condo vs co-op

More choices

Aside from the amount of choices, is there any advantage to living in a co-op?

If you have deadbeat owners, co-op's maintenance payments come ahead of bank's mortgage. In condo, the bank has priority, so condo owners could get stuck with unpaid maintenance.

In general, maintenance payments tend to be higher, but the sticker price is lower as a result. Condos generally don't have the same stringent financial requirements... 20% down and the credit/income to get a loan for the rest is all you need. That's not even close to true in most co-ops.

Condos also don't have interviews, with arbitrary entrance requirements. In a co-op, if they don't like the way you dress in an interview, they can nix you, and there's nothing you can do about it.

Generally, it's easier to lease your place out in a condo.

Some co-ops are paying an underlying mortgage and/or lease on the underlying property. This is one of the things that can lead to higher common charges. You should understand all the finances before you make a decision. And if the property is being leased, then you need to worry about the terms of that least, and when it expires.

In general, understanding what you're paying and what you're getting at co-ops are pretty complicated. With condos, there's some of that with the common charges. So no matter what, I recommend you do your homework before jumping in...

See http://streeteasy.com/nyc/talk/discussion/24264-price-of-co-ops-vs-condos