Manhattan Condop Buildings
Real estate has contributed many new words, acronyms and portmanteaus to the English language, and “condop” is one of these. More specifically, condops are a hybrid type of apartment, combining condominium and co-op. Where Manhattan condo residents own their own homes and co-op dwellers own shares in the company that owns and operates their co-op, condop residents enjoy the best of both. Manhattan condop residents own shares in their buildings—which typically feature retail on the lower floors and apartments above—but enjoy greater flexibility than they would have in a classic Manhattan co-op. This makes financing and subletting notably easier for condop owners than co-op owners, while still offering the security of a co-op living arrangement—and it makes condop a real estate word worth knowing.