Coop v. Condo - Considerations for Tenants
All of us have been hearing a lot about a coop or condo non-eviction conversion as a possible way of preserving affordability for Stuyvesant Town and Peter Cooper Village. The talk has led to two big questions from residents: What happens to people who can’t afford to buy or who don’t want to buy — who just want to go on living in rent-stabilized apartments as they have in the past? And what’s the difference between a condominium and a cooperative conversion?
The answer to the first question is simple: Any conversion plan that the Tenants Association would agree to would absolutely provide that renters be able to continue to rent if they wish. The big plus for renters, as we see it, is that in a conversion plan to which the Tenants Association is a party, tenants (as distinguished from owner residents) would have a compassionate landlord whose first priority is not profit.
As to the different characteristics of condos vs. coops, our attorneys have provided a readable, non-legalese explanation. You can read it in the Frequently Asked Questions document in our Knowledge Base: “Differences Between A Coop and A Condo” at the link below. If that’s not enough information for you, included in the FAQ is a link to the New York State Attorney General’s Cooperative and Condominium Conversion Handbook.
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