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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]
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.
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.
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.
In May 1983, a construction worker died after falling 33 stories while working on the project. [6] By July 1983, starting prices for apartment units in the project had increased six times, ultimately reaching up to $1,200 per square foot; 50 percent of the apartments had been leased up to that point. [5] The building cost $125 million to ...
New apartment complexes are going up citywide, but most construction is taking place in and around downtown. Developments already issued building permits include: Beecher Terrace Phase IV (210 ...
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 ...
The apartment complex was built in 1963–1964 and developed by Fred Trump, the father of Donald Trump. [1] [3] The complex, built on the site of the former Culver Depot, [4] was designed by architect Morris Lapidus. [2] The construction cost US$70 million. [5]