• The Co-Op

    A cooperative, or “co-op”, is a type of housing arrangement common to apartment buildings where individuals own shares in a corporation, rather than owning the property. The shares allow individuals to be entitled to occupy a specific unit within a building or development. Big cities such as New York are composed of co-ops.

  • The Condo

    A condominium, or “condo”, is a type of residential housing unit that is part of a larger building or complex. Condos are individually owned units within the complex, and individuals typically hold legal ownership of their units while sharing common areas and amenities with other residents in the development.

Co-Op & Condo Market

The market for both co-ops and condos have demonstrated a decrease in sales with a growth in inventory. Trends in prices are typically negative annually. Condos have experienced a steeper decline in average sales prices per square foot compared to co-ops. Median sales have declined, sales are slowing down, and there has been an increase in listing inventory with a higher amount of supply listings.

Future Projections

The Manhattan condo and co-op markets are showing symptoms of cooling, with increasing inventory, longer selling periods, and declining prices. The luxury market is largely protected, but it is not immune to the changes observed in the broader market. New developments retain their attraction due to modern features, although overall sales are declining. The market appears to be shifting toward more favorable conditions for buyers, but the magnitude of this movement will be determined by how sellers and the larger economic climate respond to these trends. Moving forward, Manhattan real estate stakeholders should stay adaptive and knowledgeable, prepared to manage a terrain marked by growing buyer leverage.