Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-24
JOINT APARTMENTS
COST MUCH MONEY
More Than Half Billion DOL
lars Invested in Co-opera-
lively Owned Homes.

More than half billion dollars is
invested IN cooperative apartment
homes In this country; 100000 has
been spent to perfect the legal forms on
which such ownership is built. and
good profits have been made by pri-
vate parties who resold their hold
ingS, the National Association of Real
Estate Boards states in its weekly ar
ticle on subjects to do with land.
Cooperative apartments are con-
tanned in buildings, big and little, that
have been sold to their occupants, who
pay for their space in much the same
way as they might pay for single
family house. The upkeep of the struc-
ture is proportionately divided among
the various apartments in the form of
monthly assessments.
EwAyne quoted.
The association quotes on this sub
j-ct Albert w. Swayne of Chicago presl-
dent of the Chicago Real Estate Board,
pioneer cooperative apartment de-
veloper and director of the associa-
ton.
Towering cooperative apartment
structures rise along Park avenue in
New York and dot the lake shore drives
in Chicago. Great tenant owned
buildings can be seen on the stately
streets of Washington, D. c., and CO.
operative apartment Skyscraper has
just been completed in San Francisco"
he writes.
I'm all these cities there are also
modest and inexpensive co-operatives,
and suburban co-operatives have -four
iShed on the outskirts of Philadelphia,
New York, Washington and Chicago,
and in such small towns as Madison,
Wis. where the demand for space alone
could not have persuaded people to this
mode of living.
Five hundred million dollars is in
vested in cooperative apartment build
ings in New York and Chicago alone.
Three hundred thousand dollars was
recently paid for 20-room cooperative
in New York, and nominal down pay
ments can begin the purchase of more
modest quarters in both cities. with the
balance figured at no more than rent"
Use Standard Forms.
The legal forms now used by many
OF the cooperative apartment operators
in this country and by many operators
in other parts of the world were pre-
pared by group of Chicago co-opera-
live experts including Mr. Swayne These
standard forms, that have been ap-
proved by committee of leading at
torneyS from all parts of the United
0OdICo, ISpeIcS6nG al investment OF
more than 100000 on the part of the
operators, who expended at least this
sum in their time and money to insure
the soundness of their projects.
In order to get men entering this
business to use these legal forms and
to further raise the standards of CO.
operative structures erected in the fu-
ture, the National Association of Real
Estate Boards last year set up in its CO.
operative apartment division a consul
tation bureau on co-operatives, par
tlcularly as an aid to new operators.
This bureau, composed of committees
Of neutral architects, attorneys, bankers
and builders, for a nominal fee will
examine the proposed plans for a CO.
operative enterprise and award it a
certificate of approval if all details meet
with the bureaus standards
The bureau examines the building
location and its design, the legal forms
on which the corporation is organized,