1320 is a cooperative apartment building, as opposed to a condominium.

This legal structure is quite common in New York City but less common in Chicago outside the city’s most prestigious vintage buildings. 1320 is legally a corporation that is owned by its residents, whose ownership shares (which can be financed) give each owner the right to occupy their apartment. The cooperative board must approve prospective purchasers and, in the case of 1320, generally requires only that prospective owners demonstrate the wherewithal to pay their portion of expenses required to maintain the property (evaluated unobtrusively and confidentially by the board president and finance committee head); and that owners live in their residences (no renting). 1320 welcomes individuals and families of all demographics. We are a very inclusive community united by a desire to have diverse and collegial neighbors.

A note on cooperative building monthly assessments:

Unlike condominiums, where real estate taxes are assessed on each unit and are paid separately by each owner, cooperative apartment real estate taxes are assessed on the building as a whole and are included in each unit’s monthly assessment. Therefore, a comparison of a cooperative’s monthly assessments with a comparable condominium must include the condominium’s real estate taxes or exclude the cooperative’s monthly tax assessment. In addition, in the case of 1320, monthly assessments also include the cost of hot and cold water, sewer, steam heat, gas, tv cable and internet service.