Timeline of Condo History

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Condo History in North America

The Rembrandt building at 152 West 57th Street, New York City's first co-op, now demolished

1881 North America's first co-operative building, the Rembrandt is built in midtown Manhattan. This is the first instance of being able to "own" within a shared building.


1958 The U.S. territory of Puerto Rico adopts condominium legislation, technically making it the first place in the United States to adopt condo legislation, although without using the words "condo" or "condominium". Puerto Rico's legislation is known as The Horizontal Property Act.

JohnFKennedy.jpg


1960 Utah introduces condominium legislation brought about with the development of Graystone Manor. The legislation isn't technically adopted until 1963.


1961 An amendment to the National Housing Act, section 234, grants the Federal Housing Administration the power to insure mortgages on condominium properties.


1965 New York City, the world's mecca of co-op buildings, gets its first condominium: St. Tropez. For the first time in the city's history, New Yorkers can buy a residential unit without an interview!


1970 Over the last ten years, an estimated 700,000 condominium units have now been constructed in the continental United States.


2001 Trump World Tower is completed in New York, becoming the tallest solely-residential building in North America with 72 floors.


Condo History in Europe

1924 Hungary adopts condominium legislation much as it appears in North America today.


2009 One of the last Western democracies to adopt such legislation, Sweden authorizes the construction and transaction of condominiums although only six condo units are built in the first year. Sweden has had co-operative housing since the 1920's.

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