coops vs condos: Co-ops vs. Condos: Understanding Manhattan Housing
- 02/13/07 12:18 PM
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 … (7 comments)
Understanding Cooperatives and Condominiums
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