A condop is a mixed-use building found in New York City rarer than traditional condos or co-ops. It is referred to as a condop because of a co-op forming within a condo.
What Does a Condop Look Like?
Since a condop is a mixed-use building, the ground or first few floors are condo units that are commercial and retail spaces. The floors above the commercial space are residential units occupied by co-op residents and managed by a co-op board.
Commercial tenants may vary depending on the condop – it may be occupied by a bar, restaurant, clothing store, or doctor’s office. Suppose you’re thinking about purchasing a condop unit. In that case, it’s essential to consider the type of commercial tenants that occupy the space to understand the potential foot traffic or noise you may expect in the building.
How Does a Condop Compare to a Condo or Co-op?
The main difference between a condop, a condo, and a co-op is how the tenants are managed. The co-op board manages the residents living in the co-op units. Tenants may be required to go through a co-op board approval process before being approved to live in the building. On the other hand, the commercial condo tenants operate under a condo board and must follow the rules set forth by that board. The co-op board must also abide by the condo board’s rules and regulations.
What is the Process Like for Financing a Condop?
The process of purchasing and financing a condop is like that of a co-op financing process. Mortgage lenders typically follow co-op lending guidelines when lending on a condop unit.
If you consider purchasing a condop in New York City, contact us to get started today!
