coop boards: Coop Rights Bill: Update
- 06/27/07 09:15 AM
The NY Sun reported about the bill that would affect coop boards that has long been stalled is now getting support from law professors.The proposed law would require coops boards to put in writing their reason for rejecting a purchaser applicant from their coop. There is still opposition saying the law goes to far. I was quoted in the article.They called me about the board interview process and how I prepare a buyer for the interview.It's best to really keep your mouth shut, only answer questions, and not elaborate on things," a broker with Coldwell Banker Hunt Kennedy, Mitchell Hall, said. … (3 comments)
coop boards: Transparency and Accountability in NYC Coops? I hope so it is the 21st Century
- 04/24/07 04:25 PM
One of the first blogs I ever wrote was last July about a new law that would make the once secret Co-op sales prices public for the first time under a bill by the Albany legislature. The bill was awaiting signing by Governor Pataki and was strongly supported by Mayor Bloomberg. When the law passed I wrote another blog in August NYC-Coop-Law-brings-Manhattan-Real-Estate-into-the-21st-Century. Before the law was passed there were many in the real estate industry that were opposed to the new transparency law. They liked having secret information that was how business was always done in Manhattan and they liked it.
Janny Scott of The … (5 comments)
coop boards: The "Flip Tax" Creative Financing or a Coop Cop Out ?
- 08/27/06 12:42 PM
The flip tax is a transfer fee that many new york coops and condos impose on shareholders and owners. In the early 80's when many rental buildings converted, huge profits were being made by former renters who bought their units at inside prices and then resold them. Called "flipping" The boards decided to impose the transfer fee and call it a flip tax on sellers to disuade flipping. Due to high oil costs, insurance particularly terrorist insurance, neccessary repairs and increases in expenses many buildings need to build their reserve fund and are trying to impose flip taxes. In order for the flip tax to … (29 comments)
The NY Sun reported about the bill that would affect coop boards that has long been stalled is now getting support from law professors.The proposed law would require coops boards to put in writing their reason for rejecting a purchaser applicant from their coop. There is still opposition saying the law goes to far. I was quoted in the article.They called me about the board interview process and how I prepare a buyer for the interview.It's best to really keep your mouth shut, only answer questions, and not elaborate on things," a broker with Coldwell Banker Hunt Kennedy, Mitchell Hall, said. … (3 comments)
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