What is a co-op in NYC rental?

Co-op is short for “cooperative.” When you buy a co-op apartment, you are actually buying shares in a corporation that owns the building. That might sound strange given a co-op listing advertises a specific apartment but technically, the buyer is purchasing shares.

What is a co-op in terms of housing?

A housing cooperative or “co-op” is a type of residential housing option that is actually a corporation whereby the owners do not own their units outright. Instead, each resident is a shareholder in the corporation based in part on the relative size of the unit that they live in.

What does co-op mean in NYC real estate?

Co-ops, also known as cooperatives, are owned by a corporation and are not considered real property. When buying a co-op apartment in NYC you are actually buying shares in the corporation that are allocated to that apartment and this entitles you to a proprietary lease.

Is a co-op the same as an apartment?

A co-op owner has an interest or share in the entire building and a contract or lease that allows the owner to occupy a unit. While a condo owner owns a unit, a co-op owner does not own the unit. Co-ops are collectively owned and managed by their residents, who own shares in a nonprofit corporation.

How does a co-op work in New York?

When you buy a co-op, you don’t actually buy your apartment; instead, you are buying shares in a corporation that is your building. The size of your share depends on the size of your apartment; buying the shares allows you to occupy a unit in the co-op building.

Do you get paid in co-op?

Do you get paid in a co-op job? Yes, university and college students who are placed at companies or other organizations for their work terms are paid for their work.

Can You sublet a co-op in New York City?

, lives in New York City. Full Article: NYC coop sublet policies, rules and fees. Subletting a co-op in NYC simply means that the owner (shareholder) of the unit has elected to rent out his or her unit to a 3rd period for a period of time.

Why do co-ops have a policy against subletting?

The policy may sound restrictive but the thought process for most buildings and co-op boards is that shareholders will take better care of the apartment than tenants. The majority of co-op buyers in New York City plan to use the apartment as their primary residence and don’t sublet.

How long do you have to live in a coop to sublet?

Most co-ops charge apartment owners a subletting fee, and it’s also customary for co-ops to require a new owner to live in his or her unit for one to two years before being permitted to sublet. Sublets are subject to co-op board approval.

What is a co-op in NYC?

A co-op is a type of NYC apartment. Legally speaking, a co-op is a company that owns an entire apartment building, and the owner of the co-op, rather than owning actual real-estate, are a shareholder in the company that owns the building.