Dan Fe Bland, Respondent v. Two Trees Management Co., Appellants; 330 West End Apartment Corporation…

Summary

The New York Court of Appeals held that the boards of two cooperative apartment corporations lacked authority to impose flip taxes because the bylaws and proprietary leases did not authorize such fees and the resolutions violated Business Corporation Law § 501(c)’s requirement that all shares of the same class be equal; the court affirmed the Appellate Division’s decision in Fe Bland and modified the decision in 330 West End to declare the flip‑tax resolution invalid.