Michael Pennock at Douglas Elliman

11/15/2025

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Co-op buildings, especially at the more expensive end of the real estate market, are trying to shake off their stodgy image.

Building on past moves, the elite, often Upper East Side residences, which are essentially private companies in which residents own shares, are increasingly relaxing rules that co-op boards have enforced for generations out of concern that the regulations are scaring away buyers.

Some are allowing prospective homeowners to buy a unit with a mortgage for the first time ever. Others are becoming less strict about the times of year when owners are allowed to embark upon a renovation. And others still are now allowing buyers to make their purchase through anonymous limited liability companies.

The raft of rules being relaxed suggests co-op boards are worried about sluggish sales activity, especially at the high end. Luxury condo buildings outsold co-ops last year in Manhattan by about a 3-to-1 margin, despite the fact that the borough has about three times more co-op units.

“It’s time that co-ops got more competitive,” said Sotheby’s International Realty agent Harry Nasser. “Times have changed, and co-ops will benefit by being more flexible.”

Read more here: https://www.crainsnewyork.com/real-estate/upper-east-side-co-ops-relax-rules-compete-buyers?utm_source=facebook&utm_medium=soc-own

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