Unreasonable flip tax on Gramercy Co-Op?

I just received a copy of the bylaws of a Gramercy co-op that I have a verbal agreement in price on. It says: "Transfer of shares will be subject to a payment to the co-op of a sum equal to ten percent (10%) of the resale price or value of the apartment, net of permissible deductions." From my reading on StreetEasy and the Internet, this seems ridiculously high. Am I misinterpreting this? I am... [more]

I just received a copy of the bylaws of a Gramercy co-op that I have a verbal agreement in price on. It says: "Transfer of shares will be subject to a payment to the co-op of a sum equal to ten percent (10%) of the resale price or value of the apartment, net of permissible deductions." From my reading on StreetEasy and the Internet, this seems ridiculously high. Am I misinterpreting this? I am waiting to hear from my attorney but does anyone know what the permissible deductions would be? My instinct is telling me broker commissions and the NYC transfer tax may be applicable here. If so, it would be: 10% flip tax - 6% broker commission - 1% NYC transfer tax which would equal a 3% flip tax. Now 3% doesn't seem all that unreasonable. What is a reasonable flip tax? Any help would be appreciated. [less]