Luxury apartments, condominiums, and co-ops share certain similarities. However, they also have unique characteristics that offer potential buyers with different options. The real estate market in New York City is different from other major urban areas. One significant difference between NYC and other cities across the country is that luxury apartments for sale in NYC are either condominiums or co-ops. In other cities across the country, condos are the rule. This is not the case in the Big Apple. Although co-ops outnumber condos by far, there are more condos available at any given moment.
There are differences between co-ops and condos that need to be understood. When you invest in Hudson Yards Development, your home, as well as a percentage of the common area is yours. When you buy a co-op, you are buying shares in a corporation that owns the building. The share you own is based on the size of your apartment. When a condominium sale closes, the unit purchaser is given a deed. When a co-op deal closes, the corporation provides the “owner” with a proprietary lease.
Condo neighborhoods are chic, trendy, and often, “hip.” The Hudson Yards development is a good example. The condo is located in an area with a rich and storied past. The area features everything from the famous Chelsea Hotel, to the waterfront, to the art scene of Hell’s Kitchen. Anybody who wants to live in a “tower in the sky,” surrounded by some of New York’s finest restaurants, shops, wine bars, and more will enjoy condo living. As far as NYC is concerned, condos are a relatively new way to live. As such, the better condo developments have all the best in the way of features, and the best materials have been used in their construction. Parks and playgrounds also ring the best developments.
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