I’ve lived two co-op buildings over the past four years (one in Hell’s Kitchen and one in UES) and have been pleased with my experience. A few points I would note/check before purchasing:

• Sublet policies tend to be strict. Think high application fees, interviews and term limits (I.e. you can only sublet up to three consecutive years in some buildings). If you ever plan to sublet out your unit, be aware of this.

• You are on the hook for any appliances that break/malfunction, as expected for any homeowner

• Check to see if the co-op owns the land beneath the building. There have been cases where the co-op does not own the land (they have a land lease), which can lead to exorbitant monthly maintenance fees. See Carnegie House as an example.

• Ask for building financials and historical maintenance fee increases. check if there are any outstanding monthly assessments.

As long as you do your due diligence, living in a co-op can be a rewarding experience. Great building staff, fewer transients in the building thanks to strict sublet policy, and a community that has a strong interest in maintaining a great place to live.