Lawsuit Peeks into World of New York City Co-Ops

February 4, 2011  |  

(Reuters) – Money might talk, but to people hoping to buy an apartment in New York City, it’s the powerful co-op board that has the final say.  A lawsuit filed this week offers a revealing look into the feuds and power plays behind the tony facades of some of New York’s fanciest addresses, in this case The Dakota apartment building. The Renaissance-style castle on Central Park is where John Lennon was shot and his wife, Yoko Ono, still lives with famous neighbors such as Lauren Bacall.Some 75 percent of New York City apartments are co-operatives, which are run by boards that represent the interests of the residents, set the rules of the building and vet potential buyers.

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