Sep 22, 2011

Manhattan Condops: Best of Both Worlds


What is A Condop? 


A condop is a residential building or portion that includes cooperative and condominium ownership structure. The condominium has a residential cooperative unit separate from the commercial unit and or garage unit.  

During the late 1980's several new developments were built as "condops" they were "hybrids" because the developer had an underlying mortgage on the residential portion of the project. The residential unit is legally a cooperative. Owners are shareholders in a corporation.

A condo can not have an underlying mortgage. I was an original owner/shareholder in one of the first luxury condops constructed on the upper west side.

I often get calls from other brokers about The Boulevard since I'm a resident broker. Many agents think a condop is a coop with condo rules. In many condop buildings that is true but the rules have nothing to do with what makes the building a condop.
The Boulevard 2373 Broaway

In new construction, in the offering plan, if the developer/sponsor leaves the purchasers/ shareholders/owners with an underlying mortgage the building is usually a condop. The underlying mortgage is included in the maintenance allocated proportionally to each apartment sold as shares.

New construction condops include The Azure and 1 Carnegie Hill on the Upper East Side and 305 West 16th street, a brand new luxury designer condop building in Chelsea and there is a new condop in Harlem. 

Most condops have right of 1st refusal like a condo, they are investor friendly and have the same unlimited sublet policy and amenities usually found in condos.

The Savanah, 250 West 89th Street

A condop can offer the best of both worlds. It can offer rules and amenities of a condo, tax deduction, lower closing costs (no NY state mortgage recording tax) like a coop because a coop is not considered "real property" it is considered "personal property." Condops are usually valued in between a coop and a condo.

There is an advantage to buying a condop if you can find one in the neighborhood and price range you require.




Contact me to purchase or sell in The BoulevardThe Savannah or any other Manhattan condop, coop, condo or new development.

comments

4 Responses to " Manhattan Condops: Best of Both Worlds "
  1. Brodsky Organization said...
    September 22, 2011

    Thank you so much for writing to clarify what a condop is. Not too many property managers own condop properties, but the idea is a novel one. We agree, the condop is a happy medium and should definitely be considered by anyone who is considering a condo or coop for their next home.

  2. Minerva said...
    October 08, 2011

    Ok, that cleared a lot of minds. Many people mistakenly understand what a condop is and for an instance, many people get interested in buying a condop, too, because of the advantageous rules that surround it. :)

  3. condo launch Singapore said...
    October 11, 2012

    You can have a look at the condos and condos in Manhattan. It is truly beautiful

  4. Dheeraj said...
    October 14, 2013

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