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Classic coop elegance at The Dakota (Douglas Elliman) Classic coop elegance at The Dakota (Douglas Elliman)
Coop apartments have spent decades as New York City's definitive and in-demand housing, but that has begun to change. According to The Real Deal, condos' market share and sale prices have dramatically skyrocketed over the past decade, while coops' have grown at slower rates and experienced a plateau in demand. Appraiser Jonathan Miller notes that high-end co-ops have been “the weakest luxury subset of the housing market for nearly a decade.”
The article does not give a cause for coops' drop in popularity, but a number of factors are at work. The last time a coop had Manhattan's top sale, it was a Soho loft that went residential around the time the artists moved in; hip downtown neighborhoods have put up stiff competition for the old guards, and the new buildings taking shape all over the city offer extensive residential amenities that many cooperatives can't begin to compete with. While the apartments inside are famous for their grand proportions and original architectural details, some of these prewar buildings’ infrastructures are ill equipped to handle modern must-haves like central air conditioning and in-unit washer/dryers. Even when an apartment is able to be brought into the twenty-first century, some coops have limits on the time of day, not to mention time of year, that work can take place. Finally, many buyers are eager to avoid the infamous board interview for themselves as well as their pets.
However, that is not to say that coops are headed for the history books. Beastie Boys founding member Mike D sold his childhood home at The Eldorado in one of the top sales of last week. Down the street, Harperley Hall has racked up some high-priced sales and purchases by bold-faced names in recent weeks. And all over New York, beautiful coop apartments continue to come on the market.

The Niagara, #5A (Coldwell Banker Warburg)

142 East 37th Street, #4 (Nestapple Inc)

35 West 82nd Street, #2B (Compass)

Sherman Square, #18G (Brown Harris Stevens Residential Sales LLC)

Hayden House, #1B (Compass)

Astor Court, #3J (Brown Harris Stevens Residential Sales LLC)

791 Greenwich Street, #5 (Corcoran Group)

45 East 9th Street, #99 (Brown Harris Stevens Residential Sales LLC)

860 United Nations Plaza, #33/34B (Brown Harris Stevens Residential Sales LLC)

480 Park Avenue, #9C (Sothebys International Realty)

The Dakota, #45 (Douglas Elliman Real Estate)

105 East 16th Street, #PH (Compass)

The Chatsworth, #508 (Douglas Elliman Real Estate)

The Bolivar, #3A (Corcoran Group)

One Beekman, #15A (Sothebys International Realty)

920 Fifth Avenue, #11B (Sothebys International Realty)

895 Park Avenue, #14C (Serhant LLC)

The Dorilton, #9A (Brown Harris Stevens Residential Sales LLC)
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