While supply of condos is limited, supply of a pre war condo is even more scarce. The Apthorp of Renaissance Revival architecture in Upper West Side ScarcityĬondominiums make up only 10 percent of residential housing inventory in Manhattan. A lot of these conversions happened during the 2006 to 2008 development wave. Hence, most Coops are prewar while most condos are post war.Ĭontact: how does a pre war condo exist? Well, it happens when a developer converts a pre-war building, usually a commercial or rental building, to condominium structure. The condominium ownership structure only got introduced in the 1960s. A pre-war condo is hence a condo building built before 1945.īefore 1945, all apartments were of the Cooperative ownership structure.
The “war” referred to here is the Second World War and the reference date is 1945. A pre-war Manhattan condominium is highly desirable by both buyers and tenants because of its scarcity and charm.
0 kommentar(er)
