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Pied a Terre

Stock Cooperative Apartments

Many of the more exclusive buildings in the City are stock cooperative apartments (co-ops). In a co-op the building is owned by a corporation. What you purchase when you buy are shares in the corporation, determined by the size and location of the apartment. A proprietary lease gives you the right to occupy the apartment and related parking or storage spaces. Since every apartment affects the status of the corporation there is more control and tighter restrictions on the purchase and use of the properties. Each prospective purchaser must submit an application along with personal financial information and references. An admissions committee will interview the new shareholders, although this is usually just a formality. Most co-ops prohibit the renting (subletting) of the property and control the loan-to-value relationship when financing (at least a 30% down payment will be required). It is this exclusivity that makes co-op living desirable.



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