Answers by Matthew Anderson

Hi Robert, This is a common question, especially for people moving to New York for the first time. Both are types of apartments, but the ownership structure is different. In a condo, you actually own the apartment unit and have more freedom to sell or rent it. In a co-op, you do not own the unit directly. Instead, you own shares in the building’s corporation, which gives you the right to live in a specific apartment. Co-ops usually have stricter board approvals and rules. Because of these differences, co-ops are often cheaper, while condos offer more flexibility. If you are new to this, it can also help to learn from communities that are professionally managed. Companies like Kirkpatrick Management Company often work with associations and help keep residential communities organized and well managed.