What you should know about co-ops

Co-op basics

Many of our clients ask us this question. A co-op is a cooperative, a company, with shareholders and a Board of Directors. In effect, you do not buy an apartment — you buy shares in the cooperative.

Cooperatives tend to be less expensive than condominiums because most buildings in New York are co-ops and boards often impose rules on who can buy and how a unit can be used.

International buyers

International buyers considering a co-op should account for board approval timelines, financial requirements, and sublet policies before making an offer.