Converting to Condo Would It Benefit Your Co-op?

In New York City cooperative apartments outnumber condoM-miniums by about five to one, so apartment buyers sometimes feel

they have limited choices. Frequently they opt for a co-op because they can't find a condo they really love. The good news for New Yorkers who prefer condos to co-ops is that some real estate experts are predicting an increase over the next decade or so in the number of condos available to apartment buyers.

Right now, the condo marketplace is still much smaller than the co-op marketplace, but it has soared in the last few years as demand has grown, explains Anita Perrone, vice president and director of advertising for The Corcoran Group, a real estate brokerage firm in Manhattan. There are not many new buildings being built, Perrone adds, but, of these, many are condos, and the numbers of available condos will grow as new construction is completed. Another source of new condosone that's just beginning to gain recognitionwill be those units created as a result of conversions from co-ops and rentals.

Freedom of Ownership

Not everyone would rather own a condo. Perrone says it all depends on the buyer. She often works with clients who would be equally happy with a co-op because they're looking for a family apartment where they can settle down for the long term. But other apartment hunters, such as investors, certain foreigners, empty nesters, second home buyers and a percentage of first-time home buyers, would rather have a condo.


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