Tuesday, May 22, 2007

Condo News

This is a new one on me. Never heard of a Condop...have you?
I had to take a real estate course before I even understood what a co-op was...:-)

What Exactly Is a Condop?

Published: May 20, 2007
New York Times

PEOPLE often wonder what exactly a condop is.

A common misconception is that it’s a co-op that operates with condominium rules. But lawyers say that legally a condop has nothing to do with whether a building requires a board interview or allows rentals.

“A co-op with condo rules is not a condop,” said Jeff Reich, a real estate lawyer. A true condop, he said, is a condominium building that has separate commercial and residential units, with the residential units controlled by a co-op corporation. The separate commercial units are typically retained or sold separately by the developer and can include retail space, office space and a parking garage.

Mr. Reich said that condops were first created in the early 1960s, when New Yorkers were still wary of the concept of residential condos, but developers wanted to divest the residential parts of their buildings while retaining or separately divesting the commercial parts. “It happened because traditionally this was a co-op town,” he said.

According to a survey of New York City apartment buildings commissioned by the Council of New York Cooperatives and Condominiums in 2005, the city has roughly 6,700 co-op buildings, 2,300 condos and fewer than 300 condops.

Editor's note: Do you know the difference between a condo and a co-op?
A condo has a deed just like a home. Its treated almost the same way except for some extra
things about commons areas and insurance.

A Co-op is actually a STOCK! The owners buy stock in the building instead of having deeds to the individual units...

Real Estate Marketing

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