Definition of PROPERTY:
(noun) / anything that may be the subject of ownership and is real or personal property, or is a chose in action1
Plain English translation: Property is anything that can be owned. Real property is land. A house, building, or other structure is improved real property. A condominium apartment owner owns a fraction of the land on which the building sits. Personal property is essentially all other property. A “chose in action” is the right to recover personal property that is wrongfully held by another.
1 EPTL § 1-2.15; SCPA § 103 (44)