The Department of Finance (DOF) is required by NY State law to value condominiums or cooperatives as if they were residential rental apartment buildings. DOF uses income information from rental properties similar in physical features and location to the condominiums or cooperatives. DOF applies this income data to the condominium or cooperative to determine its value in the same way DOF values rental apartment buildings. This report includes information at a condominium suffix level which represents a subdivision of the condominium since DOF values condominiums at a suffix level. A condominium may have more than one suffix.
Each record in this report for the subject condominium represents a condominium suffix which is a subdivision of a condominium. Some condominiums may have more than a single suffix. DOF uses this information to value condominiums annually based on state law. Each suffix identifies up to three comparable rentals included in this report.