Commercial Coops vs Condo

Do you have an example of a commercial co-op? Where you buy shares for, rather than just rent, a co-op's commercial space? There're lots of cases where co-ops have issued shares for doctors' offices, but none I know of for commercial space.

best example I can think of is for mixed used buildings. Commercial coop as ground retail vs commercial condo ground retail

You still can't buy a commercial co-op. That's not to say they don't exist, but if they do there're very few of them. There were and are different ways for the commercial parts of a residential building to be owned, but what I think you're looking for isn't one of them.

Your best bet would be to go to a commercial broker like Eastern Consolidated or Massey Knakal and tell them what you want.

The Pottery Barn & Williams Sonoma spaces on 59th between Park & Lex are 'regular' shareholders in the 118 East 60th Street co-op. (Owned by a big pension fund, if I remember correctly).

I know of one that is for sale on the UES if you are interested.

Thanks Aaron2, that's the first one I've heard about.

There're 15,000-odd shares allocated to ~25,000 ft² of retail. A big apartment (26AH) has 1,010 shares, so whoever owns those 15,000 must have a lot of say in the co-op. It'd be interesting to find out why the sponsor did it that way when converting the building.

I think the owner of the retail unit holds over 10% of the shares of the corporation, and does sit on the board. I was mistaken earlier: owner is a real estate company, not a pension fund.

The configuration wasn't part of the original conversion, it was the result of a lawsuit post-conversion -- co-op issued new shares. I ran across it as part of some due diligence work once.

Case was 118 East 60th Owners, Inc. v. Bonner Properties, Inc., 677 F.2d 200, 203-04 (2d Cir.1982). It's occasionally cited in statute of limitations claims. I used to have a link to the original case, but can't find it now.

Hello Aaron2 Was wondering who owns all the units at the plaza tower at 118 east 60th street?