What distinguishes a cooperative from a condominium?

In a “condo” arrangement, individuals possess legal ownership over a specific unit within a multi-unit building structure. They additionally hold a stake and the right to utilize shared spaces like hallways, elevators, gardens, swimming pools, and a club house within the same structure. These individuals are required to make monthly payments to an “association” to cover maintenance expenses for the shared areas. The association functions similarly to a corporation, with protocols in place for addressing complaints, appeals, and safeguarding the rights of individual owners while also providing a system for settling disputes within the community.
On the other hand, a “co-op” presents a distinct ownership structure: instead of individually owning a specific unit, individuals hold stock in a corporation that possesses the building and all its apartments. They subsequently lease their apartment from the corporation, calculating the lease payment based on the apartment’s size. As shareholders, they participate in electing the Board of Directors responsible for managing the cooperative.