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Co-op City (short for Cooperative City) is a cooperative housing development located in the northeast section of the borough of the Bronx in New York City.It is bounded by Interstate 95 to the southwest, west, and north and the Hutchinson River Parkway to the east and southeast, and is partially in the Baychester and Eastchester neighborhoods.
A condop, a portmanteau of the words condominium and cooperative (or "co-op"), is a co-op inside a condo. [3] Stepping back, condominium owners actually hold title to a piece of real estate. Co-op owners are actually shareholder-tenants with shares in and a long-term lease from the co-op corporation. In all co-ops, a corporation owns the building.
United Workers Cooperative Colony (1927–1929), 339 + 385 units, on Allerton Avenue on the Bronx, sponsored by communist garment industry workers; known as "The Communist Coops" Dunbar Apartments, built by John D. Rockefeller Jr. in 1928 as a housing cooperative to provide housing for African Americans. Bankrupt in 1936 and taken over by ...
As of 2021, the program has been extremely successful, with 90 percent of HDFCs thriving. The HDFCs get a small tax break from the city, but otherwise shareholders are 100 percent responsible for all repairs and upkeep of the buildings—roof, boilers, steps, water and so on—similar to a regular coop or condo. [6]
The purchase price of a comparable unit in the co-op is typically much lower, however. With limited equity, the co-op has rules regarding pricing of shares when sold. The idea behind limited equity is to maintain affordable housing. A sub-set of the limited equity model is the no-equity model, which looks very much like renting, with a very low ...
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Vici Properties Inc. is a real estate investment trust (REIT) specializing in casino and entertainment properties, based in New York City.It was formed in 2017 as a spin-off from Caesars Entertainment Corporation as part of its bankruptcy reorganization.
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