Flip Tax
Probably a stupid question, but the 25% flip tax at Turner Towers–is that 25% of the sale price, or 25% of the profit?
Probably a stupid question, but the 25% flip tax at Turner Towers–is that 25% of the sale price, or 25% of the profit?
This afternoon my wife spoke with someone on the Turner Towers board. The flip tax is based on the PROFIT, not the sale price.
surely someone has a copy of their COOP bylaws and get the definitive scoop on this…
the flip tax is on the profits, not the sales price. if you question that, reread the nytimes article last week.
It is really a special building though
Stay away from this. I don’t know where Turner Towers are but we looked at an apt. last year with 25% flip tax, it really is as bad as it seems. The boards need to repeal this stupid laws. Maybe they don’t want a lot of turnover at these buildings? Maybe they’re looking for lifers.
the one in the times (in hell’s kitchen) was developed by the city as a low-income coop, so it makes some sense. but turner towers is a regular coop…
I may well be 25% and it is indeed of the sale price. When I looked there about 5 yrs ago it was 33% (I think). But I am 100% sure it is of the total sale price. This is why prices there are low
So if it is 25% of the salesprice, and you buy it for $100, sell it for $125, you have to give $31.25 to the co-op and you end up losing money on the deal? Come on…if it is 25%, then it has to be on profit (and how do you determine that anyway?). Something is wrong here.
Why are coops in Turner Towers cheaper than comparable buildings – or is this tax part of the reason? It is such a fabulous building and the apts seem cheap