Condos
Real property, fewer restrictions — and most of the new construction in the city.
A condominium is real property: you own your unit and a share of the common elements outright. Boards are lighter-touch, financing is more flexible, and most buyers can close faster than in a co-op. New developments are condos — so the city's newest buildings, from Tribeca conversions to the towers along the parks, fall into this category.
The trade-off is price and carrying cost. Condos command a premium over comparable co-ops, and new-development closings carry their own mechanics — sponsor units, transfer taxes, closing-cost structures that differ from a resale. Tracie reads these documents for a living.
For international buyers, pied-à-terre owners, and anyone who values flexibility over the lower entry price of a co-op, the condo is usually the answer. Tracie helps you weigh the premium against what it actually buys you.