A condop is a residential building or portion that includes cooperative and condominium ownership structure. The condominium has a residential cooperative unit separate from the commercial unit and or garage unit.
During the late 1980's several new developments were built as "condops" they were "hybrids" because the developer had an underlying mortgage on the residential portion of the project. The residential unit is legally a cooperative. Owners are shareholders in a corporation.
A condo can not have an underlying mortgage. I was an original owner/shareholder in one of the first luxury condops constructed on the upper west side.
In new construction, in the offering plan, if the developer/sponsor leaves the purchasers/ shareholders/owners with an underlying mortgage the building is usually a condop. The underlying mortgage is included in the maintenance allocated proportionally to each apartment sold as shares.