Gov Pataki Signs Law Disclosing Coop Prices

Since 2002 all real estate transactions including condos and townhouses - are public information. Co-op sales prices will now be disclosed to the public. The 2002 law and now the coop law came about after former city tax assessors were arrested on charges of taking bribes from building owners in exchange for cutting their property taxes. The law makes coop property sales prices public record. Selling in Coops is a complicated process this law will help Brokers with comparative market analysis CMA's. The new law helps the city assess property taxes better.

It's possible taxes in coops will increase, prewar buildings pay less taxes than new buildings. New York might impose the mortgage recording tax on coop purchaser's that finance their apartments. Coop ownership is personal property (shares in a corporation with a proprietary lease and not real property with a deed. Closing costs are much lower in Co-ops.

The online data will go back to January 2004 and is online now at NYC Automated City Register Information System at: NYC Finance