Transfer fee proposal information.
This site represents the unanimous position of the Board of Directors and is intended to explain why a “Yes” vote is in the best interest of our co-op.
Join the discussion! Your comments, for or against, are welcome at the bottom of the page.
About 90% of our building’s revenue is from monthly maintenance. Without a Transfer Fee, capital projects require assessments from you.
A “non vote” is the same as a “no vote”. We hope you vote YES to the proposal, but either way, it is important that you submit your ballot.
Town hall meetings, video conferences, hand-out and other events for board and committee to discuss with shareholders.
See schedule of upcoming events.
May 2025Votes will be collected at ballot boxes, community events, and at various "Get Out The Vote" drives.
June 2025Voting will end and with 2/3 of shares voting "YES" the Transfer fee will be enacted.
August 2025Any shareholders that wish to prepay their transfer fee at a discount must submit payment by December 31, 2025.
Learn more about the buyout option.
December 31, 2025A 2% transfer fee will begin for all sales on or after January 1, 2026.
January 1, 2026Some of the most asked questions are answered below. Feel free to reach out to any board member for more details or with questions not addressed here.
Answers involving financial details are not posted on this site, but your board will be happy to share these details with you!
Q: Once passed, when exactly does this go into effect?
A: The 2% Transfer Fee begins with sales on or after January 1, 2026.
Q: Are there exemptions to the Transfer Fee?
A: Yes. In most cases, transfers to a spouse, child, parent, sibling, or a trust are exempt. There is no fee involved in a standard refinance.
Q: Who pays the Transfer Fee?
A: It is technically the responsibility of the buyer, however it often becomes part of the purchase negotiation.
Q: What if I don’t vote?
A: A “Non Vote” is the same as a “No” vote. Your vote it critical!
Even if you are against the proposal your “No” vote is important – so please submit your proxy either way.
Q: Are transfer fees common?
A: Yes! Discussions with managing agents and real estate professionals say about 75% of Upper East Side co-ops have them.
Q: Will this make it harder to sell my apartment?
A: No. First, these fees are common in the majority of UES buildings, so most buyers expect them. Second, many real estate professionals say buildings with Transfer Fees are more attractive to buyers because of the positive impact on the building’s financial health and buildings with Transfer Fees typically have fewer assessments.
Note, this is not a schedule of all upcoming building events. It is a listing of events where you can speak with a board member about the Transfer Fee and also where you’ll have an opportunity to sign your proxy.
A chance to hear from and speak with your board regarding the transfer fee in the Community Room.
Join a video call members of the board to ask questions and learn more about the trasnfer fee.
Join your friends and neighbors in the courtyard for our annual summer kick off event.
Throughout the day, stop by the 333 lobby to talk with board members and sign your proxy.
Throughout the day, stop by the 340 lobby to talk with board members and sign your proxy.
Relax with a glass of wine and kick back with your building friends and neighbors in the courtyard.
We heard from some shareholders that they want the transfer fee voted in to help reduce the need for future assessments, but they do no want to have the fee apply to their apartment.
This buy-out may be a great option for those who want to remove/reduce the transfer fee from their future sales transaction.
You can buy out of the transfer fee at a rate of $10 per share,
There will be no transfer fee for your shares during this 10-year period.
For most shareholders, the buy-out option is much less than the transfer fee.
Beginning 2036, the full amount of the prepay is credited against the 2% fee.
If you’d like to reach the Board to discuss the Transfer fee or hear more about upcoming opportunities to discuss in person, send us a note.
All viewpoints are welcome and will be posted as submitted, assuming common courtesy and respect for other viewpoints are maintained.
After completing your proxy, please deliver to your doorman or to a member of the Board.
Open Ballot to Print
Can you please forward the reference here regarding the statement that transfer fees are “paid by the buyer”? That is not the case for coop sales here in NYC.
In the amendment to this building’s proprietary lease being proposed, there is language stating the transfer fee is the obligation of the purchaser.
It’s often part of the negotiation when a sale comes up. The seller and buyer can negotiate who pays the fee, or if the cost is split. My family has run a small real estate boutique firm in the city for 45+ years and I’ve seen this happen constantly throughout the years in co-op sales.
Looking forward to hearing from you. You can post your thoughts here and also be sure to join our upcoming in-person sessions!