Choosing between a condo and a co-op are difficult, but before you choose between a condo and a co-op you must know what each of them mean.
A condo is short for condominium and is a piece of real property. So if you were to own a condo it wouldn’t be too different from owning most of the homes that are out there. You are given a title to the real property and that part of the building or building complex is yours to own. Most of the time there is maintenance charges for the common areas and to pay for certain services (doormen, porters, etc.).
A co-op is short for cooperative and is owning shares in a corporation. So if you were to own a cooperative it would mean that you own shares in a corporation and can give yourself a lease called a proprietary lease. Many of the time there are certain benefits to owning a co-op.
According to the NY Times article, co-ops account for 75% of all apartments in Manhattan. The benefits are that there are a lot of tax deductibles and can be 9% cheaper than condos.
Condos are easier to get into. A co-op has a board of directors, just like any other corporation, and they have the right to deny you for no reason. They also normally have more rules in place and anything you do in your apartment normally must be approved by them first. For example, renovating your kitchen would have to be approved by the board before you start renovating. To read more on the NYTimes article click http://www.nytimes.com/2012/10/07/realestate/getting-started-choosing-between-a-co-op-and-a-condo.html?_r=0