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The Third Estate, Condos Reshape New York Housing

New York Living Magazine
Jonathan J. Miller
January 1, 2006, Page 44 pages

In Manhattan residential real estate, there have been three sources of residential owner-occupied housing that have given Manhattan its character over the past two centuries…Today, condos are the most prevalent form of ownership in newly developed residential housing projects. So, despite the fact that condos comprise only 20 percent of the owner occupied housing, they account for 33 percent of the residential unit sales. Generally speaking, the only time a new development is constructed with co-op ownership in the current market, is when it is subsidized housing or it sits on leased land. By definition, a condo must be owned in fee simple, which includes the land as part of the ownership…

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