Word: co-op
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Considering the blue-chip ballot, there was certainly nothing political about the decision. The vote of the 34 owners of a co-op at Manhattan's 19 East 72nd Street blackballed a $750,000 apartment sale to Richard Nixon. The former President had sought to purchase a nine-room penthouse in the expensive East Side high-rise so that he and his wife Pat could be closer to their children. But the other owners believed that the Nixons would have attracted curiosity seekers and destroyed what one blackballer called the ambiance of the building on the corner of Madison...
Volcker, who was graduated summa cum laude from Princeton and took his master's degree in political economy at Harvard, is an avid deep-sea fisherman. Before his two children grew up and he moved with his wife to a co-op on Manhattan's Upper East Side, he was a dedicated gardener at his New Jersey home, and he once tried growing grapes to produce his own wine. His report on Château Volcker grand cru: "It came out like shellac." He is from a middle-class family-his father was city manager of Teaneck...
...average selling price of a Manhattan co-op has jumped to more than $30,000 a room, from $18,000 a year ago and $11,000 in 1974. In Chicago, the typical condominium price per room is $46,000, vs. $30,000 last year. Demand is strong: all 280 condos in one town-house complex in Los Angeles' Century Hills sold out even before construction began. Prices: $230,000 to $400,000 per apartment...
...house with antiques because "what I paid $1,000 for this year, I probably could have bought for $300 two years ago, and probably would have to spend $2,000 for a year and a half from now." He also cites as a "spectacularly good investment" the Manhattan co-op apartment he bought two years ago that has since doubled in value...
Both condo and co-op owners enjoy the same attractive tax advantages as homeowners in being able to deduct interest and property taxes. But condos in many areas are appreciating faster in today's churning market because buyers can get mortgage financing at cheaper rates than co-op buyers, who must take out higher interest personal loans because they own nonmortgageable shares instead of property. Co-ops are more restrictive than condos; the building's board of directors must approve a potential buyer before he can acquire shares, whereas a condo can be sold to whomever the owner...