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Condos are a form of real property ownership, much like owning a house, but in this case, you're buying an individual apartment within a multi-unit building. Along with your unit, you also gain shared ownership of common areas, such as amenities, hallways, and stairways. Condos are highly desirable because they give buyers maximum control over their property. Unlike co-ops, condos can be purchased as investment properties and leased out without the need for approval from a Board of Directors. Future resales also do not require board approval.

Because of their flexibility and limited availability—comprising only about 25% of NYC apartments for sale—condos typically come with a higher price tag. When you buy a condo, you receive a deed at closing, compared to a stock certificate and proprietary lease in a co-op. Each condo is taxed individually by the city, and owners pay monthly common charges to cover building expenses. Financing and subletting options are generally more flexible than co-ops, with no interviews required and no maximum financing restrictions. If you qualify for a mortgage, you can purchase a condo.

A "cond-op" refers to a unique type of residential building that is structured as a co-op but often follows condo-like rules for resale and leasing. In a cond-op, buyers receive stock and a proprietary lease at closing, rather than a deed, as they would with a condo. Cond-ops are much rarer than traditional co-ops or condos. While they may seem like the best of both worlds, there are important lifestyle factors to consider. 

Cond-ops are often mixed-use buildings with both residential and commercial components. The residential section operates like a co-op, where units are leased to shareholders who collectively manage the building. The commercial part, typically retail or office spaces, is structured as separate condos. This hybrid ownership model might appeal to those looking for a combination of co-op and condo benefits.

Townhouses are among the most coveted luxury properties in New York City, offering a unique blend of privacy, space, and connection to the city’s architectural heritage. These homes often feature beautiful plaster details, ornate woodwork, and graceful proportions raising them to the level of splendid works of art. They represent a small fraction of the housing stock in NYC, but both Manhattan and Brooklyn boast wonderful examples of these historic buildings, especially desirable in neighborhoods where rows of similar low-rise, vintage homes remain intact. Their historic charm, combined with the rarity of such properties, makes townhouses especially desirable for those seeking both elegance and a more private, residential lifestyle.

Choosing a townhouse is as much about embracing a lifestyle as it is about acquiring a rare and special type of private home, with the patina and quirks of a building often over 100 years old. Townhouse living often fosters a sense of community, where neighbors know each other and enjoy chatting on their stoops during nice weather. They come with unique considerations, such as the possibility of being located in Landmark Districts that preserve the historic character and aesthetics of a neighborhood.While this ensures their architectural charm is preserved, it also means homeowners must navigate additional regulations on property modifications, expansions, and use. These protections, however, contribute to long-term asset growth and help maintain the unique, human-scaled feel of these beloved enclaves for years to come.

One of the key factors influencing a townhouse's price is its width. The most common lot widths range from 18 to 20 feet, but homes 25 feet or wider are rarer and therefore command higher prices. This added width allows for more versatile layouts, such as side-by-side bedrooms and more spacious parlors with high ceilings. Buyers seeking more affordable options might consider focusing on narrower townhouses, which still offer very desirable features like gardens, yards, garages, and ample storage.

It’s also important to note that square footage is measured differently in townhouses than in apartments. While apartment square footage is measured from the interior walls, townhouse measurements include the exterior walls, leading to a 10% to 15% "loss factor" in usable space. For example, a 3,000-square-foot townhouse offers less interior space than a similarly sized condo. Additionally, basements and cellars, though not included in the official ‘habitable’ square footage, are valuable spaces often used for storage, utilities, or recreation. Many homeowners enhance these areas by converting them into highly functional spaces, such as recreation rooms, with outdoor access through creative excavation and landscaping to bring in ample light and air.