Katz v. Third Colony Corp.

Defendant is a cooperative corporation that owns a building *653at 180 East 79th Street, New York County, and plaintiffs formerly owned the shares to apartments 14B and 14C. In August 2011, plaintiffs sold their interest in the two apartments and, under protest, paid a “flip tax” to defendant. Within weeks, plaintiffs commenced this action alleging one cause of action the characterization of which is in dispute. That portion of plaintiffs’ complaint that specified the sole cause of action explicitly and repeatedly alleges that defendant acted “ultra vi-res,” which plaintiffs argued below. Now,…