The Beatles’ John Lennon belonged to one. Madonna was rejected by one. Bey and Jay Z lived in one. What are they? Housing cooperatives, known as co-ops for short … and Harrison Park Towers is a Cooperative Community!
As co-owners and residents of the property, we have a shared interest in its maintenance, upkeep, and in the community life. Events, formal and informal, bring neighbors together … for holiday parties, Wednesday Night Breezes on the Back Terrace, committees, and working in our glorious garden.
Many people are familiar with how condo associations function. Co-ops share some of the same qualities: They contain multiple units of housing, are governed by bylaws and operated by elected officers and directors, and require occupants to share in the cost of maintenance and utilities in the form of monthly fees. But there are distinct differences, mostly around the nature of ownership.
When you acquire a home in a housing co-op, you don’t actually buy real estate — you buy shares in a corporation, whose only asset is the property. The corporation (members) together owns the building we live in. We gain the right to occupy it through what’s called a proprietary lease , an occupancy agreement.
In our co-operative corporation, we elect a board to manage the building and improvements we own and we have a hired, professional management company, with an office on-site, to help us. Our monthly maintenance fees pay for the building and property upkeep, and our services — including our maintenance workers, front desk attendants, landscaping, snow removal and our heating, air conditioning, electricity, garbage service, pest control, train station shuttle, and so much more. In co-operatives, however, real estate taxes* are assessed against the co-operative corporation, not the individual owners, and are thus included in our monthly fees. In short, with the exception of phone/internet bills, most owners pay one single monthly bill for living space.
We’re glad you’re considering the Harrison Park Towers Community.
* Consult with your tax adviser on the allowable as a tax deduction of your share of real estate taxes and building mortgage payments.