I think it's about aesthetics too. Some folks favor the more old timey/posh interiors, others want clean, sleek and modern. For me it'd largely come down to amenities, if a new building is setup for washer/dryer in units, fiber optic internet, of course I will pick that over a unit I may need to gut renovate over 3 years to come close to that same level. I've been inside some older buildings in Tudor City for example, you can really see the differences, you might enter a super modern renovated unit, but the hallway looks straight out of the 80s and you can see things crumbling. If I was wealthy I don't personally think I could be bothered to deal with co-op boards it sounds nightmarish and full of power tripping egoists ruling their little fiefdom.