Condominium (Condo)
Real estate · Reinvent NY glossary
A condominium is a type of property ownership where you own your individual unit outright (with a deed) and share ownership of common areas (lobby, gym, pool, hallways) with other unit owners. In NYC, condos are generally easier for foreign buyers to purchase than co-ops — there is no board approval process, and financing requirements are less strict. Common charges (monthly HOA fees) in Manhattan typically range from $800-$2,500/month. Condos can be rented out freely, making them popular for investment. Average Manhattan condo price: approximately $1.5 million.
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