BEST ANSWER
There are three componments to your maintenance in BPC. The maintenance costs for the building (which are based on the administrative costs, electric, heating oil, supplies, etc), the taxes (In Battery Park City, you pay PILOT...payment in leiu of taxes) and the land lease expenses...the building leases the land from the city. Each condo building in BPC has a different land-lease arrangement with the city, usually 10-15 yrs so these costs are stable for a certain length of time. Many of the older condos in BPC have land leases expiring and therefore are subject to increases in land rent. Maintenance costs for maintaining a building are increasing each year so they generally pass this increase on to owners. Your attorney will check out the details for the building you are interested in when they are doing their due diligence during the attorney review process.
Sun Aug 17 2008, 04:03