Envy Apartment

The New York City housing market is truly a beast of its own. We are living in a world where you can't simply buy a house, white picket fence , and start planting the seeds of your American Dream. Instead, our homes are divided into a series of different housing types. For those of you looking to buy, or simply for those of you looking to understand more about the housing industry in the city, here is a breakdown of the most popular forms of home ownership in New York City: Cooperative Roughly 75 percent of the Manhattan housing inventory is comprised of co-ops. Unlike a condo, co-ops are are owned by a corporation. This means, when you buy an apartment that is in a co-op building, you are not actually buying real property (like you would in a condo). You are in fact, buying shares of the corporation. These shares entitle you to a proprietary lease, which relates your relationship to the building close to that of an investor, rather than a condo building, where you are the outr...

When most people think about renting, they think about apartments. An apartment is a dwelling that is owned by a landlord and leased to a tenant for the purposes of earning rental income . Condominiums, or condos for short, are dwellings owned by individuals which collectively comprise a homeowner’s association. What some people may not realize is, condos can also be rented and renters seeking housing may have the option to choose between a condo and an apartment. What you may be thinking is, what’s the better option for renters, a condo or an apartment? Both condos and apartments have benefits, and at first glance, the two may seem to be a lot alike. There are, however, differences in condo living vs. apartment living. Today I will discuss a few of the benefits of each type of rental dwelling, and what makes the two types of housing different from a renter’s perspective. Costs: Apartment and condo rentals are often priced similarly, however, there are some benefits of renting a cond...

When looking for a new place to live, you might see both condos and apartments and wonder “What’s the difference between apartment and condo living?” You’re thinking about all the same things no matter which place you’re previewing: price, square footage, amenities, types of flooring, pet rules . . . as long as you have what you need, why does it matter what type of unit you rent?  Well, it does. Knowing the difference between a condo and an apartment is important: it affects how your community, and home operate from day-to-day. Ownership: Apartment vs Condo Apartments Apartment complexes usually have one owner. This means that all the leases and rules are uniform as well. This can be a good thing when it comes to neighborly disputes, since you all have to apply by the same rules. The property manager can act on, and fix the problem, they have the authority to do so. Condos Each condo typically has one owner. The complex does not own all the units. This can be really nice, because it c...