Apartment Buying Basics

About Manhattan Coops

Manhattan Co-ops

Curious about Manhattan Co-ops? Heard of them but not sure how they work and what is involved? Well you have come to the right place. Here is a little background on coops in Manhattan, NY.

What are Manhattan Co-ops?

Manhattan co-ops are groups of people who together own or control the buildings in which they live.  Instead of buying real property, you buy stock, or a membership, in a cooperative corporation.  That corporation owns the building, land and any common areas.

How Manhattan Co-ops Function

Think of a Manhattan housing co-op as three cohesive, integrated segments, each with different functions:

• The members or shareholders (the residents) collectively own the buildings and property through their shares in the cooperative corporation.  As a member, you are entitled to occupy a specific unit indefinitely or until you sell.  Members democratically govern the cooperative corporation and elect a board of directors to oversee operations.  However, at Fort Tryon Gardens in Manhattan, these units are a direct from sponsor sale, meaning that there is No Board Approval necessary to purchase.
• As a member, you have exclusive rights to you unit through you occupancy agreement, or proprietary leave, with the cooperative corporation.  You agree to the cooperative’s bylaws, which stipulate that you par a monthly fee toward the operation and maintenance of the buildings.  At Fort Tryon Gardens the maintenance fee includes the taxes for the City And State of New York, and is 50% tax deductible.
• The cooperative corporation is the collective, legal body made up of the members of the co-op.  The corporation owns all the real estate.  The corporation also carries a blanket insurance policy that covers damage to the cooperative property from hazards such as fire or water.
• The board of director is elected from the membership to manage the co-op and to give members a voice in their co-op.  At Fort Tryon Gardens, we have hired a professional management to oversee the operations.

So now that you know a little about Manhattan co-ops, check out the co-op apartments Fort Tryon Gardens has to offer.