BUILDING OWNERSHIP:

Rental Buildings

• Landlord owns the entire building
  
• Protection for tenants are defined by New York State Law
  
• Approval process can take 1-7 days based on a credit check
  
• Credit check is typically $50-$100
  
• A 1-month security deposit is typically required, but may be more based on one's credit
  

Condominiums (Condos)

• Apartments are owned by individuals for residential and/or investment purposes
  
• Policies are typically less restrictive in terms of having a guarantor, parents purchasing for children, use of apartment for investment purposes, subletting rules, etc.
  
• Within the condo guidelines, owners are free to establish terms such as rent and length of lease
  
• Approval process can take 10-30 days
  
• If renting an apartment in a condominium, expect additional fees such as move in/move out fees, processing fees, etc.
  
• Expect downpayment requirements of 10-20%
  

Cooperatives (Co-ops)

• Buildings are structured as a corporation
  
• Individuals own shares according to the size and value of their unit rather than owning the apartment outright
  
• Shareholders are given a proprietary lease in place of a deed
  
• There tends to be restrictions in co-ops regarding subletting policies, length of leases, pet policies, etc.
  
• The approval process can taken between 30-45 days
  
• Prospective buyers must submit extensive personal and financial information and must interview with the co-op board
  
• Expect downpayment requirements of at least 20-25%