The Real Deal

Co-ops are also perceived by some as being more exclusive than condos. Whereas condos turn over regularly, co-ops often stay in the hands of the same families and don’t come to market that often, said real estate attorney Edward Mermelstein. “Most of the buyers along Fifth and Park avenues tend to be there for life,” Mermelstein said. There remains a gap, however. Co-op prices are yet to crack the $90 million mark set by new development condos such as Extell Development’s One57. But Mermelstein said that co-ops would continue to catch up. “It’s just inevitable,” he said. – See more at: http://therealdeal.com/blog/2014/10/22/tracking-nycs-co-op-sales-records/#sthash.EcxY1rIf.dpuf