I am a bit confused relating to the types of condominiums. I have read about two major types. One is the leasehold condos and other the freehold condos. I know about leasehold condominiums. But did not get a proper idea about Freehold condos.And why type should one prefer?

Hi Zackery, I believe what you are referring to is the land lease vs. freehold when buying a unit in a multiple unit condominium building. I would say that one upside to buying a leasehold condo is that the price is much lower because of obvious reasons, particularly the fact that the land lease has to be renegotiated at the end of its term. This means the price will probably not move upwards as other condos do in the market. A freehold is basically a normal condominium unit that is not subject to any land lease because the land title is free and clear of any third party ownership. I believe in New York, this is not such a big issue because leasehold condominiums are so rare- one special neighborhood that has this issue is Battery Park City.