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Home Buying in Gramercy Park : Real Estate Advice

  • All38
  • Local Info5
  • Home Buying12
  • Home Selling1
  • Market Conditions3

Activity 11
Sat Jan 11, 2014
Christopher Pagli answered:
Sun Aug 18, 2013
shahar genefar answered:
I can find you an apartment anywhere on that block or area
contact me
1(516)637-2024
0 votes 5 answers Share Flag
Mon Jun 24, 2013
Catherine Andrusenko answered:
Dear Amy,

I employ an amazing platform, that allows my clients search the available properties on their own time. Setting up the criteria profile will only take you a couple of minutes and you are able to search listings, explore the sales history in the particular building and see more property details than any other website will provide. Here is the link: https://catherineandrusenko.agentfolio.com/catherineandrusenko/client/new

Please feel free to contact me with any other questions regarding purchasing in Manhattan.

Catherine
(347) 878-8193
catherine.a@kwnyc.com
... more
0 votes 11 answers Share Flag
Thu Oct 25, 2012
Joseph Runfola answered:
A Flip Tax is a tax imposed by the cooperative on the sale of a unit, it is not charged by Astoria bank. The flip tax can be paid by the purchaser, seller, or shared by both parties; but it is customarily paid by the seller. The flip tax is a revenue generating tool used by the cooperative to increase its reserve fund, it is not used by Astoria bank. ... more
2 votes 6 answers Share Flag
Sat Sep 22, 2012
Elena Ravich, Esq. answered:
when you are buying from a sponsor, you are usually paying transfer tax...not flip tax
flip tax is paid on re-sale transactions, i.e. is triggered after they have been sold by the sponsor and are sold again. ... more
0 votes 7 answers Share Flag
Wed Jul 27, 2011
Mitchell Hall answered:
No, In a coop any change in the proprietary lease including implementing flip tax usually requires a majority or 2/3 vote by shareholders. If the flip tax is based on net profits the coop makes more from the long-term unit owners since they have more equity.

Mitchell Hall, Associate Broker
The Corcoran Group
mhall@corcoran.com
... more
0 votes 1 answer Share Flag
Mon Apr 11, 2011
Vincent Carrieri answered:
i know this answer is about 2 years late but i didnt like any of the answers on saw on here. any flip tax over 3% ajusts your ltv. this is a fannie mae guideline. if your flip tax is more than 3% then your ltv is no longer 80%. any flip taxes under 3% will not effect ltv. lets say your puchasing a 100k home with a 5k flip tax imposed on the seller. you put 20% down on a 100k purchase leaving 80k loan amount. this should avoid pmi however you have take the following into concideration. subtract 5k from purchase price and divide it into the loan amount to figure out your new ltv. 80k/95k=.842 this means your borrowing 84% of the property's value. the reason the value is 95k is because in the event of a forclosure the bank would be responsable to eat the 5k flip tax when they sold it off to recoup their assets. the house may appraise for 100k because others are buying at that, but the house is only worth 95k because it would cost 5k to make that 100k. hope this helps. ... more
1 vote 7 answers Share Flag
Tue Feb 15, 2011
Jeff Brenner, MBA answered:
Hi Allison,

I've collected a bunch of sample "de-personalized" letters for co-op board that may be useful to you or others. Feel free to email me at jbrenner@citi-habitats.com and request the sample reference letters for a co-op board. I've served on a co-op board for over 10 years, during which time many individuals have transitioned into and off of the board, and consequently have a pretty solid idea of what most are looking for.

Best regards,
Jeff Brenner, MBA
Senior Associate - CitiHabitats | CitiSales
Apartments | Townhouses | Multifamily
Rentals, Sales and Investments
By Referral Only
"Platinum Production Award - 2009" | "Top Rental Production"
"Top Overall Production (Sales + Rentals) Award - 2008"
Mobile 646-496-5333
jbrenner@citi-habitats.com
... more
0 votes 2 answers Share Flag
Wed Feb 3, 2010
Joseph Runfola answered:
Flip Tax is a tax imposed by a cooperative (co-op) on the sale of a unit within the building. This fee can be based on a percentage of the gross sale, net sale, gain, or the number of shares held by the shareholder or a fixed number determined by the cooperative board. The flip tax can be paid by the purchaser, seller, or shared by both parties, however, custom usually dictates that the seller pay the flip tax. There are several different types of flip taxes, each with its own merits and problems. The choice you make should be the one best adapted to the needs of your building and its shareholders.
Per Share Amount. This is, of course, the most conventional and simplest type of flip tax, and one found acceptable by the Court in the FeBland case. It treats all shareholders equally by imposing a flip tax of a fixed dollar amount per share. However, this method can excessively benefit sellers who bought years ago and paid far less than the current market rate, because they would be taxed the same amount as those who bought more recently at higher prices.
Flat Fee. A second method is to charge a certain flat dollar amount per transaction (e.g., $5,000 per transfer). This method benefits the owners of larger units who pay the same amount as the seller of a studio. It can, however, be the best compromise for a building where all the apartments are relatively similar in size. This form of flip tax, if properly enacted, is also perfectly legal under the amended Section 501(c) of the Business Corporation Law.
Percentage of Sales Price. Another acceptable form of flip tax is a percentage of the gross sale price.
Percentage o f Net Profit. Perhaps the most controversial form of flip tax is one based on net profit. In this case, the cooperative must very carefully define exactly what its formula will be for determining the net profit; and the formula must be strictly and consistently applied. If your formula allows the seller to subtract from the sales price provision for improvements made to the apartment, there will be an incentive to pad costs in order to lower the net profit figure that will form the basis for the flip tax. Evidence of payment of invoices for improvements should be required.
... more
0 votes 8 answers Share Flag
Tue Jan 26, 2010
Robbie Vaughn answered:
You appear to be in need of immediate legal advice; you should consult with an attorney immediately.

Do you have a contract signed by the seller in your possession? If so, then consult with an attorney regarding filing an action for specific performance or damages. This would compel the seller to sell the property to you or pay you $$$. Your recourse will depend on the terms of your contract.

The above is very basic! You need an attorney to conduct a detailed analysis of your situation and advise you accordingly. I really hope you are able to consult with an attorney before your scheduled closing date. Good luck!


Robbie L. Vaughn, Esq.
New York Attorney
Real Estate | Foreclosure Defense |
Bankruptcy | Landlord-Tenant Matters
70 West Main St.
East Islip, NY 11730
631-780-4758 (Phone)
631-930-3235 (Fax)
http://www.Rlvaughnlaw.com

We are a debt relief agency and a law office that helps people file for bankruptcy relief under the United States Bankruptcy Code.

This is not legal advice.
... more
0 votes 9 answers Share Flag
Fri Nov 20, 2009
Jenet Levy answered:
Hi, Cathe.
There is no link to your question to show which property you are asking about. Can you provide it? I see you are listed as "Home Buying in Gramercy Park." There are many terrific properties there at very good prices. What specifically are you looking for?

Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
(212) 381-4268
... more
0 votes 2 answers Share Flag
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