Today CO-OPs are a part of daily life as a property owner in New York City. Although these buildings are spread across the United States, New York City holds the crown when it comes CO-OPs. And while you can’t actually own a cooperative apartment, only shares in the corporation, over 75% of owner occupied housing stock in the city is currently cooperative.

Here’s how it got that way!

CO-OPs we’re invented in central and northern Europe during the 19th century as a way for residents to band together resources and collectively determine their quality of life. Initially the ideas for cooperatives sprung out of the industrial revolution as a way for people to protect against the transformative technology of a new modern, mechanized society.

Cooperative groups were first created as insurance companies, trade unions and trading partnerships but quickly spread as a way to organize large housing complexes. Shortly afterwards, ideas about collective life made their way across the Atlantic and landed firmly in New York City. The rest is history. The CO-OP became the preferred way to build real estate over the next two centuries.

The first CO-OP in New York City was completed in 1883 at 34 Gramercy, on the East side of Gramercy Park. Built in the Queen Anne-style, the 9 story building is the oldest continuously run CO-OP in the city. If you have a penchant for history, 2 beds in the building go for between 2 and 3 million.

CO-OPs are favored among many New Yorkers because their architecture is one of it’s kind and rarely found in newer buildings. They simply cannot afford to build using the materials they used in the early 1900s.  In addition to the structure being unique, the closing costs to purchasing in a CO-OP are significantly lower, making them a smart financial decision as well. Client the following link If interested in seeing a side by side Closing Cost Comparison, to visually understand where fees are allotted to when closing on a CO-OP.

For all your CO-OP questions, please feel free to email me and learn more.