Met Life Clocktower: Designer Condos by Versace

The house of Versace will offer decorating ideas for a Manhattan landmark undergoing renovations and condo conversion.

The Italian design house has been hired to do some interior design work on the Clock Tower in the Flatiron District.

One Madison Avenue, the former Met Life Clocktower building near Madison Square Park, will be converted to residential condominiums in a joint venture between RFR Holding, LLC, Ian Schrager and SL Green Realty Corp.

Erected as the tallest building in the world in 1909, a title it kept for four years when the Woolworth Building at 233 Broadway was completed.

The renovations include 55 condominium apartments, common areas and a spa. Donatella Versace will personally design a luxury club in the building.

One Jackson Square: Modernist 'Green' Condos

Sales are under way at One Jackson Square at 122 Greenwich Avenue. 35 organic modernist green condos in the heart of Greenwich Village.

Designed by renowned architect William Pedersen, the 11 story building of ribbons of floor-to-ceiling windows will run along a gentle curve. One Jackson Square will complete a busy crossroads of downtown Manhattan, 8th Avenue at 13th Street where the West Village meets Chelsea.


Studio, 1, 2, and 3 bedroom loft homes are available, offering 10' ceilings and floor-to-ceiling glass.



Many of the homes offer outdoor space and captivating views, ranging from dramatic City skyline panoramas to serene park views.

A 24-hour concierge, available valet parking, perfectly-appointed entertaining lounge suite, complete fitness center, spa treatment room, and landscaped courtyard garden provide for stylish comfort in this LEED-registered Green building.

Occupancy is summer 2009. Current available loft homes range from an 1100 sqaure foot One Bedroom, 2 bath for $2.2 million to a 2737 square foot 3 bedroom 4 bath home for $7.4 million.

To receive current listings at One Jackson Square or any new development in Manhattan click here

Related link: Green condos in Manhattan

Centria: 18 West 48th Street

Luxury studio and one bedrooms condo units are available for immediate occupany. Prices range from $1,200,000 for a 604 square foot studio to almost $2,000,000 for a 773 square foot one bedroom.

Developed by JD Carlisle Development Corp., the same developers of Morton Square downtown and The Cielo on the Upper East Side.

Located just to the south of the Rockefeller Center Promenade and across the street from One Rockefeller Center. The facade has two tones of gray-blue glass.

Building amenities include: Fitness Centre, WiFi ready Business Center, Conference Room, Lounge, Private Smoking/Cigar Room, Landscaped Courtyard Gardens.

Apartment features include: Driade Italian kitchens, oak wood floors, Floor to ceiling windows, Calacatta marble bathswith his and her sinks, deep tubs and separate showers and Washer/dryer in every apartment.

http://www.centriacondos.com/

Green Condo Buildings in Manhattan

The Future is Now!

Green technology and space age designs are currently under construction throughout Manhattan.

High Line 23 or HL23 (shown above) is a new green building from Neil M. Denari Architects that is currently under construction in the West Chelsea art gallery district at West 23rd Street and 10th Avenue.

The structure is a 14 floor mixed use of gallery space and condominiums with amazing views of the new High Line elevated park preservation and green space reuse project.

The condo will include nine floor-through apartments ranging in size from about 1,850 square feet to 2,600 square feet. Prices range from $2,750,000 to $10,500,000 for the 3700 square foot penthouse duplex unit with a terrace.

LEED certified homes combine systems that together create a holistically green building that is much more than energy savings. Energy, indoor air quality, water consumption, sustainable sites, landscaped roofs all create an envornmentally friendly building.

To receive LEED certificate a building has to earn 26 of 69 points on a scale created by the (LEED) Leadership in Energy and Environmental Design, the country's most popular green benchmark. Certification of silver, gold or platunum can happen up to a year after the building is completed. Green buildings are required to be 14 per cent more efficient than regular building codes dictate.

GreenHomeNYC.org can provide more information about what to look for in a green home.

Green buildings in Manhattan:

The Visionaire: 70 Little Street, Battery Park City *(LEED Platinum)

Riverhouse: One Rockefeller Park, Battery Park City *(LEED Gold)

The Brompton: 205 East 85th Street, Upper East Side *(LEED Silver)

The Harrison: West 76th Street, Upper West Side *(LEED Silver)

HL23: 515-717 West 23rd Street, Chelsea (LEED Gold)

The Kalahari: 40 West 116th Street, Harlem *(LEED Silver)

1400 on 5th: 1400 Fifth Avenue, Harlem *(LEED level pending)

Millenium Tower Residences: 30 West St. BPC (LEED Gold rating )

The Lucida: 151 East 85th Street, Upper East Side *(LEED Silver)

(search 'green' on search this blog for updated information)

If you're thinking about living in a new green luxury condo click my new developments page submit the buyer form and write "green" in the comment section. I will send you current email listings of green condos that match your buying criteria.

The 505 West. 47th St. - Hells Kitchen

New Construction in Hells Kitchen:

Sales are expected to begin soon at the new 109 unit luxury condominium developed by the Lev group.

The 505 is a collection of 26 studios, 59 one-bedrooms, 12 two-bedrooms, and 12 penthouses in the heart of Hell's Kitchen. Half the units feature terraces, balconies or private roof terraces.

Prices range from only $399,000 for studios to $1.1 - $1.4 million for penthouses with roof terraces.

For more information or to receive listings of Manhattan new developments click here.

200 West End Avenue - New Development

200 West End Avenue, a 29-story, 191-unit luxury condominium designed by Costas Kondylis & Partners, is currently under construction at West End Avenue between West 69th and 70th Street in the Lincoln Square neigborhood on Manhattan’s Upper West Side.

This project will feature amenity spaces designed by Celerie Kemble. Building features include: Hotel-Style Concierge Services provided by Abigail Michaels, On-Site Valet Parking, A Peter Sis Designed Children's Playroom; Wine Tasting Room; Resident's Lounge a Roof Deck and Private Storage.

Current available condo apartments for sale start at:

• 637 square foot studio from: $780,000
• 788 square foot One Bedroom from $910,000
• 992 s.f. Jr. 4 with 1.5 Baths from $1,275,000
• 1313 s.f. Two Bedroom, 2 Bath from $1,750,000
• 1404 s.f. Two Bedroom 2.5 Bath from $1,945,000
• 2590 s.f. Three bedroom 2.5 Bath from $3,950,000
• 2830 s.f. Four Bedroom 3.5 Bath from $4,595,000

Building occupancy is expected for early 2008. The Clarett Group is the developer.

Contact me for showings or to have listings emailed from 200 West End Avenue or any other Manhattan new development.

Twenty9th Park Madison - New Development

Sales are underway at the new luxury condo in Murray Hill. The building will be completed in late 2008.

Situated between Madison Avenue and Park Avenue South, Twenty 9th Park Madison will consist of 142 units with apartments ranging from mid $600K for a studio to $4M+ three bedroom residences.

The shimmering glass exterior of the 34-story building will sit atop a dazzling double-height, cubed-glass entrance, creating a dramatic illuminating effect as cascading sunlight and moonlight stream through.

Amenities at Twenty 9th Park Madison include an underground parking garage, awe-inspiring views of The Empire State Building and the city skyline, state-of-the-art fitness center and yoga room, 24-hour concierge, refrigerated storage, an espresso bar in the lobby and a roof deck lounge complete with barbeques and plush seating among an oasis of greenery.

To receive listings of new developments by email click here.

West Village - New Construction - 166 Perry Street

A new 24 unit residential condominium is being constructed at 166 Perry Street in the West Village.

Apartment prices at 166 Perry Street range from an 1,126 square foot one bedroom, one-and-a-half bath starting at $1,195,000 to $11,500,000 for a three-bedroom, three-and-a-half bath duplex penthouse with two fireplaces, 3,415 square feet of interior space, and 1,225 square feet of terraces including a 109-square-foot lap pool.

The 8-story building at 166 Perry Street will have a setback at the 6th floor and the glass cornice drops down two stories at the building's east and west sides.

All apartments are corner apartments. The building has a fitness center, 24-hour doorman and concierge services, private storage facilities, and room service and pantry stocking services provided by Jean-George Vongerichten's Perry Street restaurant.

The buildings glass facade will have cascading, alternately angled windows and its street entrance features perforated metal scrim and mechanized single-pane, blue glass doors that lead into a lobby "capsule" with rounded edges, white lacquered walls, silver-leather seating, blue-lacquered concierge desk and polished white concrete flooring with inset brushed-aluminum panels.

Apartment layouts are distinguished by sliding doors and translucent glass bathroom walls. Ceiling heights range from 10 to 12 feet.

The building is scheduled for occupancy in the fall of 2008.

To receive current available listings by email click here.

http://www.166perryst.com/

Columbia, NYU; Apartments - Real Estate Empires

Summer is almost over as evidenced today by the crowds of NYU students in Greenwich Village. With a little help from their parents they moved into dorms and apartments in Greenwich Village. Today is NYU "move-in-day."

A similar scenario takes place in Morningside Heights as Columbia University students begin moving in to their dorms and luxury apartments that Columbia owns.

Both NYU and Columbia have been building real estate empires in their respective Manhattan neighborhoods. Both private non profit institutions have real estate holdings worth more than half a billion dollars. Columbia ownes more than 7,000 apartments and it's real estate is worth approximately $635 million. This number excludes the value of wharehoused property it has not yet converted to educational use.

Columbia has ambitious plans to expand the campus from Morningside Heights to include 18 acres from 129th St. to 133rd Street in the Manhattanville section of West Harlem. The expansion plan will take 25 years with phase 1 to be completed by 2015.

The new campus will utilize and convert some existing manufacturing plants in the Manhattanville industrial section including the old Studebaker plant. Open public roads and spaces through the Manhattanville campus will connect West Harlem to the Hudson river waterfront.

While there has been growing community opposition both school's strategy is to build prestige by buying up real estate in an effort to recruit top faculty and students from around the world by offering apartment housing perks in Manhattan.

Many community leaders feel both these private non profit institutions are benefiting at tax payers expense by reducing the city tax revenue by taking so many buildings off the city's tax rolls.

There is no doubt that Columbia and NYU bring cultural, scientific and intellectual prestige to NYC. Many graduates will choose to live in NYC as their careers will be here. They will pay city and state income tax. They might even start whole new industries. They will buy real estate.

Manhattan attracts graduates from top schools from all over the country and abroad. More than 50% of Wharton Business School's class of 2007 have moved to Manhattan.

To all the new students entering NYU, Columbia and all the other fine undergraduate, graduate, law schools and med schools throughout NYC, I wish you all much success.

Parents from all over the country are investing in Manhattan real estate while their children are attending schools here. Many parents are buying condos for their adult children and for themselves and other family members.

For many it is a great investment. Children get housing while in school and starting their careers, the parents get a great asset and a pied-a-terre in Manhattan.

To search Manhattan MLS listings ~ To receive ALL Available Apartment listings emailed.

Harlem: New Residential Developments

The Kalahari
40 West 116th Street

The Kalahari will be covered in decorations inspired by South African Ndebele tribal designs. Adinkra symbols" and other African designs and markings will adorn the walls.

The 12 story building will contain an independent film center, education center and a gym.

Nearly half of the 249 planned condos have been set aside for moderate-income buyers.

The remaining market priced 129 unit condominium is more than 50% sold. Currently available are 2 and 3 bedroom units ranging from $700,000 to $1,585,000. The two tower building will be completed in early 2008.

To receive listings of new developments in Harlem click here.

Kitchens and Baths: What's Hot and What's Not

In new luxury condos going up throughout the city, the latest trend is subtelty. Large spaces with quiet, subtle luxury is being seen in the newer condo projects.

Designers are creating kitchens that conceal major appliances. Flaunting appliances such as the Sub-Zero, the Viking, the Wolf are out. Today many buyers are looking for kitchens to be more sleek and concealed they don't want to see appliances anymore.

Many of the new condos are featuring kitchens that look like a built -in-piece of furniture; dishwashers are covered, refrigerators are covered.

Instead of traditional ovens, many condos have flat, sleek oven tops. Sleek (and often smaller) appliances with brand names like Fisher & Paykel, Liebherr, Gaggenau, Miele and Bosch are starting to replace the commercial style appliances like Viking and Wolf.

The right appliances or combination of appliances has become the new status symbol. Granite and marble is out, stainless steel is out, quartz resin and glass are in.

Out are kitchens that are un usable without counter space. Appliances are getting smaller, kitchens are not.

Environmentally friendly materials are being used such as teak-faced cabnitetry and lava stone countertops. Green is the new wave in design. Granite and marble was the standard for kitchens and baths a few years ago.

The trend is lots of glass, mosaics, ceramics and porcelains. At Loft 25, an industrial conversion at 420 West 25th Street in Chelsea the 79 units feature custom Schiffini glass kitchens. Everything is glass, the countertops, the cabinet doors are glass, the refrigerators are built-in and hidden behind glass panels.

Larger sexy bathrooms are a trend. At loft 25 Master baths are 150 square feet with generous showers and no bathtubs just enormous showers with multiple rain shower heads, that don't have doors. Spa-like bathrooms. Some buyers need a tub but many do not. Some of the new bathrooms are very large that have separate compartments for the toilet, double vanities or extra large deep single sinks and large oversized showers.

Available units at Loft 25 from $800,000 - $2,650,000

To receive listings by email of new condo developments click here.

High Line Update

Fujifilm joins Friends of the High Line with Portrait project

Hundreds of photographs will be displayed in unique outdoor galleries to raise awareness of High Line park, projected to open in 2008.

As the High Line park takes shape above the streets of New York City, construction fencing in the neighborhood will feature improvised outdoor art galleries covered with photographs of High Line supporters from the local community and beyond according to Friends of the High Line.

The group will also launch a Web site featuring the portraits, http://www.thehighline.org/portraits.

Dubbed "The High Line Portrait Project" and made possible with a $50,000 donation from Fujifilm, the photographs capture the spirit of the inventive new park that is being built atop the High Line elevated rail structure, which runs through the Manhattan neighborhoods of the Meatpacking District, West Chelsea and Clinton/Hell's Kitchen.

The High Line Park will be a unique 21st century public space. Plans are underway to transform a 6.7acre span of former elevated train track running 22 blocks into an open park.

The 190 condominium units in The Caledonia, the 1st residential tower on the future High Line Park had sold out in April, within eight months of sales.

For additional information including beautiful High Line pictures photographed by Joel Sternfeld along with news, preliminary designs, a film about the history of the High Line Rail and more please visit the Friends of the High Line website.

To become a VIP Buyer and receive listings by email for pre construction High Line Apartments click here.

Upper West Side Residential Update

UWS News: Rezoning Battle

The Department of City Planning is proposing the first comprehensive rezoning of the Upper West Side in almost 50 years. The battle mostly started by the Ariel Condominiums - two 30 plus story towers currently rising on Broadway between 99th and 100th streets. The buildings have led to some neighborhood opposition because of their height. The rezoning calls for height limits on new construction that would see most future developments rise less than half the height of Ariel Towers, the New York Sun and The Real Deal reported.

New Construction Update:

165 West 86th St. A 21-story residential building is being erected ajoining the West Park Presbyterian Church. The project will have separate entrances for its 50 affordable studio rentals on floors five through 10, and its 27 market-rate condominiums on floors 11 through 21. Some community members are saying the separate entrances will create "segregation" in the building.

215 West 88th St, Merrion Condominiums
Sales have begun for the condominium conversion of a 13-story, 96 unit prewar rental building. The project will include two new construction penthouses with private outdoor space. One to four bedroom apartments are priced from $714,000 to $2.738 million and range in size from 766 to 3,647 square feet.

2112 Broadway The Apple Bank Building

Nineteen of the 29 units are sold. Some units are already occupied. The ten available units comprise five-top-floor duplexs, four three-bedrooms and one four-bedroom. They range in size from 1,967 to 3,256 square feet, and are priced from $3.35 to $7.65 million

230 West 78th Street Linden 78
Three and Four bedroom condominiums are for sale pre-construction prices starting from $2,495,000 and full floor residences priced from $6,350,000.

205 West 76th Street The Harrison
Sales will begin this summer for The Harrison a new luxury condominium in the heart of The Upper West side. The two twin tower complex will offer studios, 1,2 & 3 bedrooms starting around $700,000. An Equinox Gym is in the building and membership is included in the common charges.

Several other new projects are slated for the Upper West Side. To receive listings on current new devolpments and future projects click here.

West Chelsea: New Residential Developments

Chelsea New Construction update:

175 Ninth Avenue (No condo towers for Seminary)

The General Theological Seminary has reversed course on a plan to build a 15- story condominium tower on its campus after news of the plan met with fierce community opposition as reported in the NY Sun. The seminary wanted to build a 151-foot tower to generate $21 million in revenue for renovation of its existing 19th century buildings. Community activists charged the tower would have been out of place in the neighborhood. Officials are now presenting a plan for a seven-story mixed-use residential building.

IMHO tax exempt landmark churches have no business in real estate development. Look for my Upper West Side construction update coming soon where I will tell you about the 21-story residential building ajoining the West-Park Presbyterian Church on West 86th Street.

The Caledonia 450 West 17th Street (Sold Out)

The 190 condominium units in The Caledonia, the 1st residential tower on the future High Line Park had sold out in April, within eight months of sales. The complex will also have 288 rental units available for rent this fall at rents ranging from $3,495. to more than $10,000 per month.

Newly announced projects

Chelsea
Chelsea Modern
447 West 18th Street

12- story, 47-unit condominium designed by Audrey Matlock. Prices for available units range from $1.63 million for a 1,300- square foot two-bedroom to $3.57 million for a 1,887- square foot three bedroom. Occupancy is scheduled for early 2008

Chelsea
459 West 18th Street

11-story loft condominium designed by Della Valle Bernheimer Architects. Exterior is black and white. Part-time Doorman. Occupancy of the full floor residences and multi-floored penthouses is scheduled for spring 2008

Other new luxury condo developments currently for sale in West Chelsea include:

520 West Chelsea (520 West 19th St.)

200 Eleventh Avenue

245 Tenth Avenue

100 11th Avenue

To receive listings by email for any Chelsea or Manhattan new development click here.

Understanding Cooperatives and Condominiums

CO-OPS - Manhattan's Primary Housing Style

Co-ops (short for "cooperatives") are apartments buildings owned by a corporation. Individual tenants do not own their apartments in exactly the same way that they would a condominium or home. They actually own shares of stock in the corporation. These shares are apportioned based on the size and floor level of their apartment, and ownership is established by a stock certificate and occupancy is governed by a "proprietary lease". The corporation pays all real estate taxes, maintenance expenses, and the underlying mortgage on the building. The co-op owner's portion of the payment depends on the number of shares owned in the corporation.

Cooperative ownership is the most common form of apartment ownership in New York City. There are three times as many co-ops as there are condominiums in Manhattan, which means that there are more cooperative apartments on the market and they are likely to be more affordable than similarly sized condominiums.

History of Coops

If the idea of going through a coop baord sounds a little un-American and intrusive, well...........it is. Cooperative living got its start in the 1880's, inspired by Charles Fourier, a French socialist who argued that cooperation bred efficiency. A French immigrant to New York named Philip Hubert picked up on the idea and built arguably the first co-op, the Hubert Home Club, near the current site of Carnegie Hall.

But according to the New York Times, despite their utopian origins, co-ops quikcly turned into a celebration of capitalism and exclusivity. Soaring new Hubert Home Clubs opened on Madison Avenue and next to Central Park, offering the sort of living space that has always made New Yorkers envious, according to the writer Elizabeth Hawes.

Today, co-ops-which sell shares in a corporation that owns the building, rather than individual apartments-- make up the bulk of our housing. As always, the boards have the right to reject any buyer who doesn't quite fit, however they define "fit." Socialism turned into New York style elitism? Yes, indeed.

Advantages and Disadvantages

Basically, cooperative ownership offers the same advantage with a few extras:

1. The tenant-owners elect a Board of Directors, whose responsibility is to meet, interview and "approve" or "disapprove" a prospective owner, thereby protecting the present tenants' interest by approving only qualified candidates.
2. Cooperative ownership offers a more stable community environment. Residents tend to stay for longer periods of time, and few co-ops allow extensive subletting, preferring a high owner-occupancy.
3. A large portion of the monthly maintenance fee paid by each shareholder is tax deductible, i.e., the pro-rata share of the corporation's real estate taxes, as well as the building's underlying mortgage payment.

There are some disadvantages, however, in purchasing and owning a co-op:

1. The board often requires a large cash down payment. Usually prospective purchasers are required to put 25% down. Some co-ops may require more. Many of the most exclusive buildings permit no financing at all.
2. Most co-ops prefer owners to be occupants; therefore subletting an apartment may be difficult. Each co-op board has its own set of rules, but generally speaking, subletting will have to be approved by the board, and permission is usually granted for no more than 2 years. Some co-ops, however, are more flexible and are known as "easy boards".
3. Owners are normally not allowed to use their apartments for professional or business purposes.
4. Almost all renovations to individual apartments will have to be approved by the board.
5. Owners who wish to sell their apartments will have to have the new buyer approved by the board through the application process.
6. Often co-cops impose a tax on selling called a "flip tax" to compensate the co-op for the inconvenience of someone new moving in. The monies go to the co-cop treasury and often help keep monthly maintenance down.

Despite the disadvantages, cooperative ownership remains a very popular option for residential ownership in Manhattan.

Condominiums

Owning a condominium in Manhattan is the same as owning one anywhere else. It is a fee simple ownership and the buyer receives a deed in a formal title transfer. Monthly payments to the condominium are called "common charges", and they are used strictly for maintenance and upkeep of the jointly owned areas. Of course, the amount of interest on the owner's personal mortgage is fully tax-deductible. Real Estate taxes are paid directly to the city.

Fee simple ownership gives owners the right to rent their own apartment, a place for some people. Mortgage amounts can be as high as 90% of the sales price if the buyer qualifies. Often there is not a formal application process, so the time from contract signing to closing is usually shorter.

To search Manhattan coops and condos click here.

To receive new coop and condo listings by email click here.

For more information and to download Manhattan Coop and Condo Buying Guide click here.

Go Green

FEELING GREEN?

In spite of the recent cold weather, has this record-making, warm winter made you wonder?

If you're thinking about easy ways to be "green", here are some simple ideas that might actually save you money.

GreenHomeNYC.org suggests the following:

1. Recycle according to your building's guidelines.
2. Unplug "ghost appliances such as VCR or a coffee maker when you're not using them. Believe it or not, left plugged, these appliances take up energy. You'll actually save on your electric bill. And when buying appliances, look for the "Energy Star" label.
3. Most notably, Con Ed offers green power to find out more, go to: www.conedsolutions.com/Residential/greenPowerMain.htm They are offering a $25 rebate to sign up with this eco-friendly alternative.
4. And finally, take mass transit whenever possible.

For the ultra "green" enthusiastic, www.greenapplemap.org has a downloadable map with information about organic dining, where to buy recycled or organic items such as linens and transportation choices around New York. For instance, it mentions OZOcar which calls itself NYC's 1st eco-friendly car service with hybrid cars. (877-OZO-5966) or OZOcar.com ...when mass transit isn't possible.

For home renovations, go to www.environmentalhomecenter.com, where you can purchase green building materials such as paint, countertops, flooring, cleaning supplies, etc. The www.thegreenguide.com has useful, practical everyday living information.

And finally if you're ready to live in a new "green" luxury condo recently built or currently under construction from Harlem to Battery Park City - go to my new developments page on my website fill out the buyer form and write "green" in the comment section. I will send you email listings of "green" condos that match your buying criteria.

The "Flip Tax"

Creative Financing or a Coop "Cop Out"

The flip tax is a transfer fee that many new york coops impose on shareholders. In the late seventies and early 80's when many rental buildings converted, huge profits were being made by former renters who bought their units at inside prices and then resold them. Called "flipping" The boards decided to impose the transfer fee and call it a flip tax on sellers to disuade flipping.

Due to high oil costs, insurance particularly terrorist insurance, and increases is most expenses many buildings need to buid their reserve fund and are trying to impose flip taxes. In order for the flip tax to pass 2/3 of the shareholders have to vote in favor of it. It requires a quarum. An absent vote is a no vote. Condo and condop buildings have many investor owners from out of town making it difficult to pass.

There are several ways they try to impose the flip tax. There are arguments on both sides for every type. In my opinion none are good for sellers. In my opinion it is better to help pay the buildings expenses when you live there and can enjoy the improvements and not when you sell. Why should a seller give a going away present to the coop because the coop is not fiscally disiplined.

It is any easy way to get 2% sometimes 3% of a unit's sale price. The average apartment in Manhattan is over $1 million. Do the math. Buildings have figured 5-10 transfers a year what a nice windfall for them.

1. A percentage usually 2% but sometimes 3%
2. A flat fee
3. Percent of profit
4. Dollar amount per share

Management companies and boards lobby the shareholders why a flip tax is good. They argue if they have this reserve fund from the flip tax they won't have to raise maintenance or have asessments. Elederly people planning on leaving the apartment to their children don't care as that is an exemption. People who recently bought and have to be relocated feel it's unfair as they have not been there that long. Long time residents feel they stuck it out and have already paid for all assesments over the years.

The only real fair way I beleive is per share. The way the shares were allocated in the offering plan. So if you made renovations to your apartment and or hired a great REALTOR® who sold for a higher price than other apartments with the same amount of shares you deserve that profit not the building.

Buildings need to be managed better. There are so many ways to cut back. Boards should be more accountable to shareholders. Costly mistakes the board made on renovations, refinancing at high rates with prepayment penalties etc. should not be the resposibility of a seller. I would prefer a maintenance increase or an assesment over a flip tax. Pay as you go not when you go.