New York's Cooperative and Condominium Community

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BRIGHAM PARK CO-OP SECTION 4

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.

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