The NYC Condo Guide: Buying & Selling
A condo in New York is real property. You own your unit and a share of the common elements outright, with a deed in your name — not shares in a corporation and a proprietary lease, the way a co-op works. That single difference changes almost everything that follows: who can buy, how they finance it, what the board can and can't do, and how a sale actually closes.
For buyers, the condo structure means a wider field to compete in and fewer hurdles to clear. For sellers, it means a deeper, faster buyer pool — including investors and international buyers — and a transaction that hinges more on price and timing than on whether a board will say yes. Tracie Golding has worked both sides of these deals across Manhattan and Brooklyn since 1995, and the mechanics below are where most of the leverage lives.
What you actually own — and why the offering plan matters
Because a condo is real property, you take title by deed and you can finance, sublet, and sell with far more freedom than a co-op allows. The rules of your building live in the offering plan — the document the sponsor filed to create the condominium — together with its amendments, the declaration, and the bylaws. That's where you find the unit count, the common-charge structure, the rules on renting, alterations, and what the board controls.
Reading the offering plan and its amendments is the first real piece of due diligence on either side of a deal. It tells a buyer what they're buying into and tells a seller what a serious buyer's attorney is going to scrutinize before closing.
- —A deed in your name and a percentage interest in the common elements — not corporate shares
- —The offering plan, declaration, and bylaws set common charges, sublet rules, and alteration rights
- —Far more freedom to rent, finance, and resell than a co-op typically permits
Right of first refusal, financing, and a wider buyer pool
Condo boards generally don't approve buyers the way co-op boards do. Instead, most condos hold a right of first refusal: when a unit goes into contract, the board can elect to buy it on the same terms rather than approve the incoming buyer. In practice boards rarely exercise it, so the application is a waiver request, not an interview — which removes the single biggest point of failure in a co-op sale.
That openness is what widens the pool. Condos welcome buyers a co-op would screen out: investors who plan to rent the unit, buyers financing a larger share of the price, and international buyers and entities such as LLCs and trusts. The flip side is more accessible financing — without a building capping how much a buyer can borrow — which lets more people bid on the same apartment.
- —Right of first refusal instead of board approval — usually a waiver, rarely exercised
- —Investors, international buyers, and LLC or trust purchases are typically welcome
- —No building-imposed financing cap, so more buyers can qualify and compete
How this shapes both sides — including new development
For a seller, the wider pool and easier approval usually mean more interest and a cleaner path to the closing table, so the strategy is about pricing against the right comparables — same building and same line where possible — and reading demand rather than managing a board. For a buyer, the same dynamics mean more competition, so a strong offer and clean financing matter more than they would in a quieter co-op market.
New development is its own category. Sponsor sales run off the offering plan, the sponsor typically sets terms and often passes transfer taxes and other closing costs to the buyer, and unit availability moves as the building sells out. Whether you're buying a sponsor unit or reselling one later, knowing how that first sale was structured tells you a great deal about the building's economics and what a resale buyer should expect.
In plain answers.
What's the difference between a condo and a co-op in New York?
A condo is real property — you own your unit by deed plus a share of the common elements. A co-op is a corporation: you own shares and hold a proprietary lease on your apartment. The condo structure gives you more freedom to finance, sublet, and sell, and it replaces co-op board approval with a right of first refusal.
Can a condo board reject my purchase?
Not the way a co-op board can. Most condos hold a right of first refusal, meaning the board can elect to buy the unit on your contract terms instead of approving you — but boards rarely exercise it. The application is generally a waiver request rather than a financial interview, which is why condo sales fail less often at the approval stage.
Are condos easier to finance than co-ops?
Often, yes. Co-ops frequently cap how much a buyer can finance, while condos generally don't impose a building-wide limit, so lending tends to be more flexible. That broader access to financing is one reason the condo buyer pool is larger and more competitive.
Can investors and international buyers purchase condos?
Yes. Condos commonly welcome buyers a co-op would screen out — investors who intend to rent the unit, international buyers, and purchases held in an LLC or trust. That openness is a big part of why condos draw a wider, deeper buyer pool.
What is the offering plan and why does it matter?
The offering plan is the document a sponsor filed to create the condominium, along with its amendments, declaration, and bylaws. It sets the common-charge structure, sublet and alteration rules, and what the board controls. Reading it — and its amendments — is the core due diligence on both sides of a condo deal.
What's different about buying a new development condo?
New development units are sold by the sponsor off the offering plan. The sponsor usually sets the terms and often passes transfer taxes and certain closing costs to the buyer, and availability shifts as the building sells out. How that initial sale was structured also shapes what a later resale buyer should expect.
Weighing a condo, on either side of the deal?
Tell Tracie what you're buying or selling. The first step is a clear read on the building's offering plan, the comparables, and what the condo structure means for your price and timing.
Contact Tracie