Coops are a creature of New York. Originally conceived in the late 1800's to persuade home (means a house, or an apartment unit in a building) owners to live on top of each other instead of side by side, the coop is premised upon the idea of a social club. Coop owners in New York City, through their boards of directors, are entitled to choose who their neighbors are. Provided that federal and New York's state discriminations are not violated, a coop board may reject a potential purchaser or subtenant for any reason or for no reason. As housing becomes more scarce in New York City, coop boards are exercising this veto right with increasing regularity. When buying a coop you are not buying real New York property. Instead you are buying a long-term lease and the right to sole and exclusive possession of your apartment for an indefinite period. The coop board acts very much like a landlord in NYC and you are entitled to demand from the board the same services and attention you expect in a rental apartment building. The coop board bills you every month for a pro-rated share of the total cost of running the apartment building, usually including the monthly costs of a mortgauge on the entire apartment building. You pay this monthly bill, called maintenance, in addition to any bank loan you obtained to purchase the apartment.

PROS of NYC coops: coop apartments are generally cheaper than condos, have lower closing costs and give you greater protection against unruly neighbors.

CONS of NYC coops: coop apartments are more difficult to sell, are very difficult to rent (unless the board of directors allows liberal subleasing), have greater monthly costs, actual and potential.

The demand for short-term apartment housing in New York City has grown dramatically in the past 20 years as a result of some of the world's largest corporations establishing their headquarters in Manhattan, as well as increased tourism in and around New York City. Most corporate suites and average hotel rooms have rates that range from $200 to $300 per night. Over a month's time, a NYC resident's monthly housing costs might average $7000 or more, which is beyond the means of most individuals.

A few companies have identified the business opportunities in providing short-term housing solutions as hotel supplements for corporate relocation and tourists. Cooperating landlords, investors, and brokers have created a more affordable short-term solution by purchasing apartment buildings and condominium apartments with flexible by-laws and house rules, providing furnishings that (or this, whichever) match the standards of some of New York's finest hotels. Maid service, laundry, and other luxury services were often available as necessary. New York's short-term apartment housing has also become a great solution for those having renovations done on their properties and those who can afford a pied-a-terre. People who stay in New York for more than 1 month at a time, but cannot or do not remain long enough to sign a lease (most of which have minimum residence terms of 12 months), also have fueled the need for these types of apartments.

As for location and cost, short-term apartments can be found most easily in the midtown and downtown financial districts of New York, due to the concentration of tourism and corporate areas offices in these areas. The residence terms are often flexible, ranging from 2 to 3 weeks to a year or longer. Some properties are even available on a per-night basis. Average costs range rom $2500 to $3500 per month for studios and 1-bedrooms, and $5000 to $7000 for two bedrooms and larger. The most luxurious suites in some of New York's most exquisite buildings are available for an average of $3500 to $5000 per month for studio or 1-bedroom suites.

Many apartment lofts in New York are former commercial buildings that have been converted into residential space. Because most lofts were not originally designed as residential space, the apartment buildings in which they are found rarely have doormen or concierges. As large, open spaces that usually spread over a minimum of 1000 square feet, lofts are most prominent in the downtown area, particularly in Soho. They often feature high ceilings and/or columns in a wide variety of architectural styles.

There are some restrictions that may apply to those wishing to live and/or work in New York lofts. Certain loft spaces have been set aside by NYC as lower-cost housing for people making a living as artists. Prospective buyers for these apartments must be certified by the city as AIR (Artists-in-Residence). Also, some co-op apartments with loft spaces may not permit businesses, because of the safety concerns raised by high traffic of non-residents in and out of the building.

The best areas to find these lofts in Manhattan are the Village, Meat Packing District, Soho, Tribeca, Nolita, Noho and the Flatiron District. Chelsea and the Garment District are the newest up-and-coming locations with developments and conversions featuring such apartments. Once you've nailed down the areas you'd like to look in, get your finances in order. Determine how much of a down payment you'd be able to afford, and get prequalified by a mortgage broker.

Living and working in the same space also present a number of complications when tax time rolls around. Be sure to verify with your accountant the deductibility of expenses. If you do plan to deduct mortgage payments based on your use of the space for your business, be sure to define very clearly the physical area in which you plan to work, and if possible, maintain that space separately from your living space.

Let's be honest here: New York is a vertical town, and luxury high-rises (also known as luxury hi-rises) aren’t exactly scarce in Manhattan. But is every luxury high-rise in New York a full-service building? Not necessarily. A multistory building need only have an elevator and a doorman (usually 24 hours) to be considered a luxury development in most cases. To be considered full-service, a building must usually offer 24-hour concierge service, valet parking, on-site laundry and dry-cleaning service, and often an on-site health club or pool. Most full-service buildings offer numerous other amenities such as storage space or even an emergency backup generator to provide the building with electricity in the event of a blackout. So it may be seen that "luxury" is available in different gradations, and that it’s important to be determine your own service needs when going to see apartments.

Pet Policies in New York Apartment Buildings

Man's best friends though they may be, dogs have a tendency to be loud at odd hours, which can cause disturbances in close-quarters residences such as apartment buildings. Large dogs are also capable of causing substantial physical damage to property and people. Certain landlords in New York recognize that small dogs and small pets don't have as much problem potential, and thus accept dogs that weigh 20 pounds or less. Pet policies vary from apartment building to apartment building, and it may even make a difference whether you're the owner or lessee of an apartment. If pets are in your life, check carefully with the landlord, managing agent or broker before making a renting/buying decision.