Co-op Love

I grew up in a New York City co-op. Then my wife and I bought our own New York City co-op, where we have lived for 41 years. We have renovated it a few times, though never all at once (in my generation, that was more how we did things – a little at a time.) And as the leader of a residential real estate firm which began when the ONLY apartment choices were rentals or co-ops, I have watched the advent of the new condominium with fascination as it has gone from low ceilinged, utilitarian high rise to sparkling, stupendous billionaire bait. Today many of us are wondering, whither the co-op? What niche will it occupy in the world of tomorrow?  

 
The sidewalks of Manhattan suffer the weight of thousands of yards of scaffolding. It’s everywhere, a testament to the increasing amount of repair work needed to keep older buildings in shape. While those building constructed in the past ten years have mostly shaken off their birth pains and have not yet become subject to the indignities of greater age, the pre-war grand dames which line the major avenues of the Upper East and Upper West Sides are showing their need for repair.  
 
As weather wears down the glaze on the older exterior brick, it grows more porous, allowing moisture penetration which can turn into leaks. (This tends to happen in particular on the northeast corner of CPW and odd numbered Park Avenue buildings, and the northwest corner of Fifth Avenue and even numbered Park Avenue buildings.) The lintels below the windows separate ever so slightly from the brickwork, allowing seepage. The old metal pipes, after almost a century of pushing unfiltered water up and down, have become so occluded by sediment that often only an inch or two of open space through which the water can pass remains. The windows may need upgrading. (In our building we are looking to upgrade the windows last upgraded when I was Board president in the early 1990s.) The bathrooms tend not to be so big. No wonder so many people are drawn to the ease and shine of the gorgeous, high ceilinged new buildings which have popped up all over the city. They are amenity rich and often glamorous, with ultra-luxury materials and name designed plans and fixtures.  
 
And yet… I do still love the prewar co-ops. I love the layouts, with their generous use of “wasted” space which is never actually wasted; the size of the secondary bedrooms, which dwarfs those in the new buildings, where the master bath often seems bigger than the kids’ rooms; the beautiful parquet, which is actually made of sawn boards nailed to a subfloor rather than glued to the slab; the plaster walls that really do contain noise between rooms in a way even double sheetrock with sound insulation never can.  
 
And let’s not forget the question of value. Even the costliest co-ops have monthly maintenance charges which, on a price-per-square-foot basis, remain far lower than those in similar condos. While this differential is due to a fundamental inequity in the way real estate taxes are apportioned, it seems unlikely to undergo radical change any time soon. In addition, condos, with their fee simple ownership which allows owners much more freedom and autonomy in the use of their apartments, cost at least 15% more. On the plus side, of course, the new ones are homeowner-ready: you can move right in. Older co-ops almost always require some renovation.  
 
In the end, each form of ownership has its constituency. Co-ops often appeal more to locals. We understand the co-op system, with its sometimes arcane rules and Board requirements. We have more tolerance for renovation (especially, as is often the case nowadays, if the need for renovation is accompanied by a compelling price tag.) And the history of many of these buildings parallels the history of New York, of which they form an indelible part. I admire the new condos and I am drawn to their simplicity of ownership. But for me, in the end, I will always be a co-op guy.  

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