A cooperative, or co-op, is a type of corporate ownership of real property where stockholders of the corporation are entitled to use certain dwelling units or other spaces. Special income tax laws allow tenant stockholders to deduct their share of interest and property taxes paid by the corporation.
A proprietary lease in a cooperative apartment building is an agreement granted by the corporation to its stockholders, which entitles them to rent or use a specific apartment unit upon meeting the conditions outlined.
