Tom Crimmins Realty Blog - coop

Real Estate Word of the Day: Co-op

Posted by Tom Crimmins Realty on September 10th, 2024

Real Estate Word of the Day: Co-Op

If you’re in the market for a new home, you might have come across the term "co-op." But what exactly is a co-op, and how does it fit into the real estate landscape?

A co-op, short for cooperative, is a type of housing that differs from the more traditional condo or single-family home. When you buy into a co-op, you’re not buying a piece of real estate in the traditional sense. Instead, you’re purchasing shares in a corporation that owns the entire building or complex. These shares entitle you to live in a specific unit.

Essentially, when you live in a co-op, you’re a shareholder, not an owner in the usual sense. The cooperative corporation holds the title to the building, and you, as a shareholder, have the…

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1000 Clove Road 7F|Staten Island|10301| MLS 1122833|

Posted by Tom Crimmins Realty on September 21st, 2018

This apartment can be found on our website Tomcrimminsrealty.com as well as nyc.flexmls.com (Multiple Listing Service). MLS # 1122833. .  This is truly how a New Yorker lives! In style. 24-hour doorman, pool, and laundry room! Plus all utilities included in maintenance, just pay the phone and cable. It’s a steal! This is an updated studio with a beautiful floor that includes a terrace in The Fountains. Just out the front entrance is the view of Staten Island’s very own Clove Lake Park as well as a view of the golf course! In front of the building, there are local as well as express bus stops, both leading into the famous New York, New York! A short distance from this high-rise building is shopping, convenient stores, transportation, and even the…

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Find Out The Difference Between Co-Op and Condo Fees

Posted by Front Desk on February 18th, 2014

Distinguishing the differences between a condo and co-op may seem confusing. According to Cheryl Lock's article, "co-ops make up about 75 percent of New York’s real estate market....However, you’ll usually have to pay up 20 percent or more for a co-op down payment, while with condos you can sometimes put down with less."

For those looking to buy or are searching for an understanding, we break it down for you.

Condo Fees:

In a condo, the owner owns the interior of the unit and a percentage of common ownership.  Common ownership is based on square footage of the interior in comparison to the entire buildings’ square footage. It is important to know that paying maintenance fees in a condo building will not give you a share or ownership of the…

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