Trump Village complex was built by Fred C. Trump in 1960’s. The seven towers of Trump Village were designed by the architect Morris Lapidus. The two near Ocean Parkway were rental buildings and were run by the Trump Organization until recent years. The five other buildings were in the state’s Mitchell-Lama program, which allows people with incomes below certain thresholds to enter lotteries for the right to buy Co-op apartments at below-market prices.
Trump Village Section 4, Inc. was organized on August 29, 1961 as a cooperative that was subject to the Limited Profit Housing Companies Law. The Cooperative’s mortgage was fully paid as of October, 2005. It was reconstituted as a completely private residential cooperative in 2007.
The Cooperative is the owner of the land and apartment buildings at 2928-30-32 and 2940-42-44 West 5th Street, Brooklyn, New York 11224. The Property contains a total of 1,144 residential apartments, two staff apartments, laundry rooms, offices, storage spaces, mechanical equipment spaces and similar indoor facilities. In addition, the Property includes outdoors spaces as walkways, playgrounds, sitting areas and parking spaces.
Trump Village Sec.4, Inc. has authorized capital stock in the amount of 21,772 shares.
For the first sale of any apartment after reconstitution, seller/shareholder pays transfer fee to the Cooperative in the amount of 20% of the gross sales price. For the second sale of any apartment, transfer fee is only 5%. Bequests and bona gifts by shareholders to members of their immediate family are exempted from the transfer fee. If the apartment had not been sold after reconstitution prior to the bequest or gift, the first sale would be subject to the 20% transfer fee.
The Corporation is run by the Board of Directors. The number of Directors shall be 13 (thirteen). They must be stockholders in good standing, residing in the buildings of Trump Village Sec.4 and NOT in violations of the By-Laws (Rules and Regulations of the Cooperative).
The Board of Directors at its first meeting after the election of Directors in EACH YEAR shall elect from its number:
- a President (acting as chairman of the Board and general manager of the Corporation);
- a Vice-President (performing duties as the President in the absence or incapacity of the President);
- a Secretary (keeping the minutes of the Board and stockholders meetings);
- a Treasurer (having custody of all the funds and securities of the Corporation).
ONLY Shareholders have a right to amend, repeal or alter the By-Laws by vote at any dully called annual or special meeting of the Shareholders.