Definitions for "Cooperative Project"
A project in which a corporation holds title to a residential property and sells shares to individual buyers, who then receive a proprietary lease as their title.
A project in which a corporation holds title and sells shares representing individual units to buyers who then receive a proprietary lease as their title.
A residential or mixed-use building wherein a corporation or trust holds title to the property and sells shares of stock representing the value of a single apartment unit to individuals who, in turn, receive a proprietary lease as evidence of title.