The Advantages of New York City Co-Ops

(moorecarol). Submitted on Mon, 30 Jan 2012

Investing your hard earned money into something tangible is a common dream. Everyone desires great return on their investments. While the stock market is popular with some, some people have found an alternative to the volatile stock markets – investing in new york city co-ops. Owners live in their units, but instead of owning an apartment you own a share in the building.



The co-op apartment is leased exclusively to the person who purchases it. In other words, instead of buying the apartment you are actually buying into the cooperation. Typically, new york city co-ops are owned by a LLC (Limited Liability Company). When you purchase shares in a co-op you get the apartment for you and your family to live in, but you cannot rent to others or sell the unit until the condo board approves it.

However, some NYC co-ops have rules allowing their buyers to sublet the apartment or condominium, but usually there are strict regulations. For example, you may only be able to rent for a set period of time, and there may be a required period of time between rentals. Generally, any major decisions are subject to the approval of the co-op board. While this may sound restrictive, it means that decisions that affect the value of the NY apartments cannot be made unilaterally. The building stays well-maintained from top to bottom and residents are invested in the state of the entire building, not just their own apartment or floor. Members share in maintenance fees and the buildings are usually some of the best maintained NY real estate properties.

Furthermore, co-ops are usually less expensive than NYC rentals. Finding a Manhattan condo isn’t difficult – more than 85% of Nyc apartments are co-ops.

 

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