What are unsold shares of a coop in NYC?

[Benny]

Can anyone explain to me what unsold shares are when it comes to a coop building in NYC? Are unsold shares of a co op the same thing as coop sponsor units?

If I buy unsold shares in a coop through a sponsor sale, does that mean I get to retain my status as a holder of unsold shares?

If so, theoretically I should have the same rights as the sponsor as a holder of unsold shares right? Meaning I don't have to get coop board approval nor would I have to abide by the coop's sublet policies.

[michael]

Unsold shares of a coop are exactly that, shares that haven't yet been sold by the original sponsor (i.e. building developer or builder). These unsold coop shares are usually apartments in their original condition that are still being rented out by the sponsor.

The sponsor also has unique rights per the offering plan. They don't have to get board approval to sublet, don't have to follow the sublet policy, don't have to pay the flip tax etc. It's good to be the sponsor!