Maya, Home Buyer in New York, NY

I am looking at a doorman building on the UWS, West end and 70th. What is the average coop fee per square foot in this area?

Asked by Maya, New York, NY Fri Dec 30, 2011

I am looking at a doorman building on the UWS, West end and 70th - this is near Lincoln Towers. Co-op fees look very high to me for this area, particularly since the building has a doorman but no other amenities. Given this scenario, does anyone know what the price per square foot should be for a coop in this area?

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BEST ANSWER
Maya,
When we deal with co-ops, rather than condos, price per square foot is not a basis for anything. By that I mean, we rarely have anything close to an accurate PPSF because shares, not square footage, is what is quoted in the offering plan. Some companies, such as mine, will never quote square footage in a co-op. I have often done searches and have seen where the same line in a building is listed with rather varying square footage. On the other hand, with condos the offering plan quotes square footage, and it is a valid basis for comparison.
The real answer to your question about whether the maintenance is high or not at the property you are looking at is a different set of factors. Does the unit have a proportionally large amount of shares due to floor, views, size, outdoor space, etc? Are there less units in the building than surrounding buildings and therefore fewer units have to absorb comparable costs? How are the finances of the building - perhaps the reserves are low and they are trying to build them up. Or perhaps their financing of the underlying mortgage need attention - perhaps it's still at a high rate compared to today's rates and financing is in order. These are the things I would research if I were your agent and this was a property I was showing you.

I would strongly caution you against going it alone without a buyer's agent. The sellers have agents, and it is important for you to be represented as well. It levels the playing field, and will save you considerable money and headaches.

Best,
Jenet Levy
Halstead Property, LLC
212 381-4268
jlevy@halstead.com
1 vote Thank Flag Link Sat Dec 31, 2011
Hi Maya,

To make it simple I would say it goes in that area for around $1.5 per SF for low floors to $1.85 for higher floors. Obviously it depeds which buildings and the mortgage it has and the amenities and amount of units and so on... but those numbers above are a pretty good estimate (range).

Good luck,
Eran
1 vote Thank Flag Link Sat Dec 31, 2011
Maya,

Eran's answer seems to be correct. It would be my pleasure to send you several listings in that area so you can compare the fees and other variables. I believe it's most important to see the units in person before analyzing data. Best of Luck!

Joseph Chaplin
Prudential Douglas Elliman
Certified Real Estate Adviser
(914) 224-5806
joseph.chaplin@elliman.com
0 votes Thank Flag Link Fri Apr 13, 2012
I have nice doorman buildings in Manhattan. Please contact Kevin at 212-714-1027 for assistance. Thank you and good luck.
0 votes Thank Flag Link Thu Apr 12, 2012
Hello Maya,

I took a sampling of the all the coops in the West 70's that show square footage. Based on that, I came up with $1.62 as an average. That being said, there are so many other factors in determining your financial decision. Like anything else, the question one can ask, I am getting the best value dollar-for-dollar? Part of the decision is to do your own due-diligence on the building financial condition. Also, one has to look at the number of shares you are getting. On top of this, one can get a sense of the overall condition of the building as one walks through. It is not an exact science when it comes to coops and one has to really look at one's budget and the value to make a sound decision. Good luck, and please feel free to ask any questions about this or any other property you may be looking at. emorgan@fkrealestate.com 917-294-4225

Ed Morgan
0 votes Thank Flag Link Mon Jan 2, 2012
Don't simply rely on square footage pricing/averages in order to determine a fair maintenance fee, or an offer to buy for that matter, as each home is unique and each building is different. Keep in mind that generally maintenance fees could include assessments, any underlying mortgage, etc., along with the usual property taxes, building insurance, management fees, heating, etc.; therefore focus on your finances, wants, needs, lifestyle, etc., and buy in the area/building where you know your needs will best be suited. If you are not working with a professional consider the idea, he/she will be your best guide.
0 votes Thank Flag Link Sat Dec 31, 2011
Maya,
Difficult to accurately answer your questions as there are many factors that impact the maintenance fee such as location, square footage, floor, age of building, amenities, condition, flip tax, improvements, view and many more.
I would refer you to my friend, real estate expert & appraiser Jonathan Miller- if anyone would know it would be him!
http://twitter.com/jonathanmiller
0 votes Thank Flag Link Sat Dec 31, 2011
Co-op maintenace fees are based on the level of service in the building, as well as how much sq. ft you have in your unit. The larger your unit, the more the co-op or maintenance fee you have. It is directly tied to the number of shares you won in the co-op. Larger unit= more shares = larger maintenance.

Equally if you live in a high end building like the Dakota, you will be paying top dollar in maintenance.

You now have the opportunity to search approximately 20,000 exclusive listings, representing the entire database of residential listings available through the membership of the Real Estate Board of New York (REBNY).

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Jennifer Chiongbian
SVP/ Associate broker
Rutenberg Realty NYC
9172502284
0 votes Thank Flag Link Fri Dec 30, 2011
Maya,

You are probably looking at $1.25 to $1.50 per square foot for your monthly fees. Hope this helps. If you have a specific property that you are looking at, please contact me and I can give you the exact fee for the apartment itself.

Thomas Sourasis
917.836.2337
0 votes Thank Flag Link Fri Dec 30, 2011
Not looking to renovate, looking for average monthly coop fees.
0 votes Thank Flag Link Fri Dec 30, 2011
Hi


I can tell you the sq. ft. price to renovate if you plan on renovating after purchase. It will range from $150.00 to $350.00 per sq. ft. This is for a true professional contractor, unlike 95% of them that are out there.
0 votes Thank Flag Link Fri Dec 30, 2011
Oh, I meant the co-op fee for a doorman building (monthly fee), not the price of the coop itself. i realize that this is made up of three components and will depend on underlying mortgage and maintenance of the bulding, but I would just like to know what the total average monthly fee is for this scenario.

Thanks!
0 votes Thank Flag Link Fri Dec 30, 2011
Hi Maya,

Obviously it depends on the building, exact location, floor, views, renovations and much more but you could probably find co-ops in or around Lincoln Towers for $620-750 per SF.

Good luck.
Eran
0 votes Thank Flag Link Fri Dec 30, 2011
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