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Apartment buildings and multiple-family housing make up a more significant share of the housing stock in the New York City area than in most other U.S. cities as over 75% of apartment buildings in NYC are co-ops. Reasons suggested to explain why cooperatives are relatively more common than condominiums in the New York City area are: [38]
Co-op City's 15,372 residential units are composed of 35 high-rise buildings and seven clusters of townhouses, making it the largest residential development in the United States. [4] It sits on 320 acres (1.3 km 2), though only 20% of the land was developed, leaving many green spaces. The apartment buildings range from 24 to 33 floors.
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.
A co-op is more like a rental agreement, where you are the tenant and the building owner is the landlord. Your shares do not translate to real property like owning a house or condo does. Instead ...
Housing cooperative (or Co-op): a form of ownership in which a non-profit corporation owns the entire apartment building or development and residents own shares in the corporation that correspond to their apartment and a percentage of common areas. In Australia this corresponds with a "company title" apartment.
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 ...
A building co-operative is a co-operative housing corporation where individuals or families work together to directly construct their own homes in a cooperative fashion. Members of this type of co-operative purchase building materials in bulk and co-operate with other members of the co-op during the construction phase of the co-operative.
They were and remain the second-tallest cooperative housing development in the Bronx, behind Co-Op City, which is the largest of its kind in the world. [7] Amenities, however, have been on a slow decline in quality. In particular, tenants complain about the inconsistencies of the towers' boilers, and hot water is frequently shut without prior ...