In cooperative housing you purchase a membership, not a deed to the property. The buyer does not need a separate mortgage because one master mortgage covers the entire building. The buyer does not pay the closing costs normally associated with the purchase of a home. The monthly housing charge is a share of the operating costs [...]
We maintain a waiting list of individuals who want specific floor plans or building locations.
Housing charges include principal and interest and cooperative operating costs prorated by unit size. 1 Bedroom Apartments - $710 to $921 monthly; 2 Bedroom Apartments - $1,020 to $1,223 monthly.
Cash at closing is the difference between the selling price and assumed share of the master mortgage.
Compare our financial advantages: Ownership with deductible mortgage interest and real estate taxes, no landlord or outside investors, affordable down payment, and predictable housing expenses with a reserve fund for major repair and replacement. We're happy to provide details, an easy comparison worksheet and more. Buyers are encouraged to compare other senior housing options with the [...]