— Services / Co-ops and Condos

10 Years on the other side
of the table.

Most agents pick up how co-op boards work in the middle of a transaction. I learned before I ever had a real estate license — ten years on a Brooklyn co-op board as Secretary, Treasurer, and President.

Hundreds of buyer applications reviewed from that side of the table. I know what stalls a deal, what triggers a rejection, and what makes a package read clean.

Get My Read on Your Building
— 01 / What You Get

Insider expertise.

— Featured

Pricing strategy for co-ops vs. condos.

The two markets behave differently. Co-op pricing reflects maintenance costs, board requirements, and financing restrictions. Condo pricing follows more conventional supply-and-demand. The pricing strategy has to follow suit — a co-op priced like a condo will sit, and a condo priced like a co-op leaves money on the table.

+ Package

Board package preparation.

I assemble buyer packages the way boards actually want to read them — clean, complete, and answering the questions before they get asked.

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+ Diligence

Building due diligence.

Reserve fund, financial statements, recent assessments, sublet and pet policies, flip tax, maintenance trends — read the way a board member reads them, not a salesperson.

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+ Interview

Board interview prep.

If your building runs an interview, we walk through it before you do. I can tell you what raises board concerns and what helps a candidate land well in the room.

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+ Selling

Selling co-ops and condos.

A real campaign — professional photography, targeted digital, and pricing pulled from comps that actually matter for your building.

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— 02 / Co-op vs Condo

Know the difference.

— Side A Co-op. Shares in a corporation. Board-governed. ~75% of NYC inventory.
— Side B Condo. Real property. Light governance. More flexibility, higher price.
You own shares in a corporation; the corp owns the building.
01Ownership
You own real property — the unit itself.
Board approval required. Board interview common.
02Approval
No board approval. Right of first refusal only.
Stricter financials — DTI, post-closing liquidity, often 20% down.
03Financials
More flexible — often 20% down, fewer financial hurdles.
Subletting often restricted or prohibited.
04Subletting
Generally allowed, often with notice.
Lower price-per-square-foot in many neighborhoods.
05Pricing
Higher price-per-square-foot, but more flexibility.
Flip tax on sale (varies by building).
06Flip Tax
Typically no flip tax.
— 03 / FAQ

Co-op questions, answered straight.

Why do co-op boards reject buyers?

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Almost never for the reason buyers expect. The usual culprits are insufficient post-closing liquidity, a debt-to-income ratio that reads risky, sloppy package presentation, or a financial profile that doesn't match the building's culture. I look at all of that before we make an offer.

What's the typical down payment for a NYC co-op?

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20–25% is the floor, but every building sets its own rules — some require 30, 40, even 50 percent down. I'll tell you what to expect in the buildings you're actually looking at, before we get to an offer.

How long does the board approval process take?

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Usually four to eight weeks. The package itself takes two to three weeks to assemble. After that, the board reviews and either approves, requests an interview, or asks for more information. I keep this moving — co-op deals fall apart when they go quiet.

What is a co-op reserve fund and why does it matter?

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It's the money the building has set aside for major capital work — roof, elevator, boiler, façade. Low reserves usually mean assessments down the road: surprise bills on top of your maintenance. I review the building's financials before you make an offer so you know what you're actually buying into.

Can I sublet a co-op in NYC?

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Depends on the building. Some allow it with board approval and a fee, some cap the number of years, some don't allow it at all — which matters if you're buying as an investment or thinking you might rent it later. I check the sublet policy before we make an offer.

Can the board reject me without a reason?

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Yes. Co-op boards aren't required to give a reason, and most don't — which is why preparation, package quality, and choosing the right building from the start matter so much.

Ready to navigate a co-op deal?

Schedule a Strategy Call
Nick Orlando

— Nick Orlando · NYC

— Or just start the conversation

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