Co-op Board Approvals in New York City Real Estate Transactions

Purchasing in NYC often involves navigating co-op boards, which require detailed financial disclosures, interviews, and approval for apartment purchases. Co-ops, comprising ~75% of NYC housing, prioritize stability over quick sales, potentially delaying closings. Condos offer fewer restrictions but command higher prices. Foreign buyers may face scrutiny over income sources or residency status. Legal fees and maintenance costs (often higher in co-ops) add complexity. Understanding board criteria and preparing thorough applications is essential. For insights on co-op vs. condo dynamics or market trends, explore resources at New-York.Realestate.