A condop in real estate is a term for a residential establishment (building or portion of a building) that includes both a condominium and cooperative ownership structure. Typically the condop refers to the residential portion of a building which is treated as a single condominium unit owned through a cooperative ownership structure.

The term may also refer to a cooperative that behaves like a condominium.

The term is a contraction of the words condominium and co-op.



Condops first came into use in the 1960s and were employed by developers that wanted to divest their residential units at a time when condominiums were not yet in popular in major cities, particularly New York. The condop (as strictly defined) is still a relatively rare item in the US. For example as of 2007, New York City had fewer than 300 condop buildings as compared to more than 6,700 cooperatives and 2,300 condominiums, representing just over 3% of residential buildings.[1]

Strict definition (Ownership)

The Forum at 343 East 74th Street is a strict example of a Condop in New York City where a cooperative owns the residential portion of the building.

The condop is a hybrid ownership structure. Typically a condominium differs from a cooperative in that residents of a condominium directly own their apartments whereas residents in a cooperative own shares in a corporation that owns the building and a right to use a specific apartment in the building. Condops blur the distinction between the two concepts as the cooperative corporation does not own a whole building but just the residential condominium space within it.

Typically, in a condop, the structure was used to separate the residential component from the commercial components. Often, this can be advantageous for the developer or sponsor to retain ownership of the non-residential space in a building.

Common usage (Operational)

The cooperative portion of the condop is effectively no different than any cooperative building that contains only residential units. However, in real estate vernacular, the term condop is often also used to refer to a cooperative that behaves like a condominium or a "co-op with condo rules". In these situations, unlike a traditional conventional cooperative, the bylaws in a condop will more closely resemble the rules of a condominium rather than a cooperative. Typically condops will set out a lower required down payment for prospective purchasers and do not include many of the restrictive measures that impact prospective purchasers of cooperative apartments. The bylaws for condops typically do not include the need for board approval to sell or sublet an apartment. Additionally, restrictions on alterations to the apartment are more consistent with condos than cooperatives.

See also


  1. ^ Toy, Vivian S. What Exactly Is a Condop?. The New York Times, May 20, 2007

Wikimedia Foundation. 2010.

Look at other dictionaries:

  • condop — n. 1. A cooperative incorporated within a condominium building. 2. A cooperative that is run with little or no oversight from a board, much like a condominium.[Blend of condo and co op.] Example Citations: This three bedroom, three bath apartment …   New words

  • condop — noun a) A legal term for a real estate establishment (building or group of buildings) that is part condominium and part cooperative. b) A cooperative establishment that behaves like a condominium …   Wiktionary

  • Condominium — This article is about the form of housing. For the international law describing a territory in which two sovereign powers have equal rights, see Condominium (international law) …   Wikipedia

  • Housing cooperative — Not to be confused with building cooperative. 999 N. Lake Shore Drive, a coop owned residential building in Chicago, Illinois, United States …   Wikipedia

  • Housing and Architecture — advertecture appraisal mill architectural myopia architourist BANANA barkitecture big hair house …   New words

  • bungaloft — (BUNG.uh.lawft) n. A bungalow style house that also includes a loft. Also: bunga loft. Example Citations: This year, his firm will complete 100 projects and Brown anticipates that number will grow to 500 projects per year in about five years time …   New words

  • condo commando — n. 1. A condominium resident who diligently watches for and reports violations of building rules and regulations. 2. A politically active person who campaigns within or lobbies for the condominium in which they live. Example Citation: 1. During… …   New words

  • deconvert — v. To take a house that had previously been converted into multiple apartments and return it to a single family dwelling. Example Citation: Concerned about the rising number of rental properties, the city adopted an aggressive plan to stop… …   New words

  • pocket condo — n. A very small condominium unit; a condominium building with a small number of floors. Example Citations: So, what s the answer? As far as urban homes go, it might be a radical downsizing of condos and apartments. Pocket condos or very small… …   New words

  • soft loft — n. A loft that includes some elements of traditional house design. Also: soft loft. Example Citation: Amenities loom larger to empty nesters, who tend to have a higher income and even more sophisticated tastes, said Tripi Kasal, another sales… …   New words

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.