Luxury NYC Co-ops Are Outselling Condos for the First Time in 4 Years

For the week ending June 21, 2024, luxury co-op sales in Manhattan surpassed condominium sales for the first time since October 2022, with 12 co-ops priced over $4 million selling compared to 10 condos. The Upper East Side was the most active market, accounting for 10 of these co-op sales. The highest-priced co-op transaction was a 4,600-square-foot penthouse at 150 East 73rd St., which sold for $14,250,000. This trend indicates a preference among high-end buyers for co-ops, which are typically less expensive than condos, both in property cost and closing expenses. For the specified week, the average co-op list price was $6.4 million, while condos averaged $7.6 million, according to Olshan Realty's luxury report. Co-op buyers often prioritize a sense of permanence and unique architectural details over amenities, and co-ops frequently have restrictive rental policies. Luxury broker Frances Katzen noted that co-op purchasers seek distinctive features from older eras, such as dentil molding and cornices, valuing character and spaciousness. Co-ops involve ownership of shares in a company with a lease, whereas condos function more like individual properties.