Co-op of the Day: Turner Towers Two Bedroom
We can’t get enough of Turner Towers so luckily for us there always seems to be something on the market there. At the beginning of January we took a look at Apartment 2J which had started out back in June at $749,000 and worked its way down to $599,000. Today’s two bedroom is on a…
We can’t get enough of Turner Towers so luckily for us there always seems to be something on the market there. At the beginning of January we took a look at Apartment 2J which had started out back in June at $749,000 and worked its way down to $599,000. Today’s two bedroom is on a much higher floor but looks like it still has the original prewar kitchen (which could be a plus for some people). The asking price is a full $100,000 more than 2J, though, so it’ll be interesting to see how this does. Does anyone know which apartment this is and how long it has been on the market?
Turner Towers 2 Bedroom $699,000 [Craigslist] GMAP P*Shark
Co-op of the Day: Turner Towers, 2J [Brownstoner]
Building photo from jcohen
Could somebody tell me the terms of this “flip tax”? I’ve never heard of such a thing. Interesting. How much is the “tax,” and how short a turnaround does it consider to be a “flip”? And would the board consider waiving this fee if the owner had to sell for non-speculative reasons, like a job transfer, divorce, death of spouse, catastrophic illness? Personally, I am not interested in investing my real-estate bucks in properties that place too many rules on what I can do. I don’t even like condos, much less co-ops. Not to hate on this building or anything–the apartment looks nice and seems fairly priced. Cheers.
Yes. You can deduct any capital improvement expenses over $500.
to anon 3:42,
You seem to have taken my question the wrong way.
Obviously the coop has to raise money, but I just wonder why this method would be deemed the best way.
You say the flip tax hits you on the way out. But to my way of thinking, it hits you every day because this restriction makes every coop worth less . .. of course, I could be wrong!
When calculating your flip tax, do they take into consideration what you invested into renovation? This can be considerable if you purchase a place in need of a gut reno…
RE: flip tax. How else do you pay for things if you don’t have a flip tax? Assessments? Maintenance increases? Or avoid payment and neglect the problem. Either way you pay for it. With the Flip tax at least they get you on the way out the door. TT has made a boatload of money off of the flip tax but you know what? It is still not enough. They did exterior renovations, roof renovations, interior upgrades while keeping costs manageable. The flip tax is a very cooperative way of doing it but it helps the building. Most of the people at TT love the building, (I used to live there). If you can’t get a handle on the flip tax don’t live there. You pay it on the profit from the sale of the unit so the money was never in your pocket to begin with. The other option is to not move. If you are there for less time you pay less but if you never move you never pay.
who thinks the flip tax is a good idea and why?
It seems like a costly anachronism in this day and age
I disagree completely that person was a troll. That person’s comments were specific and detailed, and obviously coming from having seen the building, unlike various troll posts on this site which are always general, broad, non-specific insults to entire neighborhoods. I think that person simply didn’t like the building, and what’s wrong with that. To each his own. We’re grownups here; we know some people can love a building that others hate. It’s about personal taste. Especially regarding old buildings. What’s charming to some is gross to someone else.
My feelings exactly 12:56, it is a special building. 11:59 sounds like a troll. I have always wanted to live there. The first time in my life that I went to Brooklyn was to visit friends renting there back in the 70’s. The neighborhood was wild, the doormen were always drunk but the apartments have always been to die for – with a few caviats – the ones that face the airshafts are depressing and yes, the gym isn’t too cheerful – but at least you don’t have to have a treadmill in your apartment.
give me classic six or 3br on at least 4th floor (southern view) with no windows to the internal courtyard and I would be buying in a second