Futterman, Sirotkin & Seinfeld, LLPAggressive | Experienced | Knowledgeable | A Full Service Law Firm
Free Consultations *
For Personal Injury and Medical Malpractice Matters Only
toll free: 866-679-2513
Kew Gardens: 718-577-2573
Woodbury: 516-681-0250
New York: 212-223-2767
Contact Futterman, Sirotkin & Seinfeld LLP in Queens Queens, NY Attorneys: Futterman, Sirotkin & Seinfeld LLP

Thank you so much for all your help. You are a true God send and I feel blessed for having your assistance. Wishing you and your family well wishes and a Happy New Year too!

Thank you for “services rendered” to my complete satisfaction. On that note, a special thank you to Judy Ramirez and Veronica Fuentes for their many contributions. With your knowledge and experience...

Thank you for doing such a great job representing my son on the purchase of his condo. As I am sure you could tell, he was very nervous about the whole thing, been waiting for the other shoe to...

On behalf of the family of the Estate of Marlene U., I would like to express my sincere gratitude to the law firm of Futterman, Sirotkin & Seinfeld, LLP for its unwavering commitment...

I feel blessed that somehow your firm in and my life crossed because the result is the quality of my mother’s life in respect to current and future needs is secure …

Dear Martin and Ira, thank you so much for working so hard on my case for so many years. My life changed 10 years ago when this occurred. I'm glad this chapter of my life has closed.

Just wanted to express how happy I am with your firm. I have known you for over 15 years starting with the purchase of my first home and when I continued utilizing your services when...

Words can not fully express how grateful and impressed I am with your outstanding services. Working with you and your staff not only made me feel comfortable and reassured but ...

I wanted to express my sincere gratitude for your efforts over the last two years regarding my case. Your attention to the details surrounding-my case was second to none...

Me sentir bien comoda con mi dos abogados, el Sr. Martin y el Sr. Futterman, que me trataron mi caso con mucha delicadeza y puecieron mucho tiempo en mi case

Client Testimonials for Futterman, Sirotkin & Seinfeld LLP
Practice Areas Menu

Buying a Home in New York City: Co-op or Condo?

The decision to purchase a home is always a complicated one. However, in the New York City housing market, the process can be even more convoluted. In addition to deciding what neighborhood to live in, how much space they need and how much they can afford to pay, purchasers must also make the important decision between buying a co-op or a condo.

In many ways, condos and co-ops are very similar. Both involve buying into a common-interest housing development. However, purchasers of condos and co-ops are buying different things: condo buyers actually own their units, while in a co-op, purchasers own shares in the building where the unit is located.

The differences don't stop there. Before making the decision between a condo and a co-op, it is important to think carefully about which option is a better fit for you. As with all major real estate transactions, it is always a good idea to talk to a New York real estate attorney before moving forward.

Cost & Qualifications

Generally speaking, co-ops tend to be more plentiful and less expensive than condos. According to data published in the New York Times, the average price of a Manhattan condo in the third quarter of 2012 was $1.766 million, while the average co-op sold for $1.216 million. Condos also come with extra costs, including title insurance and mortgage recording tax.

However, it can be more difficult to get approved for the purchase of a co-op. Prospective co-op buyers have to provide a significant amount of personal information, including proof of income and net worth. The income restrictions can prove particularly troubling for self-employed buyers, since their incomes often look comparatively lower on paper. In addition, co-op boards can reject potential buyers who may not be a "good fit" for the building.

Co-op advocates say that this type of vetting makes for more stable communities and better neighborly relations. People who prefer a little more privacy, though, may want to consider a condo.

Rules & Regulations

Living in a co-op can also feel different from condo residency, given the differences in governance. Both condos and co-ops can impose strict rules on residents. In addition, boards are free to change these rules at any time, so long as proper procedures are followed.

Co-op owners, though, often have an easier time resolving disputes, since they are considered "tenants" under the law. This gives them landlord-tenant protections that condo owners do not share.

Selling & Renting

Finally, purchasers would be wise to think about their future plans to sell or rent their unit. Many co-ops reserve the right to approve individual renters, and some also limit how long renters can live in a unit. Some buildings don't allow subleases at all. It can also usually be easier to sell a condo than a co-op.

These restrictions possibly make co-ops a more attractive option for buyers looking for a long-term residence. However, buyers who expect to move within a few years or who are looking to sublet their units may want to consider purchasing a condo.

Privacy Policy | Law Firm Marketing by FindLaw, a Thomson Reuters business.