If you're in the market for a new home in New York City, you may have heard the term "condop" thrown around. But what exactly does it mean?
To put it simply, a condop is a hybrid of a condominium and a cooperative apartment. It combines the ownership structure of a condo with the board approval process of a co-op.
In a condop, each individual unit is owned by the resident and is deeded as a condo. However, the building is managed by a cooperative board, just like a co-op would be. This means that potential buyers will still have to go through a board interview and approval process before they can purchase a unit.
The benefits of owning a condop are similar to those of owning a condo. You'll have more freedom to renovate and make changes to your unit, as you're not subject to the same strict rules and regulations as you would be in a co-op. Additionally, since you own the unit outright, you'll have an easier time securing financing.
On the other hand, condops can be more expensive than traditional co-ops, as they may have higher closing costs and maintenance fees. Additionally, the board approval process can be more rigorous, as they'll be looking for buyers who are financially stable and have a history of responsible living.
Overall, if you're looking for a property that offers a balance of ownership flexibility and community management, a condop may be a good choice for you. Just make sure to do your research and work with a knowledgeable broker to find the right unit for your needs.