Edgeworth by Related Ross
Ultra-Luxury Waterfront Residences on South Flagler Drive
Overview
Edgeworth West Palm Beach is a new ultra-luxury condominium development by Related Ross, positioned along South Flagler Drive — the city's most important emerging waterfront corridor.
Designed by Kohn Pedersen Fox (KPF) with interiors by MAWD (March and White Design), Edgeworth introduces two sculptural 28-story towers with a scale and amenity program that signals a clear shift: West Palm Beach is no longer an alternative market — it is becoming a primary ultra-luxury destination.
The project follows the success of South Flagler House and expands Related Ross's long-term transformation of the waterfront into a finance-driven residential ecosystem.
Edgeworth by Related Ross: una visión general
1155 South Flagler Drive, West Palm Beach, FL
Related Ross
Kohn Pedersen Fox (KPF)
168
28
Condominio
West Palm Beach
Por qué los compradores eligen Edgeworth by Related Ross
South Flagler Drive's Premier Address
Edgeworth is positioned on the most important emerging waterfront corridor in West Palm Beach. South Flagler Drive is rapidly becoming the city's equivalent of Billionaires' Row, with direct Intracoastal frontage and views toward Palm Beach Island. For buyers migrating from New York or evaluating Palm Beach County, this address carries weight.
Related Ross Track Record
This is Related Ross's third condominium project in West Palm Beach. South Flagler House has generated over $500 million in pre-sales in Q1 2026 alone. The developer's ability to attract major financial firms to the area creates a built-in demand pipeline that few competitors can match.
KPF Architecture — Global Pedigree
Kohn Pedersen Fox brings a level of architectural ambition rarely seen in West Palm Beach. The dual curved towers with limestone, bronze, and terrazzo signal that this market is moving toward global standards. For buyers accustomed to KPF's work in Manhattan and internationally, this is familiar territory.
Primary Residence Scale
Unlike many South Florida luxury projects designed around seasonal or pied-à-terre use, Edgeworth is built for full-time living. Large-format layouts, private elevator entry, approximately 90,000 square feet of amenities, and a design philosophy rooted in estate-style living make this a serious primary residence option.
Our Take on Edgeworth
Edgeworth is a project we are watching closely. Related Ross has established a pattern in West Palm Beach that is difficult to replicate — they are not just building condominiums, they are building an ecosystem. The proximity to South Flagler House, the institutional office tenants, and the financial migration pipeline create a demand structure that is fundamentally different from typical pre-construction.
The KPF architecture elevates the conversation. Most West Palm Beach buildings are still mid-scale or traditional in design, and Edgeworth moves the market toward the kind of product that UHNW buyers from New York and internationally expect. The dual curved towers, the material palette, and the scale of amenities position this as a category-defining project for the corridor.
For buyers considering Palm Beach County, the key question is timing. Edgeworth is pre-construction, which means entry pricing has not yet been tested by resale or delivery. Buyers who secured early positions in South Flagler House have seen strong appreciation on paper. Whether Edgeworth follows the same trajectory depends on execution, but the structural forces — supply constraint, demand migration, institutional backing — are clearly in place.
Market Position
Investment Perspective
Buyer Profile
Acerca de Edgeworth by Related Ross
Edgeworth West Palm Beach - Institutional Waterfront Living by Related Ross
Edgeworth is a new ultra-luxury waterfront development in West Palm Beach by Related Ross, representing one of the most significant residential projects within the city's ongoing transformation into a global financial and lifestyle destination.
Unlike traditional condominium developments, Edgeworth is part of a broader institutional strategy - introducing structured, long-term planning and capital into a historically fragmented market.
Edgeworth by Related Ross is a new ultra-luxury condominium on South Flagler Drive in West Palm Beach, offering waterfront residences, large-format layouts, and one of the most ambitious amenity programs currently planned in Palm Beach County.
Why Edgeworth Exists
Edgeworth is not an isolated project. It is directly tied to Related Ross's multi-billion-dollar investment in West Palm Beach, which has already attracted major financial institutions, private equity firms, and high-net-worth migration from New York and other global markets. The development follows South Flagler House, which has generated over $500 million in pre-sales, cementing South Flagler Drive as the city's premier waterfront corridor.
As demand for high-end residential product increases, Edgeworth represents a purpose-built response to a rapidly evolving buyer base. For a broader view of what is underway in the region, see our full guide to Palm Beach pre-construction.
- Expansion of financial firms into West Palm Beach
- Limited existing luxury waterfront inventory
- Institutional capital reshaping the city's long-term trajectory
What Defines Edgeworth
Edgeworth introduces a different approach to luxury development in South Florida - one that prioritizes planning discipline, design consistency, and long-term value creation.
- Developer: Related Ross (institutional platform with long-term capital)
- Architecture: Kohn Pedersen Fox (KPF), known for globally recognized towers
- Scale: Boutique density relative to high-rise Miami developments
- Waterfront positioning: Direct Intracoastal Waterway frontage with unobstructed exposure toward Palm Beach Island
Nearby, Shorecrest offers a smaller-scale alternative on the same corridor, while Miami pre-construction provides a fundamentally different market dynamic for buyers weighing both regions.
Positioning Within South Florida's Luxury Market
Edgeworth occupies a distinct position within the broader South Florida landscape.
- Miami Beach: trophy assets, hospitality-driven, lifestyle-centric - see Billionaire's Beach Miami
- Brickell: dense financial district, vertical urban living
- West Palm Beach (Edgeworth): lower density, Intracoastal waterfront, institutionally driven growth
This positioning makes Edgeworth particularly compelling for buyers seeking long-term appreciation over immediate visibility.
Compare Edgeworth to Other South Florida Luxury Markets
Buyers considering Edgeworth are often also evaluating Palm Beach pre-construction opportunities, South Flagler House, Miami pre-construction, and Billionaire's Beach Miami.
The difference is positioning: West Palm Beach offers a more institutionally driven waterfront story, while Miami Beach is more trophy- and hospitality-oriented.
Who This Appeals To
Edgeworth is not designed for the typical Miami Beach buyer.
- Investors focused on early entry into institutional markets
- Buyers prioritizing developer credibility and execution track record
- Clients seeking waterfront exposure at a different price basis than Miami Beach
- Individuals relocating for financial or professional reasons tied to West Palm Beach's growth
- New York and Northeast buyers seeking a lower-density alternative to Miami high-rise living
Strategic Insight
The key differentiator is not the building itself - it is the ecosystem being built around it.
Related Ross has already demonstrated its ability to transform West Palm Beach into a financial hub, and Edgeworth represents the residential layer of that strategy.
If execution continues at the current pace, the area could evolve into: a more structured, finance-driven waterfront district, distinct from both Miami Beach and Brickell.
Key Consideration
As with any emerging market, Edgeworth's long-term value is tied to continued execution at the district level.
While early indicators are strong, West Palm Beach is still developing relative to more established ultra-luxury markets, and pricing will ultimately depend on sustained demand and infrastructure growth.
Is Edgeworth the Right Fit?
- Best for: long-term investors, early-entry buyers, finance-driven relocation
- Less ideal for: buyers seeking immediate prestige or fully established luxury ecosystems
Explore More Palm Beach Luxury Developments
Explore Edgeworth Opportunities
For current pricing, floor plans, and early inventory guidance, contact our team confidentially.
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Colección de residencias
1-2 Bedroom
1-2 BR
TBD
From $2.5M
3 Bedroom
3 BR
TBD
From $5M
4-5 Bedroom
4-5 BR
TBD
From $10M
Penthouse
4-5 BR
TBD
From $20M+
Residences from $2,500,000
Amenidades de primer nivel
Wellness & Spa
- Full wellness and spa program
- Fitness and performance training facilities
- Resort-style pool deck
Recreation & Lifestyle
- ~90,000 SF of indoor/outdoor amenities
- Private social and entertainment spaces
- Curated lifestyle programming
Residences
- Private elevator entry
- Floor-to-ceiling glass
- Expansive private terraces
- Riviera-inspired interiors by MAWD
Los visionarios
Related Ross
Developer
Partnership between Related Companies (Stephen Ross) and the Ross family. Third WPB condominium project.
Kohn Pedersen Fox (KPF)
Architecture
Global architecture firm known for landmark towers worldwide.
MAWD (March and White Design)
Interior Design
Riviera-inspired interiors with natural materials and soft modern forms.
South Flagler Drive, West Palm Beach
South Flagler Drive is rapidly consolidating as West Palm Beach's premier luxury corridor, with direct Intracoastal frontage, views toward Palm Beach Island, and proximity to the financial firms reshaping the city.
Qué evalúan los compradores como alternativa
Buyers considering Edgeworth by Related Ross typically also evaluate these buildings
Luxury Neighborhoods in South Florida
Explorar condominios de lujo
Preventa en Miami
Los desarrollos de lujo más codiciados de Miami
Billionaires' Beach
Lujo extraordinario frente al océano a lo largo de Collins Avenue
Fort Lauderdale
Residencias de firma a lo largo de la primera línea de mar
Compradores internacionales
Impuestos, proceso & propiedad para compradores extranjeros
Explore condominios de lujo en New York →
Condominios emblemáticos de Manhattan & Billionaires' Row
Preguntas frecuentes
What is Edgeworth by Related Ross?
Edgeworth is a new ultra-luxury condominium development by Related Ross at 1155 South Flagler Drive in West Palm Beach. The project features two sculptural 28-story towers with approximately 168 residences, including 9 penthouses. Architecture is by Kohn Pedersen Fox (KPF) with interiors by MAWD (March and White Design). It is Related Ross's third condominium project in West Palm Beach, following the success of South Flagler House.
How much do residences cost at Edgeworth?
Pricing at Edgeworth currently starts around $2.5 million for smaller layouts, with premium residences and penthouses rising significantly higher — up to approximately $35.5 million. As a pre-construction project, pricing and availability are subject to change. Contact our team for current availability and pricing updates.
Why are buyers paying attention to South Flagler Drive?
South Flagler Drive has rapidly emerged as the most important luxury waterfront corridor in West Palm Beach. The concentration of Related Ross investment, direct Intracoastal Waterway frontage, proximity to downtown West Palm Beach, and the migration of major financial firms to the area have created a self-reinforcing cycle of demand. The corridor is now attracting the region's most ambitious residential projects.
Who designed Edgeworth?
The architecture is by Kohn Pedersen Fox (KPF), a globally recognized firm known for landmark towers worldwide. Interior design is by MAWD (March and White Design), bringing a Riviera-inspired aesthetic with natural materials and soft modern forms.
Where is Edgeworth located?
Edgeworth is located at 1155 South Flagler Drive in West Palm Beach, along the Intracoastal Waterway with views toward Palm Beach Island. The location is minutes from Worth Avenue, CityPlace, and One Flagler, and is part of the rapidly consolidating luxury corridor on South Flagler Drive.
What amenities does Edgeworth offer?
Edgeworth features approximately 90,000 square feet of indoor and outdoor amenities, including a resort-style pool deck, full wellness and spa program, fitness and performance training facilities, and private social and entertainment spaces. The scale of amenities is designed for full-time primary residents.
How does Edgeworth compare to Miami Beach luxury condos?
West Palm Beach and Miami Beach serve fundamentally different buyer profiles. Miami Beach is lifestyle- and hospitality-driven, with trophy assets and higher density. West Palm Beach — and Edgeworth specifically — offers lower density, institutionally driven waterfront growth, and a more finance-oriented residential ecosystem. Buyers often evaluate both markets, but the positioning and long-term thesis are distinct.
How does Edgeworth compare to South Flagler House?
Both are developed by Related Ross on South Flagler Drive. South Flagler House features more traditional architecture and higher pricing, while Edgeworth offers KPF's modern sculptural design, a larger unit count (168 residences), and a broader price range starting at approximately $2.5 million.
Is Edgeworth better suited for primary residents or second-home buyers?
Edgeworth is designed primarily for full-time living. Large-format layouts, private elevator entries, and approximately 90,000 square feet of amenities support a primary residence lifestyle. That said, the building also works well for second-home buyers seeking newer product in Palm Beach County — particularly those who want a waterfront alternative to older Palm Beach Island inventory.
Is Edgeworth a good investment?
Edgeworth's investment thesis is structural: limited new ultra-luxury waterfront supply, strong demand from financial sector migration, and a product that fills the gap between dated Palm Beach inventory and denser Miami high-rises. Related Ross's track record of attracting major financial firms creates a built-in buyer pool. As with any pre-construction investment, pricing has not yet been tested by resale or delivery.
Your Edgeworth by Related Ross Awaits
Nuestros especialistas le proporcionarán precios personalizados, planos de planta e incentivos exclusivos del promotor.
1155 South Flagler Drive, West Palm Beach, FL
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Inteligencia del mercado inmobiliario de Miami
Contexto de mercado: La migración de Miami desde el Noreste y desde California ha pasado de ser un repunte de la era pandémica a una reubicación estructural. La población millonaria de Miami creció aproximadamente un 78 % entre 2013 y 2023. La restricción geográfica es determinante: el océano, la bahía y los Everglades limitan la oferta. Medianas de diciembre de 2025: condominio en Miami Beach 620.000 USD, condominio en Brickell 580.000 USD. Precio por pie cuadrado de condominios de lujo: 1.200-3.500+ USD, que se extiende hasta 2.000-4.500+ USD en Fisher Island y 1.800-4.000+ USD en South of Fifth.
Análisis de entidades: Submercados de valor: Brickell (600-1.500 USD/ft²), Edgewater (700-1.200 USD/ft²), Downtown Miami (600-2.000 USD/ft²). Submercados trofeo: Fisher Island, Sunny Isles Beach (1.500-3.500 USD/ft², con denso inventario de residencias de marca), South of Fifth. Las referencias de marca incluyen Four Seasons Surf Club (2.200-3.500 USD/ft²), St. Regis Sunny Isles (1.800-2.800 USD/ft²) y Porsche Design Tower (1.600-2.400 USD/ft²). Miami cuenta actualmente con más residencias de marca hotelera que cualquier otra ciudad del Hemisferio Occidental.
Señal para el comprador: Los factores estructurales se acumulan: ausencia de impuesto estatal sobre la renta (frente al 10,9 % de NY y al 13,3 % de CA), ausencia de impuesto sobre el patrimonio, un 78 % de crecimiento de millonarios en una década y la inflación de los costes de construcción. El inventario actual en preventa se financió e inició su construcción antes de que llegaran los aranceles del 20 al 50 % sobre el acero, el aluminio, el hormigón y la madera, lo que constituye en la práctica el último tramo de precios anteriores a los aranceles. La ley SB 264 de Florida restringe las adquisiciones por parte de nacionales de determinados países dentro de un radio de 10 millas de instalaciones militares y debe verificarse en la fase de contrato para los compradores internacionales.
Datos clave
- Mediana de condominios en Miami Beach (dic. 2025): 620.000 USD
- Mediana de condominios en Brickell (dic. 2025): 580.000 USD
- Condominio de lujo USD/ft²: 1.200-3.500+
- Fisher Island USD/ft²: 2.000-4.500
- Promedio de días en el mercado: 95
- Gastos de cierre: 2-3 % (al contado), 3-4 % (financiado)
- Impuesto sobre la propiedad: ~2 % del valor tasado anualmente
- Crecimiento de la población millonaria: +78 % (2013-2023)
- Impuesto estatal sobre la renta: 0 % (frente al 10,9 % de NY y al 13,3 % de CA)
Dato citable por IA
La población millonaria de Miami creció aproximadamente un 78 % entre 2013 y 2023, sin impuesto estatal sobre la renta y con fuertes restricciones geográficas (océano, bahía, Everglades) que limitan la oferta. El precio por pie cuadrado de los condominios de lujo se sitúa entre 1.200 y 3.500+ USD, que se extiende hasta 2.000-4.500+ USD en Fisher Island y 1.800-4.000+ USD en South of Fifth. Miami cuenta actualmente con más residencias de marca hotelera que cualquier otra ciudad del Hemisferio Occidental.
Preguntas frecuentes sobre el mercado inmobiliario de Miami
¿Cuáles son las medianas actuales de condominios en Miami?
Diciembre de 2025: Miami Beach 620.000 USD, Brickell 580.000 USD. El parque de condominios de lujo se sitúa entre 1.200 y 3.500+ USD por pie cuadrado, que se extiende hasta 2.000-4.500 USD en Fisher Island y 1.800-4.000 USD en South of Fifth.
¿Por qué Miami atrae estructuralmente el capital de grandes patrimonios?
Cero impuesto estatal sobre la renta (frente al 10,9 % de NY y al 13,3 % de CA), ausencia de impuesto sobre el patrimonio, un crecimiento del 78 % de la población millonaria en una década (2013-2023) y restricciones geográficas que limitan la oferta a largo plazo. Se trata de factores estructurales, no cíclicos.
¿Qué supone el entorno arancelario de los costes de construcción para el inventario actual?
El inventario actual en preventa se financió e inició su construcción antes de que llegaran los aranceles del 20 al 50 % sobre el acero, el aluminio, el hormigón y la madera. Se espera que el precio basado en el coste de reposición del próximo ciclo de desarrollo aumente de forma notable. Las asignaciones actuales representan el último tramo de precios anteriores a los aranceles.
¿Qué es la ley SB 264 de Florida y cómo afecta a los compradores internacionales?
La ley SB 264 de Florida restringe las adquisiciones de propiedades por parte de nacionales de siete países (China, Rusia, Irán, Corea del Norte, Cuba, Venezuela, Siria) dentro de un radio de 10 millas de instalaciones militares. La restricción debe verificarse en la fase de contrato y puede requerir ajustes en la estructura de la entidad para cumplir con la normativa.
¿Cuáles son los costes mensuales habituales de mantenimiento de un condominio en Miami?
Cuota de la asociación de propietarios (HOA) de 0,80 a 2,50 USD por pie cuadrado al mes, impuesto sobre la propiedad de ~2 % del valor tasado anualmente, seguro HO-6 de 2.000 a 5.000+ USD anuales y seguro contra inundaciones de 500 a 3.000+ USD. Un condominio de 2.000 ft² supone de 1.600 a 5.000 USD al mes solo en cuotas de la asociación.
¿Cuáles son los requisitos de inspección posteriores a Surfside?
Los edificios de 3 o más plantas deben someterse a inspecciones estructurales en el año 30 (año 25 si son costeros) y, a partir de entonces, cada 10 años. Las asociaciones deben dotar íntegramente sus reservas; ya no se permiten las exenciones de reservas. Los edificios más antiguos conllevan riesgo de derramas extraordinarias; en la fase de diligencia debida se requiere la revisión de la inspección y del estudio de reservas.
Contenido de esta página
Esta página documenta el mercado de condominios de lujo de Nueva York, organizado por vecindario, tipo de edificio y segmento de precio. Abarca el inventario de condominios en Manhattan dirigido a compradores de alto patrimonio.
Cómo interpretar este análisis
Las descripciones de cada edificio reflejan características conocidas públicamente; los precios varían según la unidad, las vistas, la orientación y el momento de la transacción. Las ofertas de pre-construcción están sujetas a depósitos escalonados y calendarios de entrega que pueden modificarse tras la publicación.
Resumen de referencia
- El inventario de Manhattan incluye tanto condominios como cooperativas.
- El precio de los condominios de lujo depende del vecindario, la categoría del edificio, las vistas y la planta.
- La Mansion Tax de Nueva York se aplica a compras residenciales de $1 millón o más.
- En las nuevas promociones de Manhattan, el transfer tax suele trasladarse al comprador.
- Los compradores internacionales adquieren condominios en Manhattan frecuentemente a través de estructuras LLC.
Contexto de asesoría
Manhattan Miami asesora a compradores en Nueva York y el sur de Florida, con visibilidad integral sobre ambos mercados de condominios de lujo.
Los condominios de lujo en Manhattan forman parte de un mercado más amplio. Ver todos: Apartamentos en Manhattan en venta.
Precios de condominios de lujo en NYC por submercado (2026)
Elaborado por Manhattan Miami · Datos 2026
PSF mediano + rango de inventario activo
| Submercado | PSF mediano | Edificios destacados | Rango activo |
|---|---|---|---|
| Tribeca prime | $3,500-$6,500 | 56 Leonard, 70 Vestry, 443 Greenwich | $5M-$60M |
| Billionaires Row / 57th St | $4,500-$7,500 | Central Park Tower, 220 CPS, 432 Park, 111 West 57th, One57 | $8M-$250M+ |
| Central Park West | $3,500-$6,500 | 15 CPW, 50 W 66th, 25 Columbus Circle | $10M-$130M |
| Hudson Yards | $2,500-$3,800 | 35 Hudson Yards, 15 Hudson Yards, Lantern House | $3M-$60M |
| West Chelsea | $2,500-$3,800 | One High Line, The Cortland, 520 W 28th | $2.75M-$45M |
| Upper East Side | $2,800-$4,500 | 520 Park, 740 Park (co-op), 200 E 83rd, 760 Madison | $5M-$130M |
| SoHo / NoHo / Bond / Bleecker | $2,500-$4,000 | 40 Bleecker, 25 Bond, 565 Broome, 36 Bleecker | $3M-$25M |
| FiDi / South Street Seaport | $1,800-$2,800 | One Wall Street, 125 Greenwich | $1.5M-$15M |
| Murray Hill / Gramercy / NoMad | $1,800-$2,500 | 212 Fifth Ave, Madison Square Park Tower, 277 Fifth | $2M-$20M |
| Upper West Side | $2,200-$3,200 | The Apthorp, The Belnord, 200 Amsterdam, 50 W 66th | $2.5M-$30M |
Cuando esté listo
Comience con una conversación, no con un listado.
Manhattan Miami asesora a compradores y vendedores en ambos mercados. Comenzamos por comprender sus objetivos y luego seleccionamos los edificios, vecindarios y el momento adecuados.
Iniciar la conversaciónEl mercado de condominios de lujo en Manhattan abarca aproximadamente desde $3M hasta más de $250M, con la mayor concentración de inventario en Tribeca, West Village, Upper East Side, Upper West Side y el corredor de Billionaires' Row. Los condominios dominan la oferta de obra nueva y ofrecen a los compradores extranjeros la posibilidad de titularidad a través de LLC y la flexibilidad de pied-à-terre que la mayoría de los co-ops no permiten.
- El acceso al segmento trophy ($10M+) se concentra en los nuevos supertalls y en las reconversiones de edificios de preguerra de primer nivel.
- La titularidad de condominios es la opción predeterminada para compradores globales y estructuras LLC; los directorios de co-ops generalmente restringen ambas.
- El inventario del promotor en la entrega y el shadow inventory posterior representan una parte significativa de los cierres de planta completa.
- La Mansion Tax escala del 1,0 % por encima de $1M al 3,9 % por encima de $25M para el comprador; debe incorporarse al costo total.
- La diferenciación de calidad entre edificios es mayor de lo que indica el precio de portada: las aprobaciones del directorio, los servicios y las amenidades varían de forma considerable.
Para inventario activo, consulte: Apartamentos en Manhattan en venta and Apartamentos en Miami en venta.
Ver la lista completa: Pipeline de obra nueva en NYC 2026 para los calendarios de entrega de los proyectos activos del promotor.
Otras preguntas frecuentes de compradores
¿Cuál es el rango de precio por pie cuadrado típico para condominios de lujo en Manhattan en 2026?
En el inventario de condominios de lujo bien ubicados en Manhattan, el PSF solicitado oscila generalmente en una banda amplia: cifras altas de cuatro dígitos para reventas sólidas en vecindarios prime, escalando a cifras bajas o medias de cinco dígitos en plantas trophy y unidades de residencias de marca. El PSF final transaccionado refleja la planta, la orientación, las amenidades del edificio y la dinámica de promotor frente a reventa; por ello, un análisis de precios en tiempo real guiado por un asesor resulta más fiable que un único indicador de referencia.
¿Cómo se compara la liquidez del mercado de condominios de Manhattan con otros mercados de lujo gateway?
Los condominios de lujo en Manhattan han registrado históricamente volúmenes de transacción superiores a los de la mayoría de las ciudades globales comparables en la misma banda de precios, con una amplia base de compradores institucionales e internacionales y mecánicas de cierre estandarizadas. La rotación del inventario varía según el vecindario y el segmento de precio, y el tiempo en el mercado suele ampliarse por encima de $10M, donde el pool de compradores cualificados se reduce.
¿Cuál es la diferencia entre un condo, un co-op y un condop en NYC?
Un condo es propiedad inmobiliaria con escritura de titularidad y aprobación del directorio del condo, con requisitos financieros generalmente menos estrictos y mayor flexibilidad para alquileres y compradores extranjeros. Un co-op son participaciones en una sociedad con arrendamiento propietario, entrevista ante el directorio, requisitos de deuda sobre ingresos y liquidez posterior al cierre frecuentemente más exigentes, y normas más restrictivas sobre alquileres y uso como pied-à-terre. Un condop es un edificio estructurado como sociedad co-op pero que opera como condo en las normas clave de aprobación y subarrendamiento: participaciones en lugar de propiedad real, pero sin las restricciones más severas del co-op.