In a tight market, condos and co-ops increasingly act the same

The Southgate, a co-op where the interview process has been made friendlier, and One Grand Army Plaza, a condo where smoking has been banned.

New York City condos, with their laissez-faire attitudes, and co-ops with their uptight reputations and daunting interviews, are increasingly growing to resemble one another.

Although they might not ever admit it, the competition for well-heeled buyers in an ever-more-challenging marketplace has lead many co-ops to lower admission standards, recent co-op applicants told the New York Times. Applicants report quicker responses to applications and more friendly personal interviews.

Concurrently, many condominiums have begun imposing lager and more numerous fees, tightening rules and discouraging short-term rentals.

“The issue is value. Many of the high-end condominiums coming on the market, like 15 Central Park West, are socially desirable and can compete with any high-end co-op,” Eva Talel, a partner in Stroock & Stroock & Lavan, a law firm that represents the boards of more than 200 co-ops and condominiums in Manhattan, told the New York Times.

“So to enhance value, co-ops want to make the admissions process more user-friendly, without sacrificing the building’s financial and neighborliness requirements, because if a seller gets a good price for an apartment, that benefits the entire building,” Talel added. [NYT]Christopher Cameron

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