A housing cooperative is a group of people who together own or control the building(s) in which they live. Instead of buying “real” property (condo, single family home, etc.), you buy stock in a cooperative corporation. That corporation owns the building, land and any common areas. As a coop member, you are entitled to occupy a specific unit in the building. Members democratically govern the cooperative corporation and elect a coop board to oversee operations. The board has the right to approve all potential unit holders and can terminate unit holders and evict residents who violate the occupancy agreement.
Coop financing is nuanced and unique to New York City’s five boroughs. Located in Manhattan since March 2008, BFR is accustomed to dealing with coop mortgages of all types.
If you have a coop scenario, please call us at 212-933-0157, email firstname.lastname@example.org, or apply online today!
Block Financial Resources serves as your Financial Adviser and Mortgage Broker specializing in Underlying Mortgages. We scour the market to find the best terms and conditions for your building.
Contact – Sean Bloch
Director – Co-op Division
212-933-0157 x 101
We work for the Co-op Boards, its officers and property management to secure the lowest interest rates and terms fixed up to 30 years as needed.