York has a variety of property types to choose from:
(Co-ops) and Condominiums:
If you own an apartment in a building, chances are that it is either
a co-op or a condominium. You can't tell from the look of the building.
If it's a condominium, you hold title to your unit and also a percentage
of common parts of the building and the land. If it's a co-op, you
do not own the unit you live in. But who does? A corporation does.
A corporation holds title to land and building. You bought stock
in the corporation and in return have received a proprietary lease
to your apartment.
A multiple-unit structure owned by a corporation, in which each
owner purchases shares of stock equal to the value of the apartment
and is given a proprietary lease. The owner is a shareholder of
the cooperative corporation. The unit owner pays a monthly maintenance
charge, determined by the number of shares, to pay for the building's
underlying mortgage, real estate taxes and other maintenance expenses.
A board of directors is elected by shareholders and it hires a management
company to be responsible for maintenance.
A structure of multiple units in which the owner has the individual
real property ownership of a single unit together with an interest
in the common area. Each unit is a separate tax lot, and the owner
is responsible for paying taxes directly on this deeded unit. A
board of managers is elected by unit owners, and it hires a management
company for maintenance of the building. Each unit owner pays a
monthly common charge to cover the costs of the upkeep of the common
Not very common.
An example: There are three segments in the building -- parking
garage, commercial retail floors, and residential floors, with each
segment receiving a condominium unit deed. When a residential condominium
is owned by a cooperative corporation, it is a condop. It is an
appealing ownership structure when a co-op does not want to involve
itself in the complexity of managing other segments, such as the
parking garage and commercial retail. Real estate brokers sometimes
refer to a co-op that does not require or restrict board approval
for rental as a condop.
Generally a low-rise structure (4-5 story) for single or multiple-family