Taxes Have Been Recalculated

[gatornyc]

I'm happy to share some good news for current owners at OBBP and
prospective purchasers. The sponsor's attorney has determined that
NYC Dept of Finance miscalculated the taxes for units at OBBP. So
taxes for all of the units have been recalculated and will go down
substantially across the board. My taxes will go from $340ish to
somthing like $120. I assume that owners would be due a refund for
prior overpayments. I will let the board know what I find out in this
regard. My next step is having Wells Fargo reduce the amount
withdrawn for the escrow account.

I had always thought our taxes were high compared to other buildings
with abatements/exemptions. I know that the sales office has already
updated the inventory list with the new tax numbers which will make
OBBP more competitive in the marketplace in terms of taxes. For those
of us in the building already, its like found money!

[Elizabeth Choe]

I was going back and forth with Wells and NYC Dept of Finance about this. They both said we didn't owe any taxes. I never got a clear cut answer in the long run. But nice to hear they figured it out.

Does anyone recall that we wouldn't pay CCs until 50% sold? Is that no longer in effect?

Sent from my iPhone

[Jonathan Rubinstein]

I'm fairly sure that the no common charges is no longer. I think it's now whatever was negotiated. Strange that they didn't hit 50% yet. When I closed the first week in June the attorney for the building said they were at 47%

Please excuse typos... Sent from my lame i phone

[EveL]

Wow. Gator, this is a great news! No one ever wins against NYC Dept of
Finance:)))

Thank you so much for your work!!! Were you questioning them
(sponsor's attorneys) and made them revisit this issue? Do you think I
should contact Wells Fargo directly or they'll know how to do the
adjustements on their own? I have been in the building for just a few
months, still i'd be very happy with any breaks to help me to pay for
those lavish HD Silhuettes:)))

Again, thank you very much for passing this along!
Eve

[BKguy]

Hey Guys:

I just moved in last week. Yeah, I negotiated 3 months of free CC they
wouldn't budge. And yes, the taxes went down quite a bit so I am happy
about that. So does that mean most residents in OBBP doesn't have to
pay CC?

Yeah, I spoke to OBBP's lawyer they are still waiting for a couple
units to close, he said probably in a couple weeks they will be 50%
sold.

Good luck!

On Sep 13, 6:10 pm, Jonathan Rubinstein <joecoffeest...@gmail.com>
wrote:

> I'm fairly sure that the no common charges is no longer.  I think it's now whatever was negotiated. Strange that they didn't hit 50% yet. When I closed the first week in June the attorney for the building said they were at 47%
>
> Please excuse typos... Sent from my lame i phone
>

> On Sep 13, 2010, at 6:07 PM, Elizabeth Choe <choe...@gmail.com> wrote:
>
> > I was going back and forth with Wells and NYC Dept of Finance about this. They both said we didn't owe any taxes. I never got a clear cut answer in the long run. But nice to hear they figured it out.
>
> > Does anyone recall that we wouldn't pay CCs until 50% sold? Is that no longer in effect?
>
> > Sent from my iPhone
>

[gatornyc]

I didn't have anything to do with the sponsor's attorney revisiting
the issue. I'm just the bearer of good news. I have not contacted
Wells Fargo yet (it is still on my long list of things to do), but I
do think that each unit owner should contact their lender to secure
the escrow adjustment.

Regarding common charges, some purchasers negotiated a waiver of CCs
for several months (once the sponsor started collecting CCs) as part
of their deals. During the waiver period the sponsor would be
required to pay the CCs for those as well as all unsold units.

> > of us in the building already, its like found money!- Hide quoted text -
>
> - Show quoted text -