All coops have a sponsor who is the owner of the property before it was a coop and has "sponsored" the offering plan by which the building becomes a coop when the conditions are met to declare the offering plan effective. Your question seems to refer to sponsor owned apartments. Until a particular apartment is sold, it is owned by the sponsor. The sponsor has special rights as the owner of the property who converted the building to a coop. One of these rights is to sell the apartments to anyone they choose. Once an apartment has been sold by the sponsor, any further sale is subject to the approval of the board of directors that runs the coop. For a purchaser, obviously it is easier to buy from a sponsor since you do not have to submit your financial information in the form of a board package, do not have to be interviewed and cannot be rejected once your offer is accepted and the contract is fully signed. However, there are very few sponsor apartments left to purchase these days since there have not been many new coops in recent years.
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