Written by Lisa Prevost on February 06, 2014
Does your co-op have a flip tax that it is higher than five percent of the gross sales price? If it does, you should be concerned. Lewis Kobak is.
Kobak, the longtime general manager of Brigham Park Co-op Section 4, in Brooklyn, became worried earlier this year about his co-op's transfer fee — colloquially called a flip tax — when several shareholders were having trouble selling their apartments. Buyers were being turned down for bank financing.
Co-op and condo board business broken down into bite-sized bits - 2 stories each week. Read now on all digital devices.
A free digital resource for co-op/condo board directors. Published twice a month. Read now on all digital devices.