Not long ago there was a movement afoot to turn co-ops into condominiums due to the supposed benefits they offered, including the lessened economic interdependence resulting from absence of any blanket mortgage or real estate tax lien. (See, e.g., Siegler R: The Feasibility of Co-op to Condo Conversion.
Is It a Condo or a Co-op?
Not long ago there was a movement afoot to turn co-ops into condominiums due to the supposed benefits they offered, including the lessened economic interdependence resulting from absence of any blanket mortgage or real estate tax lien. Although such transformations never gained traction, in recent years condominiums have become market darlings (accounting for nearly all new construction and conversions), most notably because of their perceived let-freedom-reign philosophy, particularly the ability of owners to buy, sell, and lease without board intervention. Yet such relative independence may soon be more illusory than real as condo boards seek to assume powers traditionally reserved for their co-op brethren, and unit owners find themselves lacking legal protections available to shareholders.
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