ITKOWITZ PLLC STORIES

Philadelphia Skyline

$10M Co-op Closing on Fifth Avenue in New York City

March 2013
We represented the seller on a $10M coop closing on Fifth Avenue in New York City, it closed last week.  The transaction featured a complex complication involving a heated dispute between the seller and the cooperative corporation over which party was responsible for water leak repairs on the terrace. The cooperative corporation took the position that an alteration agreement with the prior owner, which was never turned over to the seller at the time of her purchase, was binding on her. The shareholder disagreed and the parties were in a contested litigation at the time of contract.
During the approximate nine month period from contract to projected closing, the case settled allowing the closing to proceed, though it was delayed pending the seller finding acceptable new quarters.
A final wrinkle occurred at closing when the title company calculated the transfer tax on a commercial basis because the apartment was previously combined into one but as of record had two kitchens resulting in a commercial rate. Documentation by a professional showing one kitchen reduced the transfer tax to a residential rate resulting in significant savings.

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