The Untapped Potential of New York City Co-ops

April 1, 2016 – Media Mention
The Cooperator New York

Douglas Heller was quoted in a Cooperator article written by Cushman & Wakefield’s James P. Nelson, which explores how many co-ops have substantial, unused development rights, and may be worth much more as a development site, condo or single-family home if the shareholders can come together. Among other things, Doug describes the tax considerations to take into account when liquidating or dissolving a co-op: “It might be that simply cancelling the proprietary leases, liquidating the cooperation and selling the building will end up seeming more like a major gift to Uncle Sam than a benefit to the shareholders. Instead, the board may be advised that the best way to handle the matter is for all shareholders to sell their shares with the proprietary leases to one party in a coordinated effort, and let the purchaser deal with the tax issues.”