how often does the maint and by how much for condos goes up in BPC. thnx

Ismail Ahmad
Home Buyer
10010

Answers (3)
Glenn Minnick,...
Agent
New York, NY

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
Zack
Other/Just Looking
Westchester County, NY

In our co-op and neighboring ones, maintenance goes up every year.

Fri Aug 15 2008, 06:51
Mitchell Hall
Broker
New York, NY
FIRST ANSWER

There is no specific time or amount that maintenance goes up in BPC or any other condo in Manhattan. It is determined by the buildings finances. When operating costs go up and real estate taxes are increased and the building needs revenue.

The only difference in BPC is that instead of real estate tax condo owners in BPC pay PILOT (payment in lieu of taxes) but increase in PILOT is still determined by the city/state Battery Park Authority. Maintenance or common charges in a condo in BPC can be raised when a land lease expires or is renewed.

The link below will give you more information about BPC.

Fri Aug 15 2008, 05:38

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