My understanding about these coops is that they are owned primarily by their "coop board." I had a client get as far into the procedure of buying one as going to a coop board meeting. Turns out the Metropolis Towers are less than 30% owner/occupied. The other 70% of units are owned by this "coop board." Thus, more than 70% of the building is tenant occupied. Banks will lend on a minimum of 50% owner occupancy.

Coops are becoming obsolete and are not being established anymore. At Metroplolis Towers, the board is pushing for the building to be condoed. Then they can sell their units off, whatever the occupancy ratio. Right now, in these buildings, units can only be purchased with cash. It's too bad. The ammenities and views are nice.

Rachel, Weichert Realtors
(201) 780-7031