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Manhattan Real Estate

Manhattan Coops vs Condos

Manhattan Coops vs Manhattan Condos

Coops verse condominiums. It has been a plague for years in the Manhattan real estate market where the differences between the two major ownership entities, The Coop and The Condo have been at odds with each others requirements. In the past two years the battling rivals for acquiring owners has brought the two platforms toward a more common ground.  Manhattan Coops

The Manhattan Coop  Manhattan Coops

The coops in the Manhattan real estate market have long been embedded with the personality of being nearly impossible for the majority of interested buyers. With their strict rules on who can rent, how long you need to be an occupied owner before you can sublet your property all the way to non-smoking and no pets of any kind, have lead the coop marketplace into a holding pattern for sales.

New to the recent years many of the Manhattan coop boards have conceded to the past more strict requirements of ownership, and are taking on a more liberal mentality in both their application and board interviewing approach. The current competing real estate market here in Manhattan has subtly bent the knee of the mindset where coops need to be a tough love entity for ownership. In simple terms, the condos are starting to take over in market share and the present coop owners are becoming frustrated with multiple attempts of financially qualified buyers being pushed away because of a multitude of non-qualifying issues. Manhattan Coops

 

Manhattan Coop

Manhattan Coop

The Manhattan Condo  Manhattan Coops

On the other hand the condos of Manhattan have gained strength in numbers by putting forth more lenient application rules and delivering super-fast expedited decisions on both ownership and leaseholder occupants. Some issues still remain where as too loose of requirements can lead to a non-control of sorts with the building ownership. Coops have about 65% of the buildings here in New York City but are strict in their approach of ownership. Condos are less strict in their application procedure but only hold about 30-35% of the buildings here in Manhattan. It is a tug-o-war between the two as to which will prevail.  Manhattan Coops

Manhattan Coop

Manhattan Coop

 

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