What Is a Cooperative?
Simply put, a cooperative ("co-op" for short) is a self-run organization. Co-ops in New York are corporations, and subject to New York State Business Corporation Law (BCL). This set of laws governs how boards transact business and how the co-op relates to its shareholders.
Kingsview was founded as a limited equity co-op in 1953, but in 2005 converted to market-rate. This means that shares are bought and sold on the open market, and buying a co-op is very similar to purchasing any other piece of real estate.
The main difference is that instead of owning the title to a piece of real estate, everyone who purchases an apartment at Kingsview becomes a shareholder of the corporation, which owns the single piece of property comprising Kingsview. Every apartment is allotted a certain number of shares on a stock certificate and occupancy is granted through a proprietary lease. Maintenance charges are based on the number of shares owned (which correlates to the apartment size), but our voting is done on a simple one-apartment, one-vote system. Shareholders have the right and responsibility to elect board members who will represent them in leading the corporation.
The monthly maintenance charge includes some utilities and all real estate taxes, and a portion is tax-deductible.
As a co-op, our present and future are interconnected, and we cooperate to make this a great place to live.
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