather than owning their individual units. The residents of a co-op elect a board of directors, which is responsible for making decisions about the building and its operations. In order to purchase a unit in a co-op, a buyer must be approved by the co-op board, which considers factors such as the buyer’s financial stability and their ability to fit in with the community. Co-ops are popular in New York City because they offer a level of exclusivity and because they can be more financially stable than other types of multi-unit buildings, as all of the residents have a vested interest in the building’s financial success.
What is Condop?
A condop is a hybrid of a co-op and a condo. It is structured like a co-op in that residents own shares in the building rather than owning their individual units, but it is more like a condo in that the units can be bought and sold like traditional condos. Condops are relatively rare in New York City and are more common in other parts of the country.
What is a Condo?
A condo, or condominium, is a type of multi-unit building in which each unit is owned individually, like a house. The owner of a condo owns everything within the walls of their unit and has the right to sell or rent it as they see fit. Condos in New York City are typically easier to buy and sell than co-ops, as the process for purchasing a condo does not involve being approved by a board. However, condos can be more expensive than co-ops, both in terms of the purchase price and the monthly maintenance fees.
Sources
https://streeteasy.com/blog/co-ops-vs-condos-nyc-home-buyers-guide/
