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Co-ops vs. Condos: Understanding Manhattan Housing
Understanding Cooperatives and Condominiums
CO-OPS - Manhattan's Primary Housing Style
Co-ops (short for "cooperatives") are apartments buildings owned by a corporation. Individual tenants do not own their apartments in exactly the same way that they would a condominium or home. They actually own shares of stock in the corporation. These shares are apportioned based on the size and floor level of their apartment, and ownership is established by a stock certificate and occupancy is governed by a "proprietary lease". The corporation pays all real estate taxes, maintenance expenses, and the underlying mortgage on the building. The co-op owner's portion of the payment depends on the number of shares owned in the corporation.
Cooperative ownership is the most common form of apartment ownership in New York City. There are three times as many co-ops as there are condominiums in Manhattan, which means that there are more cooperative apartments on the market and they are likely to be more affordable than similarly sized condominiums.
History of Coops
    If the idea of going through a coop baord sounds a little un-American and intrusive, well...........it is.  Cooperative living got its start in the 1880's, inspired by Charles Fourier, a French socialist who argued that ... more

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