What is a co-op?
A cooperative (also known as a co-op) is a multi-unit development where owners technically don't "own" their units outright. Instead, owners are allotted shares in a corporation (the building), along with the right to live in one of the units. Shareholders periodically pay fees that cover everything from the door person's salary to the maintenance of common areas in the building. These operations are handled by a governing board that is also in charge of setting all the building rules and requirements for moving in, as well as screening potential residents.