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Talk » Sales » Discussing 'How to tell sponsor ownership?'

How to tell sponsor ownership?
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Hi,
Is there an easy way on ACRIS or the DoF or something (online) to find out how many units the sponsor still owns in a building? Better yet, WHICH units the sponsor owns?

Look at their tax bills. Once a year they pay $10 per stabilized apartment. Don't know whether that includes RC as well as RS.

Some sponsors don't always sell when the RC/RS tenant vacates, though, so that method wouldn't work for them.

If it's more than 10% then the sponsor has to file an annual offering-plan amendment with the Attorney General. That'll detail the number, percentage, and which apartments. It's a hassle getting an appointment to go down and make copies, though. There's a form on the AG's site.

I just checked my co-op's bills.

Turns out the $10 fee is just for the RS, not the RC, so that's useless. It's on the August bill.

The tax abatement, however, applies only to sold apartments, not the sponsor's, and the count is on each quarter's bill. Use that to calculate sponsor-owned percentage.

The DoF might not account for the most recent sponsor sales, but that shouldn't throw the numbers off by much.

I don't know how you'd check a condo, except by looking at every unit's tax bill to see who's paying it.

The managing agent keeps track for both co-ops and condos, so you could always ask them.

NWT,
in order to check the tax bills on a co-op, which document (under Statement List at the DoF) do I check?

Also, what if the units are neither RC/RS? Any way to tell the sponsor ownership?

Comment removed.

It's the Quarterly Statement of Account. At the bottom it'll show

Tax before Abatements
Co-op/Condo Abatement x Units
Annual Property Tax

The building's apartment-count (what SE has is pretty accurate) minus x = sponsor-owned, whether market/RS/RC.

A broker who sells there could just tell you off-hand, or get the info with a phone call.

Comment removed.

I see... so its JUST the total building units minus the "Tax before abatements" line, right? (NOT using the "Tax before exemptions and abatements" line, correct?)

The x in the "Co-op/Condo Abatement x Units" line is number of sold apartments. There's a $ amount at the right end of each of those three lines, to be ignored for present purposes.

Also, the percentage of shares, not units, that're sponsor-owned might be more useful. E.g., my co-op's sponsor still has 25% of the apartments and 19% of the shares.

Percentage of shares will be in the most recent financials.

Great, thanks.

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