NYC Differences Co-op -v- Condo 2026

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Co-op -vs- Condo

Quick Comparison: Co-op vs Condo

Feature	Co-op	Condo
Down Payment	20% minimum	10% minimum
Board Approval	Required + interview	Right of first refusal only
Closing Time	3-4 months	1-3 months
Subletting	Board approval required	Typically allowed
Monthly Charges	Based on shares owned	Based on square footage
Property Taxes	Rolled into maintenance	Paid directly by owner

There are differences owning a co-op and a condo ...

Those who buy co-ops maintain shares of corporations that own the buildings where their units are. Owning a condo is like owning a house. Those who buy condos receive deeds and specified pieces of real estate. Condos are typically more expensive from purchase to closing.

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Applications and Approval Process

Assuming all financials and references are in order, co-ops require an interview and board approval. Condo associations may exercise the right of first refusal but do not require interviews.

Financing

Co-ops require minimum 20 percent down. Condos require minimum 10 percent down.

Estimated Closing Time

Estimated closing time for a co-op after signing contract is 3-4 months. You can expect to close a condo within 1-3 months after signing contract.

Renovations

You will need proper board approval for renovations with co-ops and condos.

Monthly Charges

The monthly charges, maintenance, for a co-op are based on the number of shares owned in the building. The monthly charges of a condo are based on the square footage of the unit.

Taxes

A co-op owner pays taxes that have been rolled into their monthly maintenance. A condo owner pays typical homeowner taxes.

Subletting

Subletting policies vary based on building rules and regulations. Permission to sublet a co-op would be taken to the board for approval. Condos typically allow subletting.