Final answer:
A building split into a condominium and a co-op does not receive a specific new name; it is simply a building with a dual ownership structure. One part remains as condos, while the other part of the building is owned collectively by a corporation in which residents have shares. This could complicate building management and operations.
Step-by-step explanation:
When a building is divided into two condominiums and one of the condos is converted into a co-operative (co-op), the building does not have a specific new name; it is merely described by the split ownership model. In this scenario, half of the building remains individual condominium units, where each unit is owned outright by an individual or a family, like a traditional home. The other half becomes a co-op, where residents do not own their units outright but instead have shares in a corporation that owns the building, and their living space is assigned via shareholder lease arrangements.
It is essential to note that this split structure could lead to a mixed-use or dual ownership type of residential building. However, this configuration may introduce complexities in terms of building management, financing, and governance, as the regulations and operations for condos and co-ops differ significantly.