In more than 25 years selling both property types across Manhattan, Brooklyn, and Queens, the biggest difference I have seen when selling a co-op vs a condo is the approval step: a co-op sale is not final until the building's board approves the incoming shareholder, while a condo board typically holds only a right of first refusal, which it rarely exercises. I have watched well-priced co-op sales stall at the board stage and well-priced condo sales move straight to a closing document review, so co-op sellers check each offer against the building's published financial requirements before it goes to contract.
The Board's Role in Your Sale
A co-op sale transfers shares in the corporation plus a proprietary lease, so the board of directors approves the sale before closing. The application includes the financial package, usually submitted through an online portal such as BoardPackager or Domecile, and typically an interview. New York boards are generally not required to state reasons for a decision, and fair housing law bars a decision based on a protected characteristic. The closing is not final until the board approves.
A condo is real property, and most condo bylaws give the board a right of first refusal: the board can buy the unit on the same price and terms as the contract. Condo boards rarely exercise it, which is why condo closings are driven mostly by the lender and the closing documents.
Selling a co-op
- • Board approval is required before closing
- • Financial package and interview are part of the process
- • Many buildings set minimum down payment and liquidity rules
- • The proprietary lease sets sublet rules and any flip tax
- • Real estate taxes are folded into monthly maintenance
Selling a condo
- • Board has a right of first refusal, rarely exercised
- • No board interview in the ordinary sale
- • Closing timeline driven mostly by the lender
- • Renting out the unit faces fewer building restrictions
- • Real estate taxes are billed separately from common charges
What an Unapproved Package Costs a Seller
When a co-op purchase does not get board approval, the unit goes back on the market after weeks spent in contract, and a relisting resets the clock in buyers' minds even if nothing about the apartment changed. The documented reasons a package stalls are financial and mechanical: post-closing liquidity below the building's minimum, a debt-to-income ratio over the building's limit, an unexplained source of funds, or a financing structure the building's minimum down payment rule does not allow.
The way to manage this is before you accept an offer. Ask your managing agent for the board package requirements and financial minimums, hand them to your broker, and compare each offer's down payment, liquidity and financing against those numbers before the contract is signed. A package that meets the building's written rules is the most reliable way to protect your timeline.
The Sublet-vs-Sell Decision
Many co-op owners ask whether the building lets them rent out the unit instead of selling. Sublet rules are set in each proprietary lease: some buildings allow subletting after a minimum period of owner occupancy, some cap total sublets at a fixed percentage of units, and some allow it only for hardship.
If your building allows subletting, compare your net rental income after maintenance, taxes on the income, and any sublet fee against your net proceeds from a sale. A restrictive policy settles the question: sell or occupy. Condo owners can generally rent with fewer restrictions, which is one reason investors look at condos first.
Questions to Answer Before You List a Co-op
- What are the minimum down payment and post-closing liquidity requirements?
- How long does board review typically take in this building?
- Does the proprietary lease include a flip tax, and what is the rate?
- Does the building allow subletting, and under what conditions?
- Is there an underlying building mortgage, and when does it come due?
Active Co-op and Condo Listings
Currently available across the boroughs
320 E 72ND Street #6A
Lenox Hill
455 Fdr Drive #B1203
Lower East Side
Listing information provided courtesy of the Real Estate Board of New York's Residential Listing Service (RLS). Information is deemed reliable but not guaranteed. Sale listings verified. ©2026 REBNY. RLS data displayed by Keller Williams NYC.
How the Approval Step Affects Your Price
Each co-op rule, the approval step, the financing minimums, the sublet limits, narrows the group of purchasers who can complete a deal compared with a similar condo. In many NYC neighborhoods co-ops trade at a lower price per square foot than condos nearby, which reflects the different bundle of rights and restrictions a co-op carries, and pricing that difference correctly is part of a proper CMA. I cover how co-op and condo comps differ in how much your apartment is worth.
Co-ops sell constantly. The strategy is different: prepare the package requirements before you have an accepted offer and set the timeline from day one. The costs after a deal is signed, from flip tax to transfer tax to attorney fees, are broken down in the seller net-proceeds guide. If your unit is tenant-occupied, see selling with a tenant in place.
Selling a Co-op or Condo in NYC?
I will walk your building's specific board requirements or sublet policy with you before we set a strategy, so there are no surprises after you accept an offer.
Schedule a Free Seller Consultation
