Cooperatives

In a cooperative (co-op), a purchaser buys shares in a corporation. Those shares are allocated to a specific apartment. Ownership of the shares entitles the purchaser to a long-term proprietary lease for the apartment. Each co-op owner pays maintenance charges based on the number of shares allocated to their apartment.

• Before you buy a co-op or condo — PDF version
• Understanding and dealing with co-op board of directors — en español

Tenants

Owners of rental buildings sometimes decide to convert their buildings to co-ops or condos. A sponsor who submits an offering plan to convert is required to simultaneously provide a copy of this initial draft (red herring) of the plan to all tenants of record.

If you think a plan may have been submitted to convert your building or you wish to comment on a plan that has been submitted, call the Real Estate Finance Bureau's public information line at 212-416-8122 to find out the file number and date of submission. You may address any comments regarding the offering plan to the assigned review attorney in writing.

If you are a rent-stabilized tenant in a building that either is going through a conversion or is already a condo or co-op, and you have issues regarding your landlord or the conditions in your apartment, contact the Division of Housing and Community Renewal.

If you are a market-rate tenant in a building that is going through a conversion to a condo or co-op, your lease has expired or is about to expire, and you have questions, you may wish to consult a private attorney. See a list of private attorneys on the New York State Bar Association’s website.

Other tenant resources:

• Tenant's rights guide
• New York State Division of Housing and Community Renewal
• New York City Department of Housing Preservation and Development