We the tenants now shareholders bougth 409 Edgecombe Ave from HPD in May of 1995. The 60/40 flip tax requiredment was dropped by HPD in April of 1995. Why are we still reqired to pay this flip tax? We held our flip tax money in escrow for over 10 years based on the fact the city would make the necessary changes in nullifying 60/40. Now the city wants the flip tax funds back meanwhile, we need the money to use on major capital projects. (new elevator , Water Pentration Project , Electrical Upgrades, Local Law 11)
Is anyone in the same boat? Please let me know and if so what are you doing about it?
