Frequently Asked Questions
What is a cooperative?
A cooperative is an apartment building that is owned by a corporation, usually formed by the original developers or residents of the building. Jamaicaway Tower & Townhouses (JT&T) is a corporation that owns real estate consisting of a thirty-story tower and fourteen townhouses set on four acres. Shareholders own shares in the corporation in proportion to the size of their apartment and are governed by a long-term proprietary lease.
How is ownership acquired by a potential buyer?
Shareholders seek their own individual mortgages and may buy and sell their property or shares in the cooperative. For all intents and purposes, a shareholder owns the interior of an apartment and maintains all rights and privileges as any homeowner and may make structural and architectural changes within the confines of the rules and regulations set forth by the JT&T by-laws. Common areas are owned by the cooperative and managed through the Board of Directors, Shareholders, and Management Company.
How are property taxes paid?
Taxes are paid by the cooperative, which are reimbursed through monthly payments by each shareholder.
What are the unit-pricing fees and how are they structured?
Monthly costs include a basic fee that covers maintenance, mortgage fees, and taxes. It does not include parking or storage fees.
What is a distinct feature of ownership between a cooperative and a condominium?
Prospective buyers of a cooperative are interviewed and approved by the Board. This approval process is markedly different process from condominium developments where there is no control as to who buys into the community. The cooperative setting allows for the cultivation of a rich, diverse community and enhances the development of a generational complex of families, friends, and neighbors (please refer to JT&T Community).