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MICHAEL BHAGWANDIN

  • Writer's pictureMICHAEL BHAGWANDIN

What is Co-op in New York City?

Updated: May 22, 2023




What is a co-op? A co-op is similar to a condo where you're buying an apartment in a building, but instead of buying real property, you're buying shares in a corporation. And you also receive a proprietary lease which allows you access and rights to that apartment. Closing costs of a co-op are about 1%, and when you buy a condo, it's about 5% if it's under a million dollars.














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