Cooperative living got its start in the 1880's, inspired by Charles Fourier, a French socialist who argued that cooperation bred efficiency. A French immigrant to New York named Philip Hubert picked up on the idea and built arguably the first co-op, the Hubert Home Club, near the current site of Carnegie Hall.
According to the New York Times, despite their utopian origins, co-ops quickly turned into a celebration of capitalism and exclusivity. Hubert Home Clubs opened on Madison Avenue and next to Central Park, offering the sort of living space that has always made New Yorkers envious, according to the writer Elizabeth Hawes.
Today, co-ops-which sell shares in a corporation that owns the building, rather than individual apartments-- make up the bulk of our housing. As always, the boards have the right to reject any buyer who doesn't quite fit, however they define "fit." So Socialism turned into New York style elitism.
Property taxes in NYC are not like California and not even like other parts of the state. NYC uses a complicated method for determining real estate tax.
Real estate taxes in NYC are determined by multiplying a propertyâ€™s assessed value by the appropriate real estate tax rate. The assessed value is the property value ascribed to the property for tax purposes. The New York City Department of Finance determines a propertyâ€™s assessed value by multiplying its estimated full market value by the assessment ratio for the propertyâ€™s tax class.
The amount of rental income generated if building was a rental building along with the year the building was built is part of the equation used. Therefore a pre-war building built in 1920 on Park Avenue will have a lower tax rate than a building built in 1990 on Broadway.
In New York City, a property can have three different assessed values: an actual assessed value, a transitional assessed value and a billable assessed value. There are four different tax classes of properties in New York. Class 1 generally is for one- to three-family homes; Class 2 is for larger residential properties, including rental buildings, co-ops and condos.
Real estate taxes in NYC are significantly lower than property taxes in most suburban municipalities in the NY metropolitan area. NYC property taxes do not pay for public schools as they do in most municipalities.
Common charges in condos and maintenance in coops vary building to building, neighborhood to neighborhood, even block to block depending on the building's financial health and amenities and services.
Lic Assoc RE Broker
The Corcoran Group
Co-op boards vary from complex to complex the same as condo boards do. Most people don't like their boards unless they are members of them and that has its own set of issues as well.
I like less our government telling us what to do. And you don't have an option.
In your case you don't have to buy the property.
And yes, it sure seemed like a concept from Mars to me too. The only positive thing I can see about it is that the stringent approval process has meant almost no foreclosures.
Taxes are all over the place as new properties which are often condos are built with tax abatements so you can pay property taxes that are a lot less than 1.25%.
If you are looking at co ops, your broker should be able to tell you what percentage of the maintenance is tax deductible - its usually around 50%. I was in a building yesterday where it was only 30%.
In any case, there are condos available in the 10128 and if you would like to work with another southern CA transplant to find your new home, give me a call at 310-951-8993 or email email@example.com
For a million dollar plus, I would buy a Condo or Townhouse in Manhattan.