From P2P Foundation

Definition

The condop is a hybrid ownership structure. Typically a Condominium differs from a Cooperative in that residents of a condominium directly own their apartments whereas residents in a cooperative own shares in a corporation that owns the building and a right to use a specific apartment in the building. Condops blur the distinction between the two concepts as the cooperative corporation owns, not a whole building, but just the residential condominium space within it. -- (http://Wikipedia.org/wiki/Condop)