Dennis Greenstein Quoted in The New York Times
"Upsizing in a Co-op Can Cost You"

Dennis Greenstein was quoted in the real estate Q&A column of The New York Times on June 4, 2010. The letter writer wanted to know if it was legal for a co-op building to charge a flip tax when a person is selling and buying within the same building.

Dennis responded to the writer that the "proprietary lease must be reviewed to see if a selling shareholder who is buying another unit in the building is exempt from the tax or subject to a lower tax." He noted that under many leases, a shareholder selling to a spouse is exempt from paying the fee. Dennis further explained that in some cases shareholders who bought their apartments as part of a conversion to co-op might be exempt from paying the full tax. He added that in most cases, however, "a shareholder who was selling would have to pay the full fee if the lease required one."