The Transfer Fee proposal has passed. Voting concluded Friday July 25.
More than 70% of outstanding shares were cast in favor of the amendment, exceeding the 66 2/3% required.
Thank you to the hundreds of shareholders that participated in this vote.
Final Results will be announced August 1, 2025.
With over 70% of shares voting for the Transfer Fee proposal, the amendment officially passed.
July 25, 2025Shareholders will receive written and emailed communications regarding next steps. Additionally, the Board will hold town hall meetings and video conferences to discuss the optional buy-out option.
Aug/Sept 2025Shareholders may begin submitting their prepayment if they chose to participate in the buyout option.
September 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 us using the form below for any questions not addressed here.
Q: What is this buy-out option?
A: Shareholders can pre-pay the transfer fee associated with their apartment before December 31, 2025 at a discounted rate and then there will be no transfer fee applied to their sale within the next 10 years.
Q: What happens if I pre-pay and don’t sell my apartment in the next 10 years?
A: The total amount you have prepaid will be deducted from the 2% transfer fee. This would only apply if you sell you apartment in 2036 or later, before 2036 there are no transfer fees for those who have prepaid.
Q: Will the money I pre-pay ever lose its value?
A: No. The prepayment removes the transfer fee for 10 years. After that, the full amount you prepaid will be deducted from the transfer fee so the value is never lost.
Q: What happens to the funds I submit as prepayment?
A: All money received for prepayment will be deposited into the Co-Op’s Transfer Fee account earmarked for capital expenses. The received funds will help reduce the amount of future assessments for capital expenses, such as local law compliance or building upgrades.
Q: Will I receive interest on the money I submit as pre-payment?
A: No. As mentioned above, funds will be put to use for capital expenses, reducing the the amount of future assessments.
Q: Is prepayment the right decision for me?
A: We advise you to discuss this with your financial advisor or accountant. It may be very beneficial to those who think they may sell their apartment in the next 10 years, but circumstances are different for everyone.
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.
Transfer Fee status report and discussion with the board.
To Join, click here.
Look for members of the Transfer Fee Committee and Board available to answer your questions.
Voting concludes on July 25, 2025.
The buy-out option may be ideal for those who want to remove/reduce the transfer fee from their future sales transaction.
The board cannot advise shareholders if this option is the right decision for them as everyone’s situation is different. We suggest discussing with your financial advisor or accountant.
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.
Use this tool to find your number of shares and calculate your transfer fee buyout amount.
IMPORTANT NOTE: This is not an official calculation. You must independently determine your number of shares by referring to your purchase documents, or you may contact Wallack Management using the form at the bottom of this page.
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.
After completing your proxy, please drop in the ballot box in either lobby or email a picture of the ballot to Sam Eisner at Wallack Management.
Print Ballot