This past year was remarkable for its deal volume, but below the surface, several trends emerged which may be instructional heading into the new year. From a growing divide of luxury coops and condos, to townhouses finding a bid, to New York City investment metrics, the prodigious deal volume in 2021 backlit these trends with data, helping them appear more visible than they otherwise may have been.
Coop vs. Condos: Prime Location Versus Rich Amenities
Coops, where apartment dwellers own shares in the underlying corporation which owns the building, make up approximately 75% of the Manhattan apartment sales market. The remaining portion is filled in by condominiums, where the unit itself is directly owned. Because condos are real property, and not shares, they are easier to buy and sell, and the overwhelming majority of newly-built apartment buildings are set up as condos from the beginning.
View complete article on Forbes.com