co-op apartment swap?

I guess you should speak to the President of your board, the management company, or a real estate attorney. I don't necessarily see why this kind of transaction would warrant special treatment.

Some guy asked me to swap his house in Connecticut for my apartment. Sometimes, you get the strangest requests.

ask your lawyer -- but my guess is yes - as shares are bought bought and sold. all triggers met.... new basis -- must be registered with the city (and pay fees/taxes)

Another uneducated guess would be......lets say they both own approx 2140 shares in the coop..no change required. They simply swap proprietary leases for their particular units. However, if shares are of diff amounts, maybe you transact the difference. I thought the whole reason to have shares is that you don't own your "specific" apt, just lease it from the coop.

You sign your certificate, you can't just give it to the other guy, as far as I know. I think it constitutes a transfer of property, and has to follow the standard rules. The board might be able to do something but I kind of doubt it. The city will want to be paid on the transaction.

Tell them you might get appointed to an important position in Washington and you really aren't required to follow the law, that laws are more of a guideline, not really something you need to abide by. That might help.

Does "1031 Exchange" apply?

"Qualifying for a 1031 Exchange
Real estate property held for business use or investment qualifies for a 1031 Exchange. A personal residence does not qualify and, generally, a fix-and-flip property also doesn't qualify because it fits in the category of property being held for sale. Vacation or second homes, which are not held as rentals do not qualify for 1031 treatment; however, there is a usage test under Paragraph 280 of the tax code that may apply to those properties. A tax expert should be consulted in this case..." bla bla bla?

Definitely check with the managing agent for your building. He will know, or will connect you with a real estate attorney who does. A sister of a friend did this in her building but I never asked about the details of the exchange.

You could have A rent to B, and B rent to A. This would avoid a sales transaction until A or B wants or needs to move, at which point C will can bear half the transaction costs?

I am reminded of this quote from Pascal:

“The sole cause of man's unhappiness is that he does not know how to stay quietly in his room.”

I find it funny that two people in the same building agree to swap apartments. It must be rare to find a situation like that. Nobody would swap my apartment for something they thought was better and I would not swap for an apartment I felt was inferior. Hence, we all stay in our rooms.

I do not think 1031 exchange applies, 1031 means a swap of rental property for rental property, and is quite complicated to pull off.

PAS I love that Pascal quote!

ali r.
[downtown broker}

i am in the same situation as you were 22 month ago , i am interested to know what happened.
Best.
Mik