Sale at 167 East 61st Street #14B

Plaintiff alleges that the board is attempting to shore up its finances by price-fixing because the building imposes a flip tax of 2% of the purchase price (Plaintiff Aff., 7 3). She claims that the building is trying to precipitate her default so that the corporation can bid at a sale, acquire her apartment at a below-market value, and flip it for a profit to shore up the corporation’s finances (id). The board force thew owner into bankruptcy, bought the unit for 400k on Sep. 12, and is now looking to flip it. Note that 15B is listed at 640k, comparable land-lease units, with high maintenance in this area have all traded around 600k list price with 30k kickback for renovation. What a racket !!