Co-op shares popular for home hunters

June 26, 2008 03:23PM

Most co-ops require a strict board approval for move-in, but buying a sponsor unit in the building means skipping the interrogation. Sponsor units are shares that haven’t been sold, and that landlords use as rentals. The units are cheaper than condos, but as easy to buy, though they can be hard to find. The shares were once an underground niche market, but companies like Shares of New York are now selling them openly.

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