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In the second episode of Expert Insights, Michael Wolfe (President, Wolfe Realty Services, Inc.) is joined by Stuart Saft (Partner, Holland & Knight LLP), Julie Schechter (Partner, Fox Rothschild LLP), Benjamin Williams (Member, Rosenberg & Estis PC), and Daniel Wollman (CEO, Gumley Haft) for an in-depth discussion of New York City's Pied-à-Terre Tax.
Topics include:
- Why longtime residents, doctors’ offices, and owners of combined apartments are being flagged.
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The law’s retroactive application to January 5 and what Phase Two means beginning in 2028.
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How the $1 million threshold and Department of Finance valuation methods affect co-ops and condos.
- Whether proprietary leases authorize boards to collect the surcharge—and what happens when shareholders refuse to pay.
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Why amending co-op governing documents may be an important next step.
For co-op and condo board members, managing agents, attorneys, homeowners, and industry professionals, this episode provides a practical guide to what the Pied-à-Terre Tax requires, where it is going wrong, and what to do before October 6 appeal deadline.
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