The new York Times
The term condop in real estate refers to a mixed-use condominium building where at least one of the units is owned by a cooperative corporation and sub-divided into many “co-op” apartments (https://bangkok.thaibounty.com/2021/10/27/get-better-synsiri-2-ladphrao-98-results-by-following-3-simple-steps/). This structure was used to separate the residential component from the commercial components of a building. The other condo units are typically retained or sold separately by the developer and may be retail space, office space or parking garage. Condops first came into use in the 1960s when the residential condominium was not yet popular in major cities, particularly in the United States in New York City, New York. Developers or co-op sponsors sought to retain ownership of the more lucrative non-residential spaces in a building, whilst also minimizing taxes on non-residential income.
Additionally, restrictions on alterations to the apartment are more consistent with cooperatives than condos. The New York Times. Morris, Bill (Dec 2007). “Cond-ops: A Horror Story”. Toy, Vivian S. (May 20, 2007). “What Exactly Is a Condop?”. Cohen, Marjorie (April 2, 2013). “Condops demystified: What they are, why you should care–and how to find one?”. Look up condop in Wiktionary, the free dictionary. The New York Times. Johnson, Kirk (August 24, 1984). “About Real Estate; ‘Condop’: A New East Side Conversion”.
The condop is a type of condominium building, not a distinct legal construct. A condop, an abbreviation of the words condominium and cooperative (or “co-op”), is a co-op inside a condo. Sometimes the phrase condop is used to refer to the residential portion only of such a building (i.e. to distinguish it from the commercial unit(s)). Co-op owners are actually shareholder-tenants with shares in and a long-term lease from the co-op corporation. Condops are a variation on that theme the distinction between the two concepts as the cooperative corporation does not own a whole building but just the residential condominium unit within it. In all co-ops, a corporation owns the building. Stepping back, condominium owners actually hold title to a piece of real estate.
The condop is still a relatively rare item in the U.S. 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 three percent of residential buildings. The Forum at 343 East 74th Street is an example of a condop in New York City, New York, where the co-op corporation owns the residential portion of the building and the developer owns the retail space.
