condominium: 7 Important Considerations Before Buying a Manhattan Condo or Co-op
- 05/07/12 07:42 AM
Thinking about buying a condo or co-op in New York City? Don't forget these 7 considerations before buying: 1. Understand the Ownership Difference Between a Condo and a Co-op: In Manhattan (and mostly everywhere else), the buyer of a condominium (“condo”) apartment is buying a bona fide (Latin for “good faith”; genuine) property; and that buyer’s ownership is evidenced with a deed of ownership designating the buyer as the owner. The buyer pays the overall property mortgage, real estate taxes, maintenance and insurance, etc. By contrast, a cooperative (“co-op”) is owned by a corporate entity or coalition that divides the … (3 comments)
Property Overview: 425 Fifth Avenue is a beautiful Post-Modernism-styled 55-story skyscraper that was designed by Michael Graves and developed by RFR/Davis. It artfully rises 618 feet (188 meters) and is the 73rd tallest building in New York City. Its elegant high-rise tower presents 81 condominium apartments on the top 27 floors, 16 floors of extended-stay units, 94 furnished residences operated by the Envoy Club, four floors of office and professional spaces and two floors of retail. As many as four setbacks provide numerous residences on higher floors with breathtaking terraced views of “The Big Apple.” View Larger … (12 comments)
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