In New York real estate appraisal, what does the sales comparison approach primarily rely on for cooperative apartments?
Correct Answer
A) Recent sales of similar co-op shares and proprietary leases
The sales comparison approach for cooperatives in New York relies on recent sales of similar co-op shares and proprietary leases. Since co-ops are personal property transactions involving corporate shares rather than real property deeds, comparable sales must be of similar co-op ownership interests.
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