condominium

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Condominium

In the United States and most of Canada, a piece of housing property attached to other properties, each individually owned, but with co-ownership of all common areas. This is usually associated with an apartment building in which residents own their apartments, but collectively (acting through a homeowners' association) own things like elevators, electric wiring, the outside of the buildings or the courtyards. In the event of an accident, liability is often apportioned according to where the accident occurred. For example, if a pipe bursts in a condominium and ruins the floors, its owner is responsible. However, if a pipe bursts in a condominium and ruins a neighboring unit's floors, liability rests with the homeowner's association. It is informally called a condo.

condominium

A system of ownership in a multiunit development allowing individual ownership of some areas and common ownership of all other areas.The identifying feature is the legality that common areas (entrance, hallways, elevators, swimming pool, parking, etc.) are owned by all members of the community in common with each other, rather than being owned by a separate corporation or association. Residential condominium projects may be multistory apartment-style residences or may resemble traditional detached housing or garden home communities.

References in periodicals archive ?
Their most prominent projects include 124 Hudson Street, an out-of-the-ground new, construction project located in TriBeCa, consisting of approximately 90,000 square feet, 26 condominum units and a commercial space on the ground floor.
In another transaction, the group has finally acquired the residential portion of 28 East 70th Street at Madison Avenue and will turn it into luxury condominum units.
8 million in construction permits approved to the end of July, times are good for city builders, with a range of activity across all sectors, ranging from new condominums to large-scale additions to local schools to sprawling commercial projects.
Tarpon seek locations with much higher elevation than snook, often locations that end up under homes, condominums, roads and parking lots.