Intrusive neighbors drove our narrator to the brink. Yes, co-ops exist in other parts of the country, but the New York co-op scene is the granddaddy of them all. The prospect of a board interview is legendary in its ability to strike fear in the heart of even the most confident (and financially stable) New Yorker.

When did co-op City go out of business?

As New York City plunged into dire fiscal straits in the mid-1970s, some blamed places like Co-op City for draining state and city resources that could never be adequately repaid. Will Co-op City forever stand as a lone monument to progressive postwar overreach?

Is it possible to never buy a co-op again?

The following story is an example of the latter scenario. It’s the story of a a first-time co-op buyer in Prospect Heights, who after her experience, says she will never purchase property again.

Is there such a thing as a non profit co-op?

Co-ops are for-profit, private enterprises. There is often a misconception that co-ops are non-profits. This isn’t true. Like traditional companies, co-ops are profit-seeking private enterprises that act in the interest of their shareholders.

Who are the owners of a co-op apartment?

Some might argue that reaction is a bit overblown. Others, not so much. Unlike in a house or a condo, co-op residents are not owners of their units, but shareholders of a single corporation. Some people can’t wait to get in one, and some can’t wait to get out.

Why did I need to put up 50, 000 for a co-op?

During the interview they asked if we needed to put up $50,000 because the building was falling down or something, where would we get that money, because we were using all of our money as a down payment for this apartment. They cited as an example a co-op in Washington Heights that was falling down. One of the members’ sons lived in it.