What is a Co-Op

What Is A Cooperative?
Housing cooperatives are established as not-for-profit corporations whose specific purpose is to provide housing for their members, who are stockholders in the Co-Op corporation. Buying shares entitles the purchaser to hold a proprietary lease, commonly known as the Occupancy Agreement. The Occupancy Agreement gives the purchaser the exclusive right to occupy a dwelling in the building and to participate as a member in the operation of the cooperative.