Ismail Ahmad, Home Buyer in 10010

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

Asked by Ismail Ahmad, 10010 Sat Aug 2, 2008

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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.
Web Reference: http://www.elliman.com/gjm
2 votes Thank Flag Link Sun Aug 17, 2008
I am an expert in the Battery Park City area.

That really depends on each condo and each management company. Please read the offering plan for each condo.

Like many other properties in Battery Park City, the condos in Battery Park City don't own the land underneath the buildings. In this case, the buildings lease the land from the Battery Park City Authority, a public agency that was formed in the 1960s to develop the then-nascent neighborhood.

The land-rent fees get rolled into the monthly condo fees that owners pay. In Battery Park City, the current amount paid toward ground rents range from about $30 dollars a month to several hundred dollars per condo unit, depending on the building.

What sets the Battery Park City condos apart from other properties is how the ground rents were scheduled to rise over time. Most buildings with ground leases have long-term agreements spanning around 100 years with predicable price rises.


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0 votes Thank Flag Link Tue May 29, 2012
In our co-op and neighboring ones, maintenance goes up every year.
0 votes Thank Flag Link Fri Aug 15, 2008
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.
0 votes Thank Flag Link Fri Aug 15, 2008
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
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