Buying a Coop in NYC Manhattan

What is a Coop ?

What Is A Coop?


 

What is a Coop ?

Otherwise known as a cooperative unit the shortened terminology is the coop, these buildings make up almost 75% of New York cities apartments. In simplest definition the cooperative ( coop ) is an apartment in which you purchase shares of ownership. Instead of being deeded the property you are granted ownership in the property in the form of shares just like purchasing stocks in a shareholder company. what is a coop

Buying a Coop in Manhattan NYC

Buying a Coop in Manhattan NYC

Benefits of a Buying a Coop in Manhattan. what is a coop

The benefits in purchasing a coop apartment in Manhattan are 2 fold. First is the financial difference between the shareholder ownership and the deeded ownership. Manhattan coops have the pleasure of receiving tax breaks, lower cost basis of property taxes and a larger percentage of write offs. Second is the ability for the coop management company and residents to have stricter house rules when it comes to living in the units. By this I mean the coop as an entity can create rules and ethics that are instilled to keep a particular continuum throughout the building. As an example to what I am stating here is for example.lets say the building as a democratic vote decides they do not want a large Percentage of the building to be rentals, but would rather instill a larger residency as owners than they can create a stricter tenant policy for renting out units. Also following this can be a pet policy, smoking or no smoking policy and curfew times on loud noises from parties. Remember particular to the building to each is own. If you are in the market to purchase an apartment in Manhattan, NYC than looking into a coop should be on your list. Learn the Pros and Cons of the ownership and discus with an accountant or financial ad-visor as to the financial matters associated with the coop shareholder ownership.

Coop Specialists. what is a coop

I am a coop specialist here in Manhattan, NYC and can be of great assistance in helping you determine if a coop is best for you. Anthony Alfieri NYC Lic real estate agent. Lic with Pure Manhattan real estate.