Cooperative Apartments Are a Nyc "Thing"

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It is easy to confuse the terms "condominium" and cooperative, but they are two very separate real estate concepts. Cooperative apartments or coops are somewhat unique to New York City. They exist in other big cities, even in some suburbs, but nowhere are they as large a factor in the real estate market as they are in New York City. In fact, of 13,670 New York City residences listed for sale on the Trulia real estate site recently, 5,784 were cooperative apartments, only slightly fewer than the 6,046 condominiums that were also on the market.

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The discrepancy in the middle of a condo and a coop is solely in the form of ownership. A condominium owner holds title to his own unit and shares possession of the "common" areas such as the lobby, parking area (although parking spaces may be individually owned) grounds, and any amenities such as a condition club.

A cooperative apartment construction or a housing cooperative is owned by a corporation, often one that is non-profit and constituted as a small liability corporation or Llc. Rather than buy an apartment in the building, an individual purchases a share in the corporation. That share then entitles him to occupy an apartment in the building.

Persons purchasing into a cooperative have a status more akin to that of a renter than an owner. As in a condo development there are by-laws that govern the supervision of the construction and these are enforced by a board similar to a condo home owners' association (Hoa) but with a bit more power. For example, most boards control who can buy into the corporation and thus to whom an owner can sell his share. The board may also have final say over either and to whom a shareholder can sublet his apartment. Some by-laws even regulate what can be done within the walls of an individual coop unit, rarely an issue in condominiums.

Whether or not an owner accrues equity in his coop share depends on the structure of the corporation. A market-rate housing cooperative permits the shareholders to buy and sell their shares at the market price. While the owner does not technically own the property, he can still benefit from any appreciation (or suffer from any decline) in its value just as he would if he owned a condominium. Conversely, a limited-equity cooperative restricts the price at which the shares can be resold. Appreciation may be allowed, but the rate is controlled. This structure is used, often in economically disadvantaged areas, to keep the complex affordable. In return, the coop may be eligible for low interest loans, tax abatements or other benefits.

The third type of housing cooperative is a leasing or zero-equity cooperative. In this case the coop does not own the construction but leases it from a third party, often with the right to buy it at a later date. The coop does not have equity in the building, and neither do any of its members.

As you can see, buying shares in a cooperative apartment can be a small more complex than buying real property. A cautious buyer should ask many of the same questions but is smart to be aware of some other issues. Financing is also a unique process, with a few twists and turns not found when seeking a customary mortgage. These will be covered in the second and third parts of this series.

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