Holt v. 45 East 66th Street Owners Corp.

Order, Supreme Court, New York County (Harold Tompkins, J.), entered on or about November 13, 1989, which granted defendant summary judg*411ment dismissing the complaint, unanimously affirmed, with costs.

On March 20, 1987, a plan was issued to convert the premises to condominium ownership with the residential units structured as a cooperative corporation. The fourth amendment to the offering plan, dated June 27, 1988, provided that the board of directors may impose a transfer fee (flip tax) on the sales of shares of the defendant corporation. Plaintiffs subscribed and closed title on the shares…