I've seen that a lot of buildings are co-op in New York but what does it mean??
2007-02-04 13:55:16 · 7 answers · asked by anairisramirezmtz 1 in Business & Finance ➔ Renting & Real Estate
A co-op (co-operative) apartment in New York is a bit different than a condo (condominium). Outside of New York, condos are much more common than co-ops. In New York, it's mostly co-ops.
The difference lies in the technicalities of what you actually own when you buy one. With a condo, you own the bit of real estate that is your apartment. With a co-op, you don't own any real estate.
What you really own in a co-op is a share of the co-operative. The co-operative owns the building. Each tenant owns a share of the co-operative. Each share comes with the right to occupy a particular apartment in the building.
Because the co-operative owns the building, it has a great deal of power in deciding who may or may not buy in, much more power than a condominium homeowners association (which is bound by anti-discrimination laws).
2007-02-04 14:37:30 · answer #1 · answered by Anonymous · 1⤊ 0⤋
OH my goodness!!! I had to laugh when I saw the 2 last answers that said a CO OP building is one where men and women live. LOL Well, yea, both sexes live in a co op building, but that is NOT what a co op is! LOL The last 2 answerers are mixing up the term CO OP with COED ! LOL The guy who gave you the long winded answer is right. Co op has nothing to do with being coed. LOL
2016-05-24 09:29:53 · answer #2 · answered by Shivani 4 · 0⤊ 0⤋
Not so sure about New York but in Florida a co-op is a building that is constructed on leased land. The lease may be 99 years or less. Always a good idea to know what you are buying. In south Florida it is usually difficult to secure financing for such a purchase because it is a co-op. NY may be different but usually a co-op sells for less than a regular condo.
2007-02-04 14:09:46 · answer #3 · answered by Othniel 6 · 0⤊ 0⤋
With Co-ops you own a property and are also a shareholder in the organization. You have the same type of community services and maintenacne like in a condo but with a Co-op system unit owners are a bit more community orientated. Not only do want your property values to be high for resale etc... but your returns are inherently tied to the success of the community.
2007-02-04 15:12:21 · answer #4 · answered by Galactose 2 · 0⤊ 0⤋
A cooperative made up of the owners of the apartments run and maintain the building. You own your apartment, and are responsible for the upkeep of the interior. The co-op is responsible for the exterior and the grounds.
2007-02-04 14:04:06 · answer #5 · answered by istitch2 6 · 0⤊ 0⤋
co-op means living in a low income area. you have to apply to be accepted to be able to live in these areas, you must provide all income information and prove you are unable to afford to live on regular housing.
2007-02-04 16:30:23 · answer #6 · answered by Anonymous · 0⤊ 1⤋
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2007-02-04 14:10:59 · answer #7 · answered by dge h 1 · 0⤊ 0⤋