Page 13 - CooperatorNews New York August 2021

directory.cooperatornews.com Your one source for all the businesses and services essential to your co-op, condo or HOA COOPERATORNEWS DIRECTORY OF BUILDING SERVICES Search by location: COOPERATORNEWS.COM COOPERATORNEWS — AUGUST 2021 13 Disclaimer: The answers provided in this Q&A column are of a general nature and cannot substitute for professional advice regarding your specific circumstances. Always seek the advice of competent legal counsel or other qualified profes- sionals with any questions you may have regard- ing technical or legal issues. Our attor- ney advisors have the answers to all of your legal questions. Write to CooperatorNews and we’ll pub- lish your question, along with a response from one of our attor- ney advisors. Questions may be edited for taste, length and clar- ity. Send your questions to: darcey@cooperatornews.com. Q&A a bidding war. This piece of rock history New York’s first and second most expen- will now be owned by a New York-based sive residential real estate transactions, finance family, according to the report- ing. Wrought-iron-bordered windows that go from the maple floors to the 11- foot, barrel-vaulted ceiling fill the unit still the record for the highest-priced with light, according to the Post. The home in the entire United States. Now signature-sporting column is among an anonymous LLC has purchased two others original to the unit. The original units at the Robert A.M. Stern-designed radiators add a contrast to the modern tower for a combined $157.5 million, open kitchen with a triangular island/ breakfast bar. Entrance to the apartment is through a key-locked elevator. The seller is Marilyn Ontell, who has directly above it for $75 million. Both lived in the 12-story, Beaux-Arts build- ing since 1976. She describes the unit ers made a serious profit, according to as “a vestige of rough, raw, and real” the New York City at a time when “rock n’ lower unit for $50.9 million and the up- roll ruled the city.” Former owners Da- vid Tan, a photographer, and his widow that the two units will be combined. Yoko Tan, a journalist, worked closely with the musicians who left their John home comes in third place for the coun- Hancocks there, says the Post. Many of try’s most expensive, behind Jeff Bezos’s David’s photographs were staged in the purchase of the Warner Estate in Beverly apartment. Near Union Square and Madison Square Park, the 17-unit building is in what is known as the Ladies Mile His- toric District, per the Post’s report. NYC’s 2nd-Priciest Home Sells—in the Same Condo as its 1st The Billionaires’ Row condominium 220 Central Park South is now home to according to the Robb Report. First, hedge fund billionaire Ken Griffin bought a four-story penthouse at the building in 2019 for $238 million— says the outlet. The 60th floor unit was purchased for $82.5 million, and the 61st floor unit units were resales whose previous own- Robb Report , having purchased the per for $51.4 million. The outlet expects Incidentally, this super-mega-bucks Hills for $165 million in February 2020. PULSE continued from page 4 can once again charge higher fees for taxes, their ownership of shares in a co- background checks, but no more than is op is treated as owning real estate. If it is required to reimburse the cooperative for an individual wanting to qualify for the the actual expense.” Seeking Stimulus Q The government has provided itself may be eligible for the PPP program relief for renters of cooperatives. to assist with payroll and other permitted Is there any relief for cooperative expenses.” shareholders? I’m told by the building man- ager that the relief fund provided was for management. How can everyone get help and not the actual owners of shares? —Where’s My Rent Relief? A “While the structure of a co-op and its shareholders creates a lessor/lessee re- lationship, the federal stimulus that was issued was created with the intent of as- sisting actual renters of residential prop- erties that are below a certain threshold of median income in their areas as well as having have suffered a financial det- riment due to the pandemic,” explains Pierre Debbas, partner at New York law firm Romer Debbas. “The lessor/les- see relationship does not negate the fact that shareholders own actual shares in a co-op that are appurtenant to a specific apartment. Technically, shareholders in a co-op do not own real property, but for purposes of the federal stimulus and $2,000 stimulus, they should reach out to their accountant to see if they qualify. \\\[Such federal stimulus is\\\] unrelated to the funds allocated for rent. The corporation n continued on page 14