In General after you have purchased a sponsor's unsold shares for a specific apartment in a co-op, those shares are no longer Unsold (Since you purchased them). Because of this you do not retain the same rights that the Sponsor enjoyed. Your apartment becomes classified as Owner Occupied and you are beholden to all the rules in the proprietary lease and offering plan that apply to Owner Occupied shares. This is the long way of saying that you are not exempt from paying the flip tax (if there is one) in the building that you purchased into.
I hope this helps,
Please let me know if you have any other questions.
WEICHERT,REALTORS - House & Home
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Bellmarc Brokerage, Ltd.
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