Condos vs co-ops
The two structures behind most Brooklyn apartments, compared line by line so you know which one fits before you fall for a kitchen.
Condo or co-op?
Two thirds of brownstone Brooklyn sales are co-ops. Here is how the two structures really differ before you bid.
| Topic | Condo | Co-op |
|---|---|---|
| What you own | Real property with a deed | Shares in a corporation plus a proprietary lease |
| Price per ft² (sample) | About $1,250 in brownstone Brooklyn | About $1,050, often 10% to 20% less |
| Minimum down payment | Often 10% | Usually 20%, some 25% or more |
| Board approval | Right of first refusal, usually waived | Full package and interview |
| Buyer closing costs | About 3% to 6% | About 2% to 3% |
| Monthly costs | Common charges plus your own taxes | Maintenance includes taxes |
| Renting it out | Generally flexible | Limited sublets, board approval |
| Best for | Investors, flexibility, smaller down payment | Long-term owners who want more space for the money |
Condo
- What you own
- Real property with a deed
- Price per ft² (sample)
- About $1,250 in brownstone Brooklyn
- Minimum down payment
- Often 10%
- Board approval
- Right of first refusal, usually waived
- Buyer closing costs
- About 3% to 6%
- Monthly costs
- Common charges plus your own taxes
- Renting it out
- Generally flexible
- Best for
- Investors, flexibility, smaller down payment
Co-op
- What you own
- Shares in a corporation plus a proprietary lease
- Price per ft² (sample)
- About $1,050, often 10% to 20% less
- Minimum down payment
- Usually 20%, some 25% or more
- Board approval
- Full package and interview
- Buyer closing costs
- About 2% to 3%
- Monthly costs
- Maintenance includes taxes
- Renting it out
- Limited sublets, board approval
- Best for
- Long-term owners who want more space for the money
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Which one fits?
Choose a condo if
- You want 10% to 15% down
- You may rent it out within five years
- You are buying through a trust or LLC
- You want the simplest resale later
Choose a co-op if
- You plan to stay at least five to seven years
- You have 20% or more down and strong liquidity
- You want more space for the price
- You like a stable, owner-occupied building
The board package checklist
Most co-ops ask for some version of these documents. Our board package manager assembles and audits them for you.
- REBNY financial statement, signed
- Two years of federal tax returns
- Recent pay stubs and an employment letter
- Bank and brokerage statements, two to three months
- Mortgage commitment letter
- Personal and professional reference letters
- Landlord or managing agent reference
- Signed house rules and alteration agreement
Co-op and condo questions
With a condo you own real property. With a co-op you own shares in a corporation that owns the building, plus a proprietary lease. Co-ops have board approval and stricter financial rules but often lower prices.
A transfer fee some co-ops charge when an apartment sells, often 1% to 3% of the price, usually paid by the seller.
Condos are usually flexible. Co-ops often limit subletting to a set period or require board approval. Always read the house rules before you buy.
Yes. A small number of prime co-ops do not allow financing, and some limit loans to 50% or 60% of the price.
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