What is co-op residence?

A co-op apartment is were women and men from different families live in the same building.

Another AnswerIn co-op apartment, a purchaser buys shares in the corporation owning the property. This is a real-estate ownership method that is a little tricky, but common especially when the property is in an extremely desired geography, such as Manhattan in New York City.

Depending on the co-op's guidelines, there could be disadvantages that could include:

-not being able to sublet an apartment unless the renter meets the co-op board's approval

-not being able to buy the apartment unless you are approved by the board (this typically includes credit and background checks)

-not owning a real piece of property but shares in a corporation that like any other must be managed and supervised to remain solvent/profitable. This makes obtaining a mortgage difficult: usually co-op apartments are purchased with cash.