Thinking about a home in Greenwich Village and seeing the word “condop” in listings? You are not alone. This hybrid ownership type shows up in mixed‑use Village buildings and can be confusing at first glance. In a few minutes, you will understand what a condop is, how it works, and what to watch for before you make an offer. Let’s dive in.
Quick definition
A condop is a hybrid. The building is set up as a condominium, but the residential portion is owned and run by a cooperative corporation. You buy co‑op shares and receive a proprietary lease for your apartment, even though the entire building sits inside a condo structure.
The practical result is a blend. The condominium governs the entire property at the building level. The co‑op governs the day‑to‑day residential rules for owners and occupants. Your experience can feel more like a co‑op, a condo, or somewhere in between, depending on the building’s documents.
Why condops exist in the Village
Greenwich Village has a long history of mixed‑use properties, retail storefronts, and conversions. Developers used the condop model to separate commercial space at the condo level while keeping residential life under co‑op oversight. This arrangement offered flexibility for leases, financing, and taxes on the commercial side, while preserving co‑op style governance for residents.
You will still encounter condops today in Village buildings where retail or office uses share the property with residences. Understanding this structure helps you compare options alongside traditional co‑ops and condos.
How a condop is structured
Building‑level condo
The starting point is a condominium declaration that divides the property into separate condo units. Often you will see several commercial or retail condo units plus one large residential condo unit.
Residential co‑op layer
That single residential condo unit is owned by a cooperative corporation. The co‑op issues shares and a proprietary lease to individual apartment owners. You are a shareholder with a lease, not a fee‑simple condo owner. The co‑op’s bylaws, house rules, and proprietary lease set many of the living rules you will follow.
Variations you might see
- Single‑unit co‑op model. Most common. The co‑op owns one residential condo unit that covers all apartments.
- Mixed condo and co‑op apartments. Less common. Some apartments are true condos and others are co‑op shares in the same building. Rules can differ by unit.
- Underlying mortgages. Debt can sit at the condo or the co‑op level. How that debt is allocated can impact maintenance and future assessments.
What it means for you as a buyer
Board approval and screening
If your apartment is part of the co‑op residential unit, expect a co‑op style package. You will prepare financials, tax returns, references, and often attend an interview. Boards can reject applicants or ask for added conditions. If a specific apartment is a true condo in a mixed building, approval is typically lighter, but you still follow the condo’s registration and house rules. Always confirm the legal form of the exact unit.
Subletting and rentals
Co‑op rules usually govern sublets in a condop. Common features include a minimum ownership period before subletting, board approval to rent, caps on the percentage of rented units, and possible sublet fees or increased maintenance during the rental term. If a unit is a true condo within a mixed building, rental policies tend to be more flexible, though local laws and the condo’s bylaws still apply. Read the proprietary lease or condo bylaws before you rely on rental income.
Maintenance, charges, and assessments
In the residential co‑op portion, you pay monthly maintenance. That amount typically covers building operations for the residential unit, real estate taxes allocated to the co‑op’s share, reserves, and any debt service tied to an underlying co‑op mortgage. Commercial condo owners pay common charges at the condo association level. In a condop, cost allocation formulas between the commercial condo units and the residential co‑op unit can be complex. Review how costs are split to understand the risk of future assessments.
Taxes and reporting
Condo owners receive property tax bills and mortgage interest statements directly. Co‑op shareholders receive a pass‑through allocation of the co‑op’s property taxes and mortgage interest. In a condop, your tax treatment depends on whether you hold co‑op shares or a condo deed for your specific unit and how the co‑op reports its allocations. International buyers should plan for specialized tax advice before closing.
Financing realities
Lenders view condops differently. Many underwrite them like co‑ops, with lower maximum loan‑to‑value ratios, tighter debt‑to‑income thresholds, and liquidity requirements. Some lenders avoid buildings with heavy commercial exposure or unusual governance structures. If you plan to finance, seek pre‑approval from a lender that has recent condop experience in Manhattan.
Resale and marketability
Condop apartments often trade more like co‑ops. That means pricing, buyer pool, and time to close can mirror co‑op dynamics rather than condos. Buyers who want oversight may value co‑op governance. Investors or international clients who prioritize rental flexibility may see limits. Expect a narrower buyer pool than a vanilla condo, and plan your hold period and exit timing accordingly.
Other house rules to check
- Flip taxes or transfer fees on sale and how they are calculated
- Renovation rules, sound mitigation standards, and contractor insurance requirements
- Pet policies, storage and bike room rules, and amenity access if amenities sit in a separate condo unit
How to evaluate a condop in the Village
Before you sign a contract, confirm exactly what you are buying and how the building runs. Use this checklist:
- Verify the unit’s legal form. Are you receiving co‑op shares and a proprietary lease, or a condo deed? Check the offering plan and legal description.
- Review the condominium declaration and bylaws. Focus on cost allocations, voting rights, and how the residential co‑op interacts with the commercial condo units.
- Review the co‑op’s proprietary lease, bylaws, house rules, and minutes. Look for sublet policy details, approval history, and pending changes.
- Obtain recent audited financials for both the condo association and the co‑op. Examine operating budgets, reserves, and any underlying mortgages.
- Read the offering plan and amendments if available. They explain the original setup and sponsor provisions.
- Identify all underlying debt. Confirm where the mortgage sits and how debt service flows through to owners.
- Confirm transfer costs. Ask about flip taxes, capital contributions, and closing fees.
- Check for litigation, violations, and the Certificate of Occupancy. These can affect financing and timelines.
- Review commercial leases in the building’s non‑residential condo units. Large or unstable tenants can change assessment risk and building dynamics.
- Read board minutes from the last 12 to 24 months. Watch for talk of major projects, assessments, or disputes.
- Engage an attorney who regularly closes NYC co‑op and condo deals and a mortgage advisor with condop experience.
Smart steps to move forward
- Define your priority. Is it rental flexibility, faster approvals, or price efficiency relative to condos? Your answer will guide the building type that fits.
- Get pre‑approved early. Choose a lender familiar with condops so you know realistic LTV and liquidity requirements up front.
- Price with the right comps. In many cases, condops compete with co‑ops on price per square foot and buyer pool. Align expectations to avoid overbidding.
- Time your due diligence. Ask for condo and co‑op financials and minutes before you go to contract. Your attorney will help you reconcile the two layers of governance.
- Plan for exit costs. Model flip taxes or capital contributions at resale so you are not surprised later.
Final take
A condop in Greenwich Village can offer a compelling mix of location, character, and governance. The structure separates commercial uses at the condo level while giving residents co‑op style oversight for quality of life. The tradeoff is complexity. You will read two sets of documents, clear a board process in most cases, and work with a lender that understands the model. If you value Village lifestyle and are comfortable with co‑op mechanics, a well‑run condop can be a smart path to ownership.
Ready to evaluate a specific address or compare a condop to nearby co‑ops and condos? The 212Bravo Team provides discreet, senior‑led guidance, financial modeling, and clear next steps tailored to your goals.
FAQs
What does “condop” mean in Greenwich Village listings?
- It usually means the building is a condominium at the property level, and the residential portion is owned by a co‑op. You buy co‑op shares with a proprietary lease rather than a condo deed in most cases.
Do condops require co‑op style board approval?
- Often yes. If the residential portion is a co‑op, expect a co‑op package and interview. If a unit is a true condo in a mixed building, approval is typically lighter.
Are condops good for renting out an apartment?
- It depends on the specific building’s proprietary lease and policies. Many condops limit subletting and require board approval, which can reduce rental flexibility.
How are monthly costs structured in a condop?
- Co‑op shareholders pay maintenance that covers operations, the co‑op’s share of real estate taxes, reserves, and any co‑op debt service. Commercial condo units pay separate condo common charges.
Will financing a condop be harder than a condo?
- Often yes. Many lenders underwrite condops like co‑ops, with lower LTVs and stricter liquidity standards. Work with a lender that regularly closes condop loans in Manhattan.
What due diligence should I complete before bidding?
- Confirm the unit’s legal form, review the condo and co‑op governing documents, obtain audited financials for both entities, check sublet rules, assess underlying debt, and read recent board minutes.
Are condops common in the Village market?
- They are part of the local mix, especially in mixed‑use or converted buildings. You will see them alongside traditional co‑ops and condos across Greenwich Village.
