Manhattan Condominium Buildings
If you want to own your own home in Manhattan, condominiums are the way to go. Manhattan condos offer an ownership stake that Manhattan rentals don’t, with lower bars to entry (and easier financing, which is no small concern considering the price of Manhattan apartments) than Manhattan co-ops. And while condominiums in NYC are hardly inexpensive—hey, no one ever said owning a place of your own in the most competitive real estate market in the world was cheap—condominiums are the most affordable option for those looking to buy a Manhattan apartment. And when you buy a Manhattan condominium, you are buying a Manhattan condominium—a deed changes hands at the closing, just as it would if you were buying a house in the ‘burbs. Except, of course, you’re not. You’re buying an apartment in the greatest city in the world.
Of course, the deed isn’t the only reason to favor Manhattan condominiums. While co-op boards can put strict rules on how much financing is allowed to potential purchasers, condo buyers can finance up to 90% of their purchase price; a young buyer or investor might be interested for the same reason. And where co-ops can impose other rules on buyers, condominiums are notoriously more easygoing—which is especially good news if you plan on using your Manhattan condominium as a sublet.