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A blog from CityRealty (Links below will take you to the 6sqft site)

Features

164 East 72nd Street, #5C (Compass) 164 East 72nd Street, #5C (Compass)
Co-ops and condos may seem similar at first glance, but there are some fundamental differences. A housing cooperative–or co-op association–is a legal corporation made up of shareholders that own a residential building. Membership in the corporation is granted when you purchase a share in the cooperative by buying a unit. Rather than owning your unit the way you would a condominium, you are, in a way, becoming a tenant. Property taxes are included in monthly fees, a portion of which are tax-deductible

Members screen and select new residents via their elected representatives (the co-op board). You may be familiar with many of the better-known differences between condos and co-ops: The building’s approval process, financial requirements, and rules are usually more stringent in a co-op, but co-ops generally cost less to purchase.

Co-ops comprise a much larger percentage of the city’s owned housing units–about 70 percent, though this number is steadily falling as many new condos come to market and virtually no new co-ops are being constructed. Co-ops have a history of being the upper-echelon choice in highly sought-after Manhattan neighborhoods like the Upper East Side and Upper West Side. If you’re looking for elegant old-world architectural details, know that many of the city’s classic pre-war buildings are co-ops–and the rare condo conversions of pre-war apartment buildings tend to be very expensive.
Whether a co-op would suit your needs depends on what you’re looking for in an apartment. If you’re seeking a space with pre-war details in one of the city’s pricier neighborhoods, a co-op is where you’ll find it. If you’re looking for a place to call home and put down roots, or if it’s important that the building be intimate and that your neighbors care about their surroundings, it may be more likely that you’ll find like-minded neighbors in a co-op.

If you’re a foreign buyer, hope to buy with a very low down payment, plan to use the unit as a pied-a-terre or rental investment, or hope to sell at a profit within a short time, you may find yourself frustrated in the co-op market.
SoHo-Streetscape SoHo has a unique mix of converted condo and co-op buildings as well as newly-constructed condos

Pros of Buying a Co-op


• Co-ops are usually cheaper to purchase than condos.

• There are more of them: Co-ops make up a much larger percentage of the city’s owned housing units (around 75 percent).

• There are many more pre-war co-ops available than condos.

• Co-ops have slightly lower closing costs; title insurance isn’t needed and there is no mortgage recording tax.

• A thorough vetting process and stricter financial requirements mean more financial stability, especially in market downturns.

• The vetting process and restrictions mean more owner-occupied units and less turnover, which can prevent problems like a revolving cast of renters, illegal Airbnb use, and other potential disruptions.

• A portion of monthly maintenance fees is tax-deductible.

• Co-op shareholders are also considered tenants of the co-op, which gives them legal protections under New York City landlord-tenant law.


Cons of Buying a Co-op


• The approval process and building rules are usually stricter in a co-op, and potential buyers can be rejected without having to provide a reason; condo boards can’t legally reject potential buyers.

• Co-ops generally require buyers to make a down payment of at least 20 percent of the purchase price, sometimes as much as 50 percent or more; some exclusive buildings don’t allow financing at all. Co-ops also have liquid asset requirements and may ask buyers to meet a debt-to-income ratio and have an excellent credit score.

• Stricter financial requirements mean you’ll be asked to share more personal financial information.

• Limits on subletting, purchasing for others, and pieds-a-terre mean co-ops are not a good choice for investment buyers who don’t plan to live in the building or who are looking for short-term ownership.

• Monthly maintenance fees are generally higher for co-ops than for condos, as a share of the property tax and possibly payment toward an underlying mortgage is included.

• The purchasing process generally takes longer.

• Most new developments (1980s and later) are condos; if new is what you're looking for, you’ll likely have to go condo.

• Co-ops are more difficult for foreign buyers to purchase as they often don’t have the necessary records from a U.S. bank, and co-ops do not allow anonymous purchasing by LLCs.




New and Exceptional Museum-Quality Condo/Co-op Listings in NYC

From the Listing: Once in a lifetime opportunity to own in Carroll Gardens! This contemporary Condo Penthouse has it all: DEEDED PARKING + STORAGE, Sun-flooded 1,259 interior square feet, 3 beds, 2 baths, built-in home office, ultra-accessible and planted 400+ square foot private terrace with sweeping city views, central air, open chef's kitchen, custom builtins, pin-drop quiet windows, washer/dryer, and Tax Abatement until 2026. See floor plan and full details here.

From the Listing: A beautiful prewar brownstone located on a gorgeous, tree-lined prime Upper West Side block a half block from the Museum of Natural History is home to a stunningly beautiful, prewar 5-room duplex in mint condition. Residing on both the parlor and third floor, this elegant, grand, and gracious two-bedroom, one-and-a-half-bathroom home preserves the grand scale of its prewar era with 12' high ceilings and well-proportioned rooms as well as exquisite old-world architectural details throughout. Old world details include hardwood floors with border inlay, decorative trim, and moldings, ceiling rosettes, two wood-burning fireplaces with beautiful mantels, original tall doors with decorative trim, and a Juliet balcony off the master suite. See floor plan and full details here.

From the Listing: Modern finishes combine with historically rich elements in residence 4B at the highly coveted Spears Building. This two-bedroom, two-bathroom loft is perfectly positioned in the culturally rich neighborhood of West Chelsea. Incredible southern light welcomes you through a wall of oversized windows the moment you walk through the door. Pre-war elements including beamed 12' ceilings, polished concrete floors, and exposed brick preserved from the building's original structure grace this very special home. See floor plan and full details here.

From the Listing: This remarkable 7 room into 6 room home has been entirely renovated. 5C is graced with sun-filled Southern exposure from every room further complimented by handsome prewar detail. Enjoy stunning townhouse garden views. The striking and spacious eat-in chef's kitchen with Miele dishwasher, elegant dining room, and lovely living room with a wood-burning fireplace, and built-in surround sound system encourages endless entertaining or a relaxing evening at home. Including a powder room, there are 2.5 baths and also 3 full-size bedrooms. Central air, a Whirlpool washer and dryer, and wonderfully designed and boundless closet space further enhance this exquisite, quiet apartment in the heart of the city. See floor plan and full details here.

From the Listing: For the first time ever apartment 3J at The Rialto is available for purchase. Incomparable in natural light and sheer volume with stunning proportions, apartment 3J encompasses the best in architecture and design. Conceived by Gene Kaufman with interiors by Andres Escobar the building is striking from every angle. Located in the heart of Williamsburg at the crossroads of North 5th and Bedford ave.

Immediately upon entering you're struck with 20-foot ceiling heights and walls of south and west-facing windows flood the space with natural light. There is no denying the scale of this home. The custom kitchen features Miele appliance package with a vented hood and quartz countertops. The bathrooms are an intimate affair with natural stones and custom-designed vanities of a timeless fashion. The juxtaposition of frameless glass and deep soaking tub create an oasis for relaxation. The bedrooms are simply perfect, with each featuring a full wall of glass offering Southern exposure and an abundance of storage space. The primary suite encompasses the entire second level of the home and features a walk in closet and custom shoe closet. The dedicated home office is seamlessly integrated into the design providing form and function.
See floor plan and full details here.

From the Listing: Tribeca chic meets incredible wow-factor in this gorgeous 2 bedroom plus home office, 2 full bathroom lofts occupying the entire 4th floor of a boutique condominium.

A direct elevator opens into bright, airy, impeccably designed interiors boasting a gracious layout for living and entertaining, and peaceful bedrooms privately positioned on the home's north end. Four oversized windows on both the southern and northern exposures bathe the ambiance in natural light. Enjoy the elegance of high beamed ceilings, 7-inch white oak floors, stunning exposed brick, sleek lighting, custom millwork throughout including in the closets, pantry and bath, and refined finishes at every turn.
See floor plan and full details here.

From the Listing: Welcome to the Penthouse at 48 Canal Street. Situated in the heart of the Lower East Side, between Orchard and Ludlow, this duplex with spectacular outdoor space offers panoramic city views of both the Brooklyn and Manhattan Bridge. A total of three private outdoor spaces totaling over 1,400 square feet gives this apartment the ultimate indoor/outdoor entertaining feel.

This three-bedroom, two-bathroom penthouse measures approximately 2,200 square feet interior. The private keyed elevator opens directly into the expansive living/dining room, flooded with light and prewar charm. Painted white exposed brick walls, industrial stainless-steel kitchen, hardwood floors, and a charming fireplace are some of the first features you'll see when you enter this home.
See floor plan and full details here.

From the Listing: Don't miss the chance to own this amazing one-of-a-kind SoHo loft! The bespoke designs and high-end finishes of this apartment recently garnered attention from the New York Post. This rare corner unit is currently configured as a massive open one-bedroom with options to convert to a spacious 2br-2ba. As you enter the main living/dining space, you'll lose yourself in the Bohemian charm of the exposed brick walls, massive original wood beams, and soaring 12 ft tin pressed ceilings with additional soundproofing for comfort and privacy. The refinished wood floors and designer lighting add a distinctively modern, upscale feel to the place, while the oversized double-exposure corner windows flood the room with light. A wonderful space for entertaining, this apartment features a home office, stunning open chef's kitchen with a center island, Carrera marble counters, custom cabinets, and top-line Wolf and Subzero appliances. The built-in entertainment surround sound system installed throughout the unit also helps you set the perfect atmosphere for get-togethers. . See floor plan and full details here.

From the Listing: An exceptional private roof deck, with new decking, plantings, and irrigation system, is the crowning achievement of this rare 2 bedroom, 2.5 bathroom duplex penthouse condo in the heart of Greenwich Village. See floor plan and full details here.

From the Listing: Enter this full-floor condo loft through a keyed elevator into a breathtaking 28' x 31' great room featuring over 12' ceilings. This sprawling, open space has a wood-burning fireplace with a limestone mantle including built-in storage and cabinetry. Northern light streams in through the oversized arched windows across striking Brazilian walnut flooring and a massive dining area offering an abundance of space for entertaining; featuring a dry bar and wine cooler. This 2,625 SF floor plan is both functional and stylish; a custom sliding media cabinet emulates wall art but also transforms into a full home entertainment system when desired. The open chef's kitchen features top-of-the-line appliances by Sub-Zero and Viking, as well as a Bosch oven and dishwasher. Stainless steel countertops and open shelving allow for easy food preparation and plentiful kitchen storage, complemented by chrome Grohe finishes. A large kitchen island provides additional, casual kitchen seating. Around the corner is a full bath and a large laundry room with a full-sized stacked Electrolux washer/dryer and sink. See floor plan and full details here.

From the Listing: Enjoy what feels like gracious single-family-home living in a gorgeous 3 bedroom plus den/home office, 3 and a half bath duplex loft at the coveted Collect Pond House cooperative in prime Tribeca! This artfully designed and gut-renovated gem boasts an expansive 2,800+/- square feet of finely-finished living space that exudes impeccable quality and modern elegance. See floor plan and full details here.

From the Listing: Welcome to a Tribeca duplex unlike any other on the market. Located in a historic building on a quaint Belgian block stretch of Leonard Street, this two-bedroom, two-bathroom stunner features a private patio, chic designer style, and extraordinary architectural details throughout.

Enter this beautifully renovated home to discover more than 2900 square feet of classic Tribeca charm - exposed brick, wide-plank hardwood floors, and 12-foot-tall beamed ceilings. To the right, the south-facing living room invites you to relax in front of a wood-burning fireplace and sleek built-in cabinetry. A concealed door opens to the building's front loading dock, providing a wonderful connection to the gorgeous, quiet, Tribeca streetscape outside. The formal dining room invites lavish entertaining alongside beautiful wall-coverings, a designer light fixture and a handsome custom bar.
See floor plan and full details here.

From the Listing: Boutique living in Greenwich Village Gold Coast. Apartment 2AB offers just 3 units per floor and is situated on one of the most beautiful blocks. This boutique co-op building offers a 24-hour doorman, live-in super, and elevator attendant.

A rare opportunity awaits to own the ultimate designer showplace on one of the most sought-after, tree-lined blocks in Greenwich Village! Gracious and light-filled, this stunning 3 bedrooms 2 bath prewar gem has been meticulously renovated and reimagined for sophisticated modern living.
See floor plan and full details here.

From the Listing: With a simple turn of a lock, you will be instantly captivated by this perfect 3 bed, 2.5 bath West Village penthouse riddled with unique features and charm. The light loft space showcases wall of arched windows all accented with custom lighting.

The chef's kitchen is flanked by original steel columns and exposed brick, outfitted with quartz countertops, top-of-the-line appliances, including tons of storage and pot-filler. On this level, you will also find the two of the bedrooms, one currently set us as a library/home office, both full and half bath, and laundry room.
See floor plan and full details here.

From the Listing: Wave a wand and find yourself in the perfect home in Manhattan. A home that looks like a mini palace yet feels comfortable and friendly. 71 Park Avenue 10AB has been lovingly transformed with taste and quality into a three or four bedrooms apartment condominium masterpiece. See floor plan and full details here.

From the Listing: Situated on a quiet Gold Coast block just off of University Place and nestled between Washington and Union Squares, this 2,200 square foot loft is the perfect place to call home. No stone was left unturned in a meticulously detailed designer renovation. A private keyed elevator entrance welcomes you into the exclusive, sprawling, floor-thru unit, featuring a grand living space, 13-foot ceilings, beautifully exposed brick, recessed lighting, custom built-in shelving, and a full wall of over-sized windows. See floor plan and full details here.

From the Listing: True family living in the heart of Tribeca! The splendor of the apartment and functionality of space embraces you with a timeless aesthetic that is both inviting and elegant. This stunning duplex loft was gut renovated to the studs in 2009 by Fogarty Finger, resulting in approximately 2,800 square feet of meticulously redesigned 3 Bedroom plus Home Office, 3.5 Bathroom residence. Original and restored details include 12-foot ceilings, hardwood floors throughout as well as central air conditioning and built in speakers. See floor plan and full details here.

From the Listing: There is only one Penthouse in all of Brooklyn like this, and it won't last! PHE at 51 Jay in Dumbo is a spectacular 3,016 SF townhouse in the sky, offering an indoor deeded PARKING SPACE, 4 beds, 4.5 baths, and a 2,764 SF double-decker terrace with city, bridge and skyline views. This truly unrivaled home is the cherry on top of a distinctive Dumbo warehouse that was converted in 2016 into 74 luxury homes in the historic waterfront neighborhood of DUMBO. See floor plan and full details here.

From the Listing: Welcome to the largest co-op available in London Terrace Towers! Three units were combined to create this 3,000 square foot corner luxury residence. The home consists of four bedrooms and four bathrooms; and features original prewar details, an open layout, 9.5-foot ceilings and a wood-burning fireplace. There are 18 windows that surround the home, letting in an abundance of natural light and giving a bird's eye view of Manhattan, including the world iconic Empire State Building. See floor plan and full details here.

From the Listing: Two and a half years of ground-up construction and stellar design recently created one of the Upper West Side's more important residences. The epic endeavor resulted in an unparalleled, sprawling, park-block masterpiece with three open exposures (South, East, and West) whose every big room enjoys bright sunny windows. This residence is akin to a highest-end new development, yet in a historic, established address. It features all-new noise-canceling windows, new herringbone oak floors, custom-designed plaster moldings, three Marmoso fireplaces, marble mosaic baths with radiant flooring and Perrin & Rowe fixtures, 2-zone Nest-controlled central air, automated Lutron shades and lighting, a fully integrated Artison sound system, and Savant AV/Home automation. See floor plan and full details here.

From the Listing: Modern luxury meets pre-war charm in this meticulously renovated authentic SoHo loft that epitomizes the true essence of downtown living. This elegant and expansive full-floor loft spans approximately 4,000 SF and offers four bedrooms, (easily converted to a five-bedroom) and two oversized baths plus a huge powder room which can be outfitted as a 3rd full bath. While renovated with modern high-end finishes, the design complements the beauty and integrity of this 1903 architecture marvel. Graced with original columns, beams, exposed brick, and refinished hardwood floors, this incredible space will impress from the moment you set foot into this full-floor loft from your private key-locked elevator. See floor plan and full details here.

From the Listing: Located in arguably one of the prettiest blocks in Manhattan, East 57 Street at Sutton Place, this breathtaking duplex penthouse is the perfect combination of elegant, prewar-interior grandeur and private terraces for unrivaled indoor/outdoor living. Truly a masterclass in architectural achievement! The apartment was recently reimagined with special attention to 1940's Paris design and curated to perfection by the current owner in collaboration with Bill Brockschmidt and Courtney Coleman of Elle Decor. See floor plan and full details here.

From the Listing: Exceptional apartment that has it all!! style, craftsmanship, location magnificent city views, a sophisticated Lutron lighting system, height ceilings (10-13 feet), and central air. A full gut renovation perfect for the discerning buyer looking for the very best. Entering through an inviting gallery with parchment panels, perfect for the art collector, your eyes will be drawn toward a spacious living room with a wood-burning fireplace, striking tall leaded glass casement windows, and a coffered ceiling with a height of almost 12 feet with views of Central Park. See floor plan and full details here.

From the Listing: Welcome home to this sprawling 3,133-square-foot sun-drenched corner residence boasting 11-foot ceilings, four bedrooms, and four-and-a-half bathrooms with completely open and protected views. Nestled on the cobblestones of North Moore Street, residence 3A is situated on one of the most desirable blocks in the heart of sought-after Tribeca. See floor plan and full details here.

From the Listing: Rare offering! This exemplary 4,164 square foot home in SoHo's finest full-service condo loft building is situated on one of downtown's most desirable cobble-stoned streets. The keyed-elevator opens onto a dramatic space with soaring 11'4" ceilings, twelve enormous mahogany windows and a twin fifty-foot expanse of east and west exposures allowing for an abundance of air and light. See floor plan and full details here.

From the Listing: The Residence: Step into this expansive loft in the heart of West Chelsea and take in the exceptional 3600 square feet of space, designed to preserve architectural authenticity. The huge size and open concept are unmatched in the city. The living/dining NS Great Room is 48ft X 47ft and is adjacent to the open, state of the art kitchen which boasts top-of-the-line appliances by Miele, Gaggenau, and Viking surrounded by 22ft of counter space - ideal for the chef and entertainer at heart. With ceiling heights over 12ft and new industrial, oversized windows let light pour in to views of open cityscapes. The exposed brick walls, restored hardwood floors, and brick-clad cast-iron columns give a sense of authentic loft living intentionally preserved and artfully designed with the building's historic elements in mind. Currently configured as a massive one bedroom with a 13ft X 13ft home office/Library, this space can be easily transformed into a true three bedroom three and one half bath home with all the luxuries including a separate laundry room, Central A/C, and a private north-facing terrace entered from the public rooms. See floor plan and full details here.

From the Listing: This brilliant 4,412-square-foot quadruplex penthouse with 1,975-square feet of outdoor space across seven terraces was designed to optimize breathtaking views and grand entertaining. An impressive entry foyer sets the stage as you are welcomed into the apartment by a striking custom brass stairway, private elevator, and custom furnishings throughout.

The first main floor showcases the remarkable attention to detail that you'll find throughout this exquisite home. Sunlight streams into the living room from floor-to-ceiling windows, through which your gaze is drawn to the outdoor terrace and garden. Notable features in the living room include solid Brazilian cherry wood floors, a detailed Mahogany accent wall, a high-definition projector and screen, as well as a custom-built bar outfitted in sleek black lacquer and gorgeous green marble. The inviting dining room leads to a chef's dream kitchen equipped with premium appliances including a custom wine refrigerator, Glassos counters, and an oversized white marble island. A private outdoor seating area and entertaining space are accessed from the kitchen.
See floor plan and full details here.

From the Listing: Ascend from the historic streets of SoHo to the top of the famed Singer Building to find an unparalleled penthouse loft featuring four sun-flooded exposures and a private sun deck with sweeping views of Manhattan. Endless light pours in through 22 windows and four skylights, highlighting the stunning design by famed architect Mark Foster Gage. See floor plan and full details here.

From the Listing: This exquisite Duplex melds a bespoke collection of striking finishes with soaring ceiling heights, floor to ceiling windows, grand room dimensions including three bedrooms, three bathrooms, and one powder room and is the epitome of contemporary chic boutique living. With 21-foot soaring ceilings, this 4,200+ square foot duplex includes a blend or 10-inch wide European oak and heated black granite slab floors, original exposed brick detailing, two architecturally significant iron street-facing balcony, an in-home washer dryer, secondary Livingroom overlooking the first floor, library or small 4th bedroom and a private master terrace. See floor plan and full details here.

From the Listing: An outrageously impressive, museum-quality home. This penthouse is the rarest of rare: A pre-war condo in an elegant Emory Roth building, with access to each of the two penthouse levels by private keyed elevator. Meticulously renovated, this grand apartment spans over 4,200 square feet indoors and features 2200 square feet of idyllic outdoor entertaining space. Offering an unsurpassed indoor/outdoor lifestyle, the home boasts dramatic skyline views in all directions and provides incredible sunset vistas across Central Park.

The duplex penthouse is currently configured as a 4 bedroom residence, with 4.5 bathrooms. It also includes a magnificent library with a wood-burning fireplace, spacious formal dining room, eat-in kitchen, staff quarters or guest room, pantry, and laundry room.
See floor plan and full details here.

From the Listing: Stunningly imagined and meticulously realized, this sprawling 6,350 sq. ft. duplex features four bedrooms, four bathrooms and two powder rooms, a spacious home office suite as well as 2,450 sq. ft. of private terraces. The epitome of discerning taste, this home looks over the chic NoHo cobblestone streets and boasts panoramic views of the iconic Manhattan skyline.

A keyed-elevator opens into an enormous north-facing 44 ft. long great room with 11 ft. ceiling heights and a sliding window wall that opens to a 550-square foot terrace. Ideal for entertaining, this penthouse features 4 wood-burning fireplaces and gleaming hardwood flooring throughout. The Bulthaup designed chef';s kitchen spares nothing: it includes SubZero refrigerators, icemaker and a commercial-sized wine cooler, Fisher-Paykel dishwashers, a Miele cooktop, and wall oven, a built-in espresso coffee maker, and a walk-in pantry. Finishings include stainless steel countertops and a 20 ft. long woodblock breakfast counter, as well as a custom-fitted walk-in pantry and mudroom. The adjacent dining room faces south through a wall of windows, and there is also a spacious guest suite/home office.
See floor plan and full details here.

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