What is a Co-op?

A co-op, also known as a stock cooperative, is a housing community in which a corporation owns the entire real property, both the common area and the dwelling units.

The shareholders or members of the co-op own a share or shares of stock, or a membership. Ownership of a share or membership entitles that person to lease and live in an apartment or other dwelling unit in the community for as long as he/she owns the share or membership.