When you are buying an apartment in New York City, the hefty down payment required by co-op buildings—20 percent or more—can be a major obstacle. For that reason you may want to focus your search on condos—where you often only need to put down 10 percent of the purchase price.
One important consideration: It's easier to buy and own a condo—in addition to putting less down, you don't have to jump through as many hoops to be approved, and you can sublet and renovate more easily—but all of that comes at a price: Condos are on average more expensive than co-ops. You can read more about the differences between buying in co-op vs. condo buildings.
"Co-ops are generally 10% less expensive than condos. Their rules are designed to protect the value of your apartment and ensure your neighbors are financially sound," says Matthew Steer of SteerKelly Team at Keller Williams. "As your broker, it's our job to make sure you qualify for the building you're interested in. We have a 99.9% success rate of getting buyers board-approved." Get in touch with us >>
But if a lower barrier to buying is what you're after, here are five condos that allow only 10 percent down in Midtown, Central Harlem, Wingate, Riverdale, and Lenox Hill.
150 West 51st St., #1510, Midtown
This one bedroom, one bath is listed for $685,000. The corner apartment has parquet floors, high ceilings, stainless steel appliances, central air, and three closets. Amenities include a doorman, concierge, gym, and laundry room. Monthly common charges are $410.
2457 Frederick Douglas Blvd., #4B, Central Harlem
This one bedroom, one bath is listed for $749,000. Apartment #4B has high ceilings, hardwood floors, stainless steel appliances, quartz countertops, central air and heat, an in-unit washer and dryer, and a balcony. Amenities include a virtual doorman and roof deck. Monthly common charges are $381.
401 Rutland Rd., #5C, Wingate
This two bedroom, two bath is listed for $925,000. The condo has a balcony, floor-to-ceiling windows, Samsung stainless steel appliances, quartz countertops, hardwood floors, Bluetooth speakers, and an in-unit washer and dryer. Amenities include a roof deck, terrace, gym, and bike storage. Monthly common charges are $950.
3625 Oxford Ave., #7C, Riverdale
This four bedroom, two bath is listed for $1,195,000. It has two terraces, deeded parking, oversized windows, hardwood floors, recessed lighting, built-ins, stainless steel appliances, and a Bosch washer and dryer. The building has a virtual doorman, roof deck, and gym. Monthly common charges are $1,368 and there’s a monthly $590 assessment through October 2024.
337 East 62nd St., #5A, Lenox Hill
This two bedroom, two bath is listed for $1,695,000. Apartment #5A has a terrace, hardwood floors, high ceilings, floor-to-ceiling windows, Miele appliances, quartz countertops, window treatments, central air and heat, an alarm system, and in-unit washer and dryer. Monthly maintenance is $1,172.
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