Can anyone explain why SE has the last two closings at The Harrison priced at $0?
streeteasy
about 2 years ago
Posts: 205
Member since: Jan 2006
They are non-market sales. When there is a transfer between related persons, or partners in multiple companies, or other reasons which would make it a non-market sale, they report the price as $0, and they are supposed to check a box on item #14 in the Real Property Transfer Report. Unfortunately the city frequently does not ensure that the report is accurate before they record it.
In one of the two sales, it's a simple transfer between a person and a company that is controlled by the same person. In this case the buyer is also a seller, which makes it non-market.
We exclude non-market sales from our stats/reports, etc.
Can anyone explain why SE has the last two closings at The Harrison priced at $0?
They are non-market sales. When there is a transfer between related persons, or partners in multiple companies, or other reasons which would make it a non-market sale, they report the price as $0, and they are supposed to check a box on item #14 in the Real Property Transfer Report. Unfortunately the city frequently does not ensure that the report is accurate before they record it.
In one of the two sales, it's a simple transfer between a person and a company that is controlled by the same person. In this case the buyer is also a seller, which makes it non-market.
We exclude non-market sales from our stats/reports, etc.