The Ultimate Guide to Buying a Condo in Manhattan
Manhattan condos offer a unique combination of ownership flexibility and urban luxury. Unlike co-ops, condos allow subletting, have fewer restrictions on buyers, and often come with world-class amenities. Here's everything you need to know before making your purchase.
Condo vs. co-op: Key differences
When you buy a condo, you own your individual unit outright plus a share of the common areas. Co-op buyers, on the other hand, purchase shares in a corporation that owns the building. This fundamental difference affects financing, subletting rules, and the approval process.
Financing your condo purchase
Most Manhattan condos require a minimum of 10-20% down payment, though some newer developments may accept less. It's essential to get pre-approved before you start your search, as sellers and their agents take pre-approved buyers more seriously.
