The short answer is that “flip taxes” are legal so long as they were properly adopted. Flip taxes, also called transfer fees, were often implemented in the 1970s and 1980s. However, a co-op board can only impose a flip tax if permitted in the original offering plan or...
Co-ops and condominiums have historically placed various restrictions on residents to maintain a certain standard of living and community decorum. One of the benefits of community living is being able to establish the rules and polices under which everyone lives. ...
In a historic move, the National Association of Realtors (N.A.R.) has agreed to a $418 million settlement in a series of lawsuits filed by home sellers, challenging the traditional broker commission structure. This agreement, pending federal court approval, proposes...
As one of the world's most dynamic and competitive real estate markets, New York City is constantly evolving and changing. In 2024, there are several key trends that prospective buyers, sellers, and investors should keep an eye on when it comes to the residential real...
We are all seeing the results of climate change as temperatures rise and the weather is increasingly volatile. Changes to reduce greenhouse emissions have been challenging and expensive. Nonetheless, there is little doubt that something needs to be done. As part of...
Reverse mortgages have, until recently, been available only to owners of one to four family homes and condominium apartments. Shareholders in co-ops, however, were unable to take advantage of reverse mortgages as they did not own a real property interest that could...
Boards of directors of co-ops should be aware that there is always a claim that may be filed when an applicant for a purchaser is rejected. The general rule has always been that a co-op board may reject anyone for any reason except on the basis of discrimination...
“I’m sick to death of cleverness. Everybody is clever nowadays.” Oscar Wilde wrote for his protagonist Jack Worthing in “The Important of Being Earnest”. It’s as true today, as it was in 1895. And just as it did for the characters of Wilde’s play, this practice can...
Countless New Yorkers are living in financial uncertainty. And, as some tenants in co-ops struggle to pay their rent or maintenance, co-op boards are starting to feel the pinch. Many properties, like co-ops, require collective participation by occupants to help pay...
As the coronavirus pandemic sweeps the nation, New York City co-ops and condominiums are grappling with difficult questions. Social distancing – the frontline strategy that’s so essential for mitigating the spread – is much more complicated in New York City than, even...
