Explore Co-op Ownership
Your guide to co-op living
Owning a co-op apartment is unlike any other property type. In most real estate transactions, the buyer is purchasing either an individual house or an apartment. In New York City, most apartments for sale are co-operative apartments (AKA co-ops) and not Condos. With a co-operative (co-op) transaction, it is a layered transaction starting with the the buyer purchasing shares in a corporation, which is typically the owner of the entire building and the land beneath the building. The corporation issues shares in the corporation that offer fractional ownership of the corporation. The corporation then ties individual shares to a specific apartment in the form of a Proprietary Lease.