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Co Op Pros And Cons

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The co-op, once seen as New York City’s most secure way of living, is now just as vulnerable to the wave of condominium craze across the city--especially in Manhattan.

A recent New York Times article profiled a few of the city’s longtime co-op dwellers and the changes to their living situation. The common sentiment amongst these occupants is one of surprise. What they once saw as lifelong living spaces are now being threatened by the escalating demand for what some describe as a “move towards flexibility.” While the co-op tenants aren’t going without legal battles, the city’s current real estate offerings reportedly 60-70 percent co-op--giving some credence to condo advocates.

Regardless where you stand on the issue, the issue is tricky for all sides. For many co-op tenants, they don’t fully understand how this change can happen to their homes. One of the main ways co-ops are going condo lies in the supermajority stake of the co-op. Usually at 75 percent, if a tenant or developer holds said supermajority, the co-op can be collapsed. This can allow them to evict holdouts. However, many co-op tenants fight back by holding onto eventual buyouts. In some cases, it goes to litigation where both sides can find themselves in court for quite some time. As the Times article points out, the process has left many condo advocates swearing off the process ever again--while some tenants would rather give in to what many see as the inevitable. …show more content…
This is despite several “Co-ops not condos” protests the city has seen in the last few years. The Times article also spoke caught up with lawyer Adam Leitman Bailey, who claims to have a dozen clients in similar situations. Bailey claims the number of these cases has "skyrocketed" in the past year and a half. He told the Times, “Every inch of Manhattan real estate is in

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