What is a cooperative or co-op apartment?

Buying a Co-op in New York: What It Is and What You Need to Get Approved

A cooperative apartment, commonly called a co-op, is one of the most common forms of home ownership in New York. Unlike a condo or single-family home, when you buy a co-op you are not purchasing real estate in the traditional sense.

What are you actually buying?

When you purchase a co-op, you are buying shares in a corporation that owns the building. Those shares give you the right to live in a specific apartment through a document called a proprietary lease.

This structure is why co-ops operate differently than condos — the building’s board of directors has a say in who becomes a shareholder.

What do you need to buy a co-op in New York?

While every building has its own requirements, most co-op purchases in New York State include:

• A real estate attorney to review the contract and building documents
• A larger down payment (often 20–30% or more)
• A complete co-op board application
• Detailed financial documentation
• Board review and, in many cases, a board interview

The co-op board application

The board application is where most buyers feel the process is more involved. Boards are evaluating financial stability, not personal characteristics.

A typical board package may include:

• Recent tax returns
• Pay stubs or proof of income
• Bank and investment statements
• Reference letters
• A personal and financial summary

Why board approval matters

Co-op boards are responsible for protecting the financial health of the building. Approval is based on whether the buyer meets the building’s financial standards and agrees to follow house rules and policies.

Learn more about co-op board approval

I have a dedicated page that goes deeper into co-op board requirements, financial preparation, and interview tips:

👉 Complete Guide to Buying a Co-op in New York & Board Approval

If you have questions about buying or selling a co-op in Westchester or New York City, feel free to reach out.

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Thomas Roberts
Real Estate Agent | William Raveis
Call/Text: 914-755-9816
https://linktr.ee/Realtortom