FLIP FACTS

Selling an apartment is a huge undertaking, and lots of money changes hands. One hand that is often outstretched is that of the co-op being left. Depending on what a co-op’s governing documents say, a transfer or flip tax might be collected. For the seller, now flush with cash, that fee provides welcome revenue to a co-op’s coffers. But for the co-op corporation that doesn’t have a flip tax, it’s a missed opportunity. Listen as Norman Himmelfarb, of Himmelfarb & Sher, and Andrew Brucker, of Schechter and Brucker, lay out what’s needed to make the flip happen. Featuring the song “Jazz’n’Out” from the album Jazzafari Bea Tape Vol. 1, licensed under CC BY-NC-SA 4.0.