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Condominiums & Cooperatives Archives

The nonexistent 13th floor is important to real estate developers

Many people all across the country -- from San Francisco to New York City -- are aware of a real estate phenomenon that results in very few buildings listing a 13th floor. Though the building has a literal 13th floor, there is no reference to it in marketing materials; or on a map in the lobby; or on the buttons in the elevator. Instead, the building just skips from the 12th floor to the 14th floor.

New figures suggest surging New York condo market

As if any more evidence was needed to show that the New York City housing market is frenetic, evolving and ever-expanding, new data on the first two quarters of the year show that the housing market is still growing; and condominiums seem to be at the center of the growth.

Subletting rules at co-ops vary depending on tenant

As we mentioned in our last post, the major difference between a co-op and a condominium is the lack of property ownership for the buyer. With a co-op, the buyer gets stock in the company that owns the co-op, while also being allowed to lease housing there; meanwhile, someone who purchases a condo actually owns that particular piece of property. This gives the condo owner some freedom if they wanted to lease out their space to someone else.

Much to decide for co-op boards in New York City

Many New York City residents know the difference between a cooperative and a condominium; but most may not realize all of the work that goes on behind the scenes of these types of housing units -- especially co-ops -- that allows the buildings to properly function.

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