Thinking about buying near Union Square and wondering if a condo or a co-op fits you better? You are not alone. With a mix of classic prewar co-ops and newer condos, this high-amenity, transit-rich corner of Manhattan gives you real choices. In this guide, you will learn the key differences in ownership, board approval, financing, monthly costs, and timelines, plus a checklist tailored to Union Square. Let’s dive in.
Union Square at a glance
Union Square sits at the center of downtown convenience. You get multiple subway lines, a popular farmers’ market, and a walkable grid of restaurants, retail, and parks. The building mix is diverse. You will find prewar and mid-century co-ops north and east of the park, boutique condo conversions along key corridors, and some larger, newer condo developments near 14th Street. That means you can target lower list prices and classic detail in co-ops or lean into condo flexibility, newer finishes, and easier approvals.
Condo vs co-op basics
What you own
- Condo: You receive a deed for your apartment and a fractional interest in the common areas. You hold title to your unit.
- Co-op: You buy shares in a corporation that owns the building. Your shares give you a proprietary lease to live in a specific apartment.
How boards work
- Co-op: A shareholder board sets building rules, budgets, and sublet policies. The board vets buyers, reviews comprehensive application packages, and conducts interviews. Approval is discretionary.
- Condo: A condo board and management enforce bylaws and building rules. Sale approvals are usually administrative. There is rarely an interview.
Monthly costs explained
- Co-op: You pay a monthly maintenance charge that typically includes your share of building operating costs and property taxes. If the co-op has an underlying mortgage, the debt service is usually reflected in maintenance.
- Condo: You pay monthly common charges that cover operations and reserves. You also get a separate individual property tax bill.
Purchase timeline and approvals
Co-op steps and timing
A typical co-op sequence is offer accepted, assemble a detailed board package, submit to management, complete a board interview, then close after approval. Boards may meet monthly or less often, and they can request more documentation. The approval stage often adds several weeks. Co-op closings commonly run 60 to 90 days or longer from contract, depending on scheduling.
Condo steps and timing
A condo sale usually involves due diligence on bylaws and financials, mortgage underwriting, title work, and a purchaser application for management sign-off. There is no routine interview. Timelines are more predictable and often faster. Condo closings commonly take about 30 to 60 days after contract, depending on the lender and title.
Financing in Union Square
Down payment norms
- Condos: Many lenders allow 10 to 20 percent down, subject to borrower strength and building approval. Some programs can go lower if the project qualifies, but availability varies.
- Co-ops: Expect higher equity. Many Manhattan co-ops want 20 to 30 percent down or more, and some require 25 to 50 percent. Boards can set explicit minimums.
Always confirm the building’s policy before you fall in love with a unit. Requirements vary by building and can change.
Loan availability
- Condos: Financing is widely available through banks that offer conventional, jumbo, and other products if the building meets program rules.
- Co-ops: Loans are available, but fewer lenders offer them. Underwriting reviews both your profile and the co-op’s financials. Terms can be more specialized than condos.
Investor and rental flexibility
- Co-ops: Subletting is often restricted. Boards may limit how long or how often you can rent and typically require approval for any sublet. Short-term rentals are commonly prohibited.
- Condos: Rules vary, but condos are generally more investor friendly. Many allow rentals, including shorter terms if bylaws and local laws permit.
Near Union Square, older co-ops tend to keep traditional policies, while boutique and new condos often allow more flexibility. Always review a specific building’s bylaws and sublet policy early.
Renovations and rules
- Co-ops: Renovations usually require board approval, contractor vetting, proper permits, and sometimes a deposit. Boards manage alterations closely.
- Condos: You still need management approval and permits, but procedures are often more standardized. Since you hold a deed, you may have more latitude within bylaw limits.
Who each option fits
- You may prefer a co-op if you want lower list prices per square foot, value prewar character, and are comfortable with a detailed approval process and a hands-on board.
- You may prefer a condo if you want a faster, more predictable closing, need flexible financing, plan to rent the unit at some point, or want a clear individual property tax bill.
Quick comparison table
| Category | Condo | Co-op |
|---|---|---|
| Ownership form | Deeded unit plus interest in common elements | Shares in a corporation plus a proprietary lease |
| Board approval | Mostly administrative review, no interview in most cases | Full application, interview, board discretion |
| Typical down payment | Commonly 10 to 20 percent, varies by lender and building | Commonly 20 to 30 percent or more, building specific |
| Monthly charges | Common charges plus separate property tax bill | Maintenance that includes taxes and building costs |
| Investor friendliness | Generally more flexible for rentals if bylaws allow | Often limits subletting and short-term rentals |
| Typical closing time | Around 30 to 60 days after contract | Around 60 to 90 days or more due to board review |
What to check before touring
Use this quick checklist to compare Union Square options with confidence.
- Building type and docs: Confirm condo or co-op and request bylaws, house rules, offering plan or proprietary lease, and recent board minutes if available.
- Financial health: Review 2 to 3 years of budgets, balance sheets, reserve levels, and any planned capital projects. Ask about special assessments and history.
- Policies: Clarify sublet rules, pet policy, renovation procedures, and any flip taxes or transfer fees.
- Monthly charges: Break down what maintenance or common charges include, such as utilities, staff, and services.
- Building debt: For co-ops, ask if there is an underlying mortgage and how it impacts maintenance. For condos, review reserves and projected capital needs.
- Financing: If you plan to use FHA or VA, verify project eligibility for condos. For co-ops, confirm lender experience and building approval.
- Timeline: For co-ops, ask about board package requirements and interview scheduling. For condos, confirm any management processing steps.
Touring and offer tips
- Bring a printed or digital checklist so you capture the same data for each building.
- Ask the listing agent about recent or pending facade, roof, or elevator work and whether assessments followed.
- For co-ops, start pulling tax returns, bank statements, employment verification, and reference letters early so your package is complete and polished.
- For condos, make sure your title search, insurance, and lender documentation are ordered promptly to keep timelines tight.
Closing timelines and common hurdles
- Condos: Expect around 30 to 60 days post-contract, depending on lender, appraisal, and title. Delays can come from appraisal issues or new-development sponsor rules.
- Co-ops: Expect around 60 to 90 days or more. Delays usually come from interview scheduling, additional board requests, or conditional approvals that require larger down payments or escrow.
How APT212 helps
You want a smooth, informed path to your Union Square home. APT212 pairs downtown market expertise with modern, compliance-ready transaction tools. Whether you are choosing between a classic co-op or a flexible condo, our team can help you:
- Target the right buildings based on your financing, timing, and rental plans.
- Review building policies, financials, and assessment history before you commit.
- Prepare a strong co-op board package with clean, organized documentation.
- Navigate condo due diligence, title, and lender requirements efficiently.
- Explore crypto-enabled settlement options supported by documented KYC and escrow workflows when applicable.
If you are weighing a condo versus a co-op in Union Square, a focused strategy makes a big difference. Let us walk you through the options and set up tours that match your goals. Reach out to APT212 to get started today.
FAQs
What is the main difference between a condo and a co-op in NYC?
- A condo gives you a deed and separate property tax bill, while a co-op gives you shares in a corporation with a proprietary lease and taxes bundled into maintenance.
How long do Union Square co-op closings typically take?
- Many co-op deals run about 60 to 90 days after contract because of board review, interviews, and scheduling, though timelines vary by building.
What down payment should I expect for a Union Square co-op?
- Many co-ops require 20 to 30 percent down or more, and some mandate 25 to 50 percent depending on their policies and financials.
Are Union Square condos better for investors and rentals?
- In general, condos are more flexible for leasing, but you should always confirm the specific building’s bylaws and local rules.
What monthly costs should I budget for each ownership type?
- Condos have common charges plus separate property taxes, while co-ops have maintenance that typically includes taxes and building operating costs.
