Articles on NYC Co-Op Boards

NYC Tax Abatement Secure in 2012

New York City Tax Abatements are secure in 2012Condo and co-op owners can breathe easy; the 17.5 percent abatement on real estate taxes will still be coming their way this year. While it seemed as though the tax reduction was in danger of expiring a few months ago, city officials have decided to keep the abatement in the budget for the 2012 fiscal year. However, this could change in years to come, as the future of tax breaks for Manhattan apartment owners could face alterations.

More Records Broken with $52.2 Million Co-Op Sale

740 Park Venue in ManhattanMay continues to be a record-breaking month for Manhattan real estate, as the sale of a Park Avenue apartment proved to be the most paid for a co-op in city history. The 30-room unit is spread out over two of 740 Park Avenue's floors, one of New York City's oldest, highest-profile residences. Although the childhood home of Jacqueline Kennedy Onassis was initially listed at $60 million, it was purchased for $52.5 million by investor Howard Marks.

Legislative Push to Curtail Smoking Inside Apartments Hits Manhattan

Smoking bans in Manhattan apartments are becoming more popularIn a city where it’s already illegal to smoke in restaurants, bars, parks, and beaches, smokers could always retreat to their apartments to light up. Those days may be over. Condo and Co-op boards in Manhattan that want to ban smoking in their buildings may soon have the legal means to do so, because both Mayor Bloomberg and the Real Estate Board of New York (REBNY) proposed new policies this week that would facilitate the creation of smoking bans in Manhattan apartment buildings. Many condominium and co-op boards are increasingly considering banning smoking, and not just for health reasons: in the past, boards worried that smoking restrictions would limit the amount of potential buyers, but now the national rate for smokers is roughly 20%. With non-smokers significantly outnumbering smokers, many boards believe that banning smoking in their buildings will actually become a marketing advantage that helps attract potential buyers.