Thinking about a home in Queens but stuck on condo versus condop? You are not alone. These terms shape how you buy, finance, live, and resell, and the differences are easy to miss on a first tour. In the next few minutes, you will learn how each structure works, what it means for your budget and timeline, and how these choices play out in Long Island City, Astoria, and Forest Hills. Let’s dive in.
What is a condo?
A condominium gives you direct ownership of your unit plus a share of the building’s common elements. You receive a deed at closing, similar to a typical home purchase. Rules and operations come from the condo’s declaration, bylaws, and house rules, which owners vote on through an association board. Many buyers choose condos for straightforward title, broad financing options, and generally flexible use policies.
What is a condop?
A condop is a hybrid. The property is organized as a condominium, but the residential portion is owned and run by a cooperative corporation. In practice, you buy shares and receive a proprietary lease for your apartment, and you live under co-op style rules. Because it blends two systems, legal and lender treatment varies by building, which means extra review is wise.
Financing and affordability
Financing often drives the decision, so know how lenders view each type.
Loan types and approval
- Condos: Commonly eligible for conventional loans, and some buildings may qualify for government-backed programs if they meet project requirements. Many lenders offer low down payment options to qualified buyers.
- Condops: Frequently treated like co-ops by lenders. Some banks finance them readily, while others require specialist review of the condo declaration and proprietary lease. Government-backed approvals are less common.
Down payment and reserves
- Condos: Lenders may allow lower down payments. Building boards rarely set strict post-closing liquidity rules.
- Condops: Boards may require larger down payments and proof of post-closing reserves. Expect stricter debt-to-income and cash cushion standards that can exceed lender minimums.
Marketability and resale
- Condos: Wider financing access and less board control often mean a larger buyer pool and easier resale. In many NYC submarkets, comparable condos trade at a premium per square foot.
- Condops: Board approvals and loan limits can narrow the buyer pool. Days on market can be more sensitive to board policies, sublet rules, and building financials.
Taxes, fees, and closing costs
How you are billed each month looks different by structure.
- Condos: You pay your own property tax bill and monthly common charges that cover common-area expenses and amenities.
- Condops: A single tax bill is issued to the cooperative for the residential portion, and costs are passed to shareholders as maintenance. Maintenance often includes taxes, building expenses, and sometimes underlying mortgage debt on the residential parcel.
Closing costs also differ. Condo buyers receive a deed and typically pay title insurance and applicable transfer taxes. Condop buyers purchase shares, not a deed, so transfer fees are structured differently, and there may be board application, move, and flip taxes depending on the building. Ask your attorney for an itemized estimate early so you can compare apples to apples.
Rules that shape daily life
Policies affect how you live today and how you plan for tomorrow.
Subletting and short-term rentals
- Condos: Often more permissive on longer sublets, with registration or board review. Short-term rentals are restricted by local law and building rules.
- Condops: Usually follow co-op style sublet policies, which can include minimum ownership periods, percentage caps, and detailed applications. Always confirm the current policy and approval timeline before you bid.
Renovations
- Condos: Cosmetic work may be straightforward with management notice and permits. Structural changes and anything affecting common systems need board approval.
- Condops: Expect co-op level review for most interior work, including contractor insurance, scope, and hours. Build time into your plan.
Pets and amenities
Rules vary by building. Condops can be stricter, while condos often allow more flexibility. Confirm pet policies, amenity fees, and any guest or usage rules during diligence.
Queens neighborhoods at a glance
Choosing the right structure often aligns with the neighborhood and your goals.
- Long Island City (LIC): Many newer condo buildings and conversions with modern amenities. If you want financing flexibility, newer construction, and potential rental options, LIC’s condo stock can be a strong match.
- Astoria: A mix of prewar walkups, mid-century co-ops, and newer condos. You will see both structures here, so compare building policies and financials to find the best fit.
- Forest Hills: Known for substantial prewar and garden co-ops along with some condos and single-family homes. If you are comfortable with board governance and want to prioritize price per square foot, you may find more options among co-ops here. Condops appear less frequently than standard co-ops or condos.
How to choose the right fit
Use your priorities to guide the call.
- Choose a condo if you want broad loan options, fewer board restrictions, and potentially smoother resale.
- Consider a condop if a specific building or location fits your lifestyle, and you are comfortable with co-op style approvals and policies.
- If rental flexibility matters, verify sublet rules and current percentages. Do not assume policies based on the listing.
- If you need a specific loan program, confirm building eligibility at the start.
Buyer due diligence checklist
Request the key documents early, ideally during offer negotiation.
For condos
- Offering plan or condo declaration, bylaws, and house rules
- Recent board meeting minutes
- Current budget, reserve statement or reserve study
- Financial statements and latest audit
- Building insurance certificate
- Disclosure of any litigation or special assessments
- Project eligibility status for your loan type, if needed
- Rental and pet policies
For condops
- All the condo items above, plus the proprietary lease and a sample stock certificate
- Board, sublet, and alteration policies
- Details on any underlying mortgage for the residential parcel
- Application packet requirements and historical approval timelines
- Maintenance schedule with a breakdown of what is included
- Any resale restrictions, flip taxes, or transfer fees
What to evaluate
- Reserve levels relative to planned capital projects
- Frequency and size of recent special assessments
- Terms of any building debt
- Insurance coverage and deductibles
- Any litigation or code issues, especially in newer properties
Smart questions to ask
- Which lenders are known to finance in this building, and is the project eligible for your loan type?
- What are the board’s down payment and post-closing liquidity expectations?
- What percentage of units are rented, and what is the sublet policy?
- Are there upcoming projects or assessments on the horizon?
- Is there a flip tax, and who pays it?
- For condops, how does the residential co-op interact with the condominium declaration in plain English?
Timeline tips for NYC closings
- Before you offer: Get pre-approval from a lender with condo and co-op experience in NYC. Clarify any board policy constraints with your agent.
- Under contract: For condops, start your board package immediately. You will likely need financial statements, tax returns, and reference letters. For condos, coordinate title work and the building’s required documentation.
- Closing: Condop board reviews can add weeks. Plan for move-in scheduling, building fees, and contractor approvals if you intend to renovate.
Key takeaways
- Ownership structure matters. Condos typically mean simpler title, wider financing access, and easier resale. Condops operate like co-ops inside a condo, with board rules and more variable financing.
- Policies shape use. Subletting, renovations, and pet rules differ by building. Verify details, do not guess.
- Neighborhoods differ. Expect more condos in LIC, a blend in Astoria, and more traditional co-ops in Forest Hills. Condops appear in select mixed-use or conversion buildings.
- Diligence drives outcomes. Review offering documents, financials, and board policies early, and confirm lender comfort before you commit.
Ready to compare specific buildings and policies side by side? For a tailored plan, neighborhood guidance, and a clean path to closing, connect with Nadine Nassar for a personalized consultation.
FAQs
What is a condop in NYC residential real estate?
- A condop is a condominium property where the residential portion is owned and run by a cooperative, so you buy shares and live under co-op rules inside a condo structure.
Which is easier to finance in Queens, a condo or a condop?
- In most cases, condos offer broader loan options, while condops are often treated like co-ops and can require larger down payments and specialist lender review.
Can you rent out a condop apartment?
- It depends on the proprietary lease and bylaws; many condops have co-op style sublet limits, minimum ownership periods, and a board approval process.
How do monthly costs differ between condos and condops?
- Condo owners pay their own property taxes plus common charges, while condop maintenance usually includes a share of taxes, building expenses, and sometimes building debt.
Are condops common in Queens neighborhoods?
- Condops are less common than standard condos or co-ops; you may see them in mixed-use or conversion buildings, while LIC skews to condos and Forest Hills shows more co-ops.
