VIDEO: How Well Do You Know NYC Housing Types? | StreetEasy Street Smarts

New York City’s real estate market is unlike any other, and the unique housing types in NYC are one of the major differentiators. In the second episode of StreetEasy Street Smarts, our trivia quiz show that tests New Yorkers on their real estate knowledge, we hit the streets and see how much NYC residents know about the differences between condos, co-ops, and townhouses.

Play along and put your real estate know-how to the test by watching this video — and be sure to like and subscribe to our channel.

For more information on NYC housing types, visit our blog on condos vs. co-ops.

Video Transcript

Welcome back to “StreetEasy Street Smarts”. I’m your host Shacottha Fields, and today we’re testing New Yorkers on their knowledge of New York City housing types, from co-ops to condos and beyond. We’re here at Madison Square Park in Flatiron, where contestants will compete for prizes from local businesses. Remember this is just for fun, so always talk to a professional for real estate advice. Ready to see who knows their NYC housing types? Let’s jump in. What type of NYC housing typically has the strictest approval process for buyers, often requiring interviews and personal references? A, condo. B, co-op. C, brownstone. D, townhouse.

– I would say townhouse.

– I’m gonna go townhouse.

– It has to be between condo and co-op.

– Co-op?

– B, you got it right, look at you.

– I’m gonna say co-op.

– Co-op?

– Yeah, I would say co-op.

– Co-op, co-op? Okay yes, yes.

– Oh amazing.

– There you go.

– Okay.

– Co-op boards can reject buyers for many different reasons, including finances, job stability, or even vague concerns about fit, and they don’t even have to disclose why.

– No way.

– I know. This is a true or false.

– Okay.

– True or false, condos and co-ops being rented out by the owner can charge additional fees to renters like board interview fees, move-in fees, and additional application fees.

– Oh… Sounds like it could be true.

– True.

– I’m gonna say true.

– I’m gonna go with true as well.

– False.

– It’s true.

– Am I not from the city or I just don’t know anything about it?

– True.

– Yes!

– I got that one?

– Good job.

– Hey, let’s go.

– Let’s go.

– Let’s get it.

– Individual co-op and condo units that are being rented out may not be subjected to the same fee regulations as apartment buildings. Okay?

– Okay.

– In a co-op, what do buyers actually purchase instead of real property? A, a deed. B, a lease. C, a promissory note. D, shares in a corporation.

– Shares in a corporation.

– Sure that sounds great to me.

– [Shacottha] Okay you’re just tagging it along.

– Yeah I have no idea.

– Alright.

– I really don’t know the answer, I’m gonna just go with lease.

– Promissory note?

– I think that one’s D, I’m pretty sure shares in a corporation.

– And you are correct.

– Shares in the company.

– Okay he’s from New York, okay.

– There you go, woo-hoo.

– Yay.

– I got a great teammate.

– Yeah teamwork.

– Yeah go team okay.

– The number of shares a buyer owns in a co-op usually depends on the size and location of their apartment. Larger and more desirable units come with more shares, okay? Compared to co-ops, condos in NYC generally cost A, more per square foot. B, the same per square foot. C, less per square foot. D, nothing they’re free.

– Don’t we wish it was D?

– I know.

– I’m guessing A.

– I would say the same per square foot, no?

– I want to say more per square foot.

– Okay, yes. Good job.

– I want to say more per square foot.

– You are right. Okay, you’re doing great.

– I’m panicking right now.

– Don’t panic, don’t panic.

– More per square foot.

– You sell houses? You so good.

– No.

– You got it right.

– Oh my god, I got it right?

– Yes.

– Okay, okay. Wow maybe I should start selling houses.

– Good job. Condos often cost more because they have greater flexibility in renting, fewer restriction and more modern amenities.

– Got it.

Wow, we really put New Yorkers to the test. If you’re hungry for more NYC real estate tips or just wanna prep for the next time we hit the streets, check out our blog link below, smash that like button, and subscribe so you never miss a showdown. This is Shacottha Fields signing off. Until next time, stay sharp, stay savvy, and always read the fine print.