Under basic law, condominiums are "real property", and cooperatives are not. Condominium owners have title to their respective unit, and cooperative owners have shares in the corporation owning the building. In transaction processes, condominium purchasers receive sole ownership of units following deed transfer. In contrast, cooperative purchasers receive stock and proprietary lease evidencing their part ownership in the corporation.
There are numerous other intracacies differentiating the two, and the legality is correspondingly complex. Friedberg Pinkas PLLC's cooperative and condominium law practice provide special boutique legal services for transaction parties as well as for cooperative corporation boards and condominium associations. Such services include, but are not limited to: general counsel, corporate document review, finance, third-party contracts, voting regulations, and regulatory issues. The firm currently acts as general counsel to numerous cooperative and condominium boards.
In 2013, the firm began placing special emphasis on cooperative and condominium law. Its practice grows faster each year. Now, the firm is building a reputation as having one of Manhattan's most reliable cooperative and condominium law practice.