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Home Buying in Gramercy Park : Real Estate Advice

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

Activity 9
Thu Oct 25, 2012
Ron Thomas answered:
If I could understand your question,
I might have an answer for it.

My bet would be, that the Bank isn't going to do anything ILLEGAL.
Especially if you signed the papers.
0 votes 6 answers Share Flag
Sat Sep 22, 2012
Janet Nation, CBR answered:
If it's part of your proprietary lease you and you do not have the same privilege as the previous owner, then yes you will have pay when you sell.
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
... more
0 votes 1 answer Share Flag
Sun Aug 18, 2013
Jeff Brenner, MBA answered:
Hi Dee,

Units are still available at 36 Gramercy. Many of the units were snapped up by insiders (e.g. existing tenants) at prices of approximately $1800/sf, but the existing market-rate apartments available are going for closer to $3000/sf (e.g. for the larger units). Resales are another possibility, and as least one unit was apparently instantly "flipped" to a new buyer providing an apparent immediate substantial profit to the tenant.

For specific availabilities within your budget, don't hesitate to email me I also have a recommendation for a more cost effective building that one of my clients preferred over 36 Gramercy.

Good luck and 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
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0 votes 5 answers Share Flag
Wed Feb 3, 2010
Jackie answered:
Hi Kirsten, here on Long Island, the Flip Tax is common. The Co-Op board charges this fee to the shareholder only when they sell and it doesn't matter how long you owned it. Below is a link to a New York Times article about Flip Tax to get you started. I hope it helps you. ... more
0 votes 7 answers Share Flag
Tue Jan 26, 2010
Scott Godzyk answered:
Chuck first your loan officer should have told you about this law before you starte dto look so you could ask, if your buyers agent knows you are getting an fha mortgage then they shoudl be researching the history for you and/or letting you know the history. it ultimately is up to you to ask them to find out for you as you are the one who has teh most to lose. The sellers doesnt have to disclose this though most investors buying and fixing houses for resale are now telling buyers becuase they also want the quickest sale with no delays, so this delays them as well. It is a 90 day seasoning period and different mortgage companies have their own guidelines as to how long after the deed is recorded on teh previous sale or foreclosure they will start processing your mortgage. It is a good idea for everyone to disclose or ask this question from now on. ... more
0 votes 9 answers Share Flag
Fri Nov 20, 2009
Sean Dawes answered:
We need an address to the property that you are asking about in order to help you.

So if you can provide some more info that would be great.

Sean Dawes
0 votes 1 answer Share Flag
Mon Apr 11, 2011
CJ Brasiel answered:
Sudie -

I am sure the NY Trulia voices will chime in with better information, but I found this article that you might find helpful.

There was also this previous post on Trulia:


Hope these help until one of the local professional chime in.

... more
0 votes 7 answers Share Flag
Tue Feb 15, 2011
Aileen-Manhattan-NYC answered:
I believe a professional reference letter should include: date of the letter, how long the writer has known the applicant, the writer's status in the business, background on the writer's working relationship with the applicant, positive endorsement of the applicant - both professionally and as the future owner/tenant in the co-op, good character examples of the applicant, and contact information of the writer.

I'm sure more or less can be included, but this only meant to be a general guideline. You may also wish to review online resources for specific examples.

Hope this helps
... more
0 votes 1 answer Share Flag
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