Thinking about buying in Greenwich Village and keep seeing the word “condop”? You are not alone. Many Village buildings blend condo and co-op features, which can be confusing when you are trying to compare costs, rules and timelines. The good news is you can make a clear choice once you understand how condops work and what to check before you sign a contract.
In this guide, you will learn what a condop is, how it compares with condos and co-ops, how financing and closing costs work, and a practical checklist you can use on any Village listing. Let’s dive in.
What is a condop
A condop is a building with a hybrid legal setup. The property is divided so the commercial space is a condominium interest, while the residential apartments are run as a cooperative. As a buyer, you purchase co-op shares tied to your apartment and receive a proprietary lease. You do not receive a deed to a unit like you would in a condo.
Developers use condops to keep commercial uses like retail, parking or professional offices in a separate condo entity while keeping the apartments under co-op style ownership. The building documents describe how services, costs and responsibilities are split between the commercial condo and the residential co-op.
Condop vs condo vs co-op
Ownership and title
- Condo: You own real property and a share of common areas.
- Co-op: You buy shares in a corporation and receive a proprietary lease to your apartment.
- Condop: The residential part works like a co-op. Expect shares and a proprietary lease, not a deed.
Board control and approvals
Condop apartments are governed by a co-op board. You submit a full application package, share financials, and often sit for a board interview. Approval is discretionary, similar to other co-ops. Because the residential co-op and the commercial condo must coordinate, there can be extra layers for decisions that affect shared services or capital projects.
Subletting and use rules
Sublet rules come from the proprietary lease and house rules. Many Village co-ops are strict. Condops often follow that pattern, though some are more flexible. Confirm any waiting period after purchase, how long you can sublet, and whether board approval is required each time. If the building has restaurants, parking or other commercial uses, review how deliveries, trash, hours and venting are handled.
Financing and mortgage availability
Most lenders underwrite condop apartments as co-ops, because you purchase shares rather than a deeded unit. Expect co-op style guidelines, which can mean higher down payments, stronger cash reserves and a review of the building’s financials and policies. Government-backed programs like FHA or VA have specific approval processes. Eligibility varies by building and program, so you should verify current requirements for the co-op entity.
Closing costs and taxes
Because the residential portion transfers as co-op shares, closing costs often resemble co-ops rather than condos. There is typically no mortgage recording tax on a co-op share loan, and different transfer tax treatment can apply. You should expect building application fees, move-in fees and possibly a flip tax. The exact tax and fee profile depends on the building’s documents and your transaction structure.
Greenwich Village realities to expect
Greenwich Village has many prewar co-ops and condops, often with smaller to mid-size layouts and active boards. Boards tend to be selective and expect strong financials and thorough applications. Renovation rules can be strict, including work hours and elevator scheduling. Commercial uses are common at street level. You should confirm how the building manages noise, ventilation and odors so day-to-day living matches your expectations.
A practical due diligence checklist
Use this checklist on any Village condop you are considering. Ask the seller, managing agent and your attorney for documents.
Core legal documents
- Proprietary lease and your unit’s share certificate terms
- Co-op bylaws, house rules and any amendments
- Condominium declaration and bylaws for the commercial portion
- Inter-entity service and cost-sharing agreements
- Offering plan and amendments if applicable
Financial health
- Last 2 to 3 years of financial statements for the co-op and the condo association if separate
- Current operating budget, with tax, payroll, utilities and reserve details
- Reserve fund balance and any recent or planned assessments
- Underlying mortgage terms for the co-op and other building debt
- List of upcoming capital projects and expected costs
Occupancy and leasing profile
- Current sublet policy and any waiting periods
- Sublet or investor ratio and owner-occupancy rate
- Any rent-regulated tenants and a rent roll if available
Board practices and timing
- Application requirements, fees and typical processing timeline
- Interview expectations and any known policies about guarantors or international buyers
Building condition and operations
- Recent board minutes for disputes, assessments or major repairs
- Capital improvement history and planned projects
- Any open violations or certificate of occupancy issues
- Management contract and building staffing
Commercial condo specifics
- Identity and stability of the commercial condo owner
- Current commercial leases, permitted uses and compliance status
- Access, parking and loading arrangements that affect residents
Financing and transfer logistics
- Typical closing timeline for the building
- Lenders that have previously financed in the building
- Restrictions on entity ownership or guarantors
- Flip tax details and who pays
Closing cost confirmations
- All transfer fees, move fees and flip tax allocations
- Whether your deal is treated as a share transfer for tax purposes
Smart financing steps for condops
- Start with lender fit. Focus on banks and brokers with a track record in NYC co-ops and condops. They understand board reviews, reserve standards and building-level underwriting.
- Budget for a higher down payment. Co-op style deals often require more equity and stronger liquidity than a typical condo loan.
- Check the building’s underlying mortgage. Terms on the co-op’s debt can affect your monthly maintenance and the risk of future assessments.
- Verify program eligibility. FHA or VA options can vary by building. Confirm current guidance and whether the co-op entity meets program requirements.
Subletting and use rules to review
Subletting is not one-size-fits-all. Read the proprietary lease and any board resolutions for:
- Waiting periods before you can sublet
- Maximum sublet length and cumulative limits
- Renewal rules and whether the board has full discretion
- Fees and application steps for sublets
If leasing flexibility matters to you, make this a key decision point. For primary users, focus on rules around renovations, move-in scheduling and day-to-day house rules.
How the commercial portion can affect you
The commercial condo can be a benefit or a risk. If commercial income supports building finances, it can help reserves. If a commercial tenant defaults or a condo owner disputes cost allocations, the co-op may face pressure on services or assessments. Review the inter-entity agreements and permitted uses. Pay special attention to restaurants, deliveries and exhaust systems and how the building manages noise, odors and loading.
Timeline and expectations
Condop purchases usually follow co-op timelines. Expect a detailed board package, a board interview and longer approvals than a typical condo closing. Plan your purchase schedule with this in mind, especially if you are coordinating a sale or a lease expiration.
Is a condop right for you
A condop can be a strong fit if you value co-op style community and stewardship, and you are comfortable with board reviews and house rules. It can also offer prewar charm and central Village locations. If you want maximum flexibility to sublet or close on a fast timeline, a true condo may be a better match. Weigh what matters most, then use the checklist above to evaluate each building on its own merits.
If you want a clear, step-by-step plan for a specific Village building, reach out. A conversation early in your search can save you time and money.
Ready to evaluate a condop with confidence? Connect with Greg Mire for a focused, no-pressure conversation about your options and next steps.
FAQs
What is a condop in New York City
- A condop is a hybrid building where the commercial space is a condominium interest and the apartments operate as a co-op, so you buy shares and receive a proprietary lease.
How do condop boards work for buyers
- Condop apartments are governed by a co-op board, which can require full financials, a board package and an interview, with discretionary approval.
What should I know about condop financing
- Lenders usually treat condop units like co-ops, so expect higher down payments, stronger reserve requirements and a review of building financials and policies.
Are condop closing costs lower than condo costs
- They are different rather than simply lower. You usually avoid mortgage recording tax on a co-op share loan but should expect co-op style fees and possible flip taxes.
Can I sublet a condop apartment in Greenwich Village
- Subletting depends on the proprietary lease and board rules. Confirm any waiting periods, term limits, fees and the level of board discretion.
What risks come from the commercial condo portion
- A vacant or troubled commercial condo can shift costs or disrupt services. Review inter-entity agreements, permitted uses and the stability of the commercial owner and tenants.
