Co-op
Eighty-five percent of all New York apartments up for purchase are in co-op buildings. Real estate corporations own co-op buildings and sell company shares that entitle buyers/shareholders to proprietary leases. Co-op shareholders contribute a monthly maintenance fee to cover building expenses like heat, water, insurance, staff, and taxes. Portions of fees, plus real estate taxes, are tax deductible.
Co-ops are known for harboring their own tight communities. Click here for more on Manhattan co-ops.
