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Wealthy Buyers Eschew Cranky Co-Ops for Condos

Are co-ops dead? Maybe not, but they're looking a little tired next to their sprightly condo cousins. Co-ops still outnumber condos in the city 3-to-1, but by nearly every other measure ? sales, prices, new units ? condos, like those in the Trump World Tower (pictured right), are the winners. As Steven Gaines, author of the forthcoming book, The Sky's the Limit: Passion and Property in Manhattan, told Bloomberg News,

"Co-ops have lost their ultimate desirability. People used to be desperate to get into a 'GB,' or good building, because it meant they were important. Now, most wealthy New Yorkers have decided a new condo building with an incredible view is better than a stuffy old co-op with a view of other stuffy co-ops."· New Yorkers Dump Co-Ops for Condos, Paying a 'Privacy Premium' [Bloomberg]