A co-op is a corporation which you by shares of. In this houseing arrangement you don’t technically buy or own property. Instead, you own shares of a corporatoin, which in turn owns all of the property. The number of shares you own equates to your physical apartment.
Co-ops are different than condos for a variety of reasons of which we will only be covering some. The most obvious is that you are not receiving title or a deed, you are instead receiving a stock representing shares of the corporation.
Some other things to note. In a co-op you have to apply to purchase the apartment and there is almost always an interview conducted before the application is approved. There are heavier restrictions in place such as minimum down payment, heavier financial requirements compared to condominiums, restrictions on subletting, etc.
Some positives about owning a co-op is a lower purchase price. On average co-ops trade 20-25% less than condo ownership properties.
For more information reach out to discuss your specific needs and questions.