New York City apartments for rent are occasionally in Co-op, or Cooperative buildings, which sometimes allow residents to sublet their homes, but not without Board approval. Co-ops dominate the Manhattan apartments-for-sale market; as many as 85% of non-rental homes are found in Co-op buildings. If you rent a NYC Co-op, your landlord, or the sub-lessor, doesn't actually own the apartment itself, but rather a certain numbers of shares in a corporation that in turn owns the building. Usually the number of shares is determined by the size of the NYC Co-op. For more information on NYC Co-ops, and as compared to NYC Condos, see the Urban Edge Co-Op versus Condo Guide.
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