The phrase “white-glove Manhattan co-op” has invariably conjured the image of a fortresslike residence whose precincts could be stormed only via a gantlet distinguished by mountains of paperwork and a daunting personal interview. The New York condominium, the relatively new kid on the block, has seemed the opposite: laissez-faire in everything, from rules governing pets and smoking to regulations determining who could rent an apartment.
Co-ops and condominiums are still two different animals. But in subtle yet tangible ways, each is taking on characteristics of the other as they compete for well-heeled buyers in an ever-more-challenging residential marketplace.
