The shareholders in a co-operative pay well-below-market buy-in prices because the units must be owner occupied and must be sold back to the co-operative. This is a problem if one is a speculator, but for residents means that owners actually live in the building, that units are not sublet and that monthly fees stay extraordinarily low. Disadvantages: The building is 50 yeaars old and has window units instead of central A/C; the bathrooms are tiny and only one in most units. Advantages: the floors and walls are concrete, 2-6" thick, so noise from neighbors is rarely a problem; there is little transience, only 6-10 of the 280 units change hands in a typical year; carrying charges include heat, water, electricity and basic cable.

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