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Home Owner, Other/Just Looking in 10011

What is the average maintenance cost in Chelsea coop/condo apartments?

Asked by Home Owner, 10011 Sun Aug 8, 2010

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But it does help me. Thank you, Mr. Mor.
0 votes Thank Flag Link Mon Dec 26, 2011
Hey, folks. This was asked in August, 2010. I'd say responding 15 months later isn't going to help this person.
0 votes Thank Flag Link Thu Nov 3, 2011
I am sure you got the answer from the previous professional brokers, I would like just to add a real life example how sqrf or floor in Co-Op's is definitely not the only parameter when determining the cost of maintenance but only the shares that were given to this unit when the co-op made the divisions.
107 West 25th Street, Apt. 4-E has 43 shares,loft, approx 1060 sqf , maintenance - $1600
and 107 West 25th Street, Apt. 3-B approx 1200 sqf, maintenance - $1320

If you have any further questions feel free to contact me through my KW profile
http://www.kwnyc.com/index.cfm?page=agents&agentName=Tuval-Mor

Thanks!
0 votes Thank Flag Link Thu Nov 3, 2011
Maintenance in a building is based on the number of shares you have.

Share distribution is mostly a matter of size, but if two apartments are the same size,shape, everything, then the difference is most tied to secondary aspects.

You see, shares are based proportionately on the use of the services that each apartment gets. In other words,it based on how many pieces of the "pie" you get compared your neighbors.

If you are on the 5th floor of a walk-up co-op, I would wager you are paying less than a person with an exact replica apartment on the 2nd floor pays for that specific luxury(less stairs). Vice versa with elevator co-ops of course, etc etc. If you have the largest apartment on the most wanted floor of your building, you are definitely going to be paying the highest maintenance!
0 votes Thank Flag Link Wed Apr 27, 2011
I suspect you have some kind of answer by now and yes, I know I'm coming late to this party. After reading the question, I am compelled to respond.

There are so many variables that there is no maintenance in a Condo and there is no average. I won't go into specifics, others have started that below. The question is, what is the point? If you're looking to buy in a bldg with low common charges go for a bldg with few services. No Doorman, Gym, Pool. No roofdeck, concierge, valet parking. That's where you'll save. Good luck.
0 votes Thank Flag Link Thu Jan 13, 2011
Its better if you check it by yourself in Streeteasy, Nybits etc and do a research and then compare.
0 votes Thank Flag Link Wed Aug 25, 2010
The size of the unit also makes a big difference here. On co-ops, it is generally tied to the number of shares the unit has. On a condo, the property taxes also vary based on size/value, and the same for common charges. Are you looking at a studio, 1 bedroom, 2 bedroom?? Also, sometimes those units that have higher maintenance are priced less than a comparable unit with lower maintenance because that is what the market will bear. Also, the ammenities of the building will affect the maintenance as well. Part time vs. full time doorman, roof garden, health club, you name it. The size of the underlying mortgage also makes a difference.
0 votes Thank Flag Link Sun Aug 8, 2010
Home Owner,
Maintenance actually only applies to co-ops. It consists of 3 parts: your share of the underlying mortgage, your share of the real estate taxes, and your share of the common upkeep. Condos do not have maintenance, but rather common charges and real estate taxes, which are always separated out. It is difficult to give you one answer because there are many variables. In a co-op, for example, it depends upon the size of the unit, the floor it is situated on, which way it faces, what amenities are in the building, how many units there are, etc. Similarly in a condo, these types of things are factored in. Co-ops tend to have lower asking prices and higher maintenance, and condos have higher asking prices and lower monthly costs.
Can you give me an idea of what size you are talking about?

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com
0 votes Thank Flag Link Sun Aug 8, 2010
Hello. There are so many variables (building size, age, amenities, land-lease buildings,etc) that it's difficult to specify an average throughout a neighborhood. I generally use about $1.65 per square foot as an average in Manhattan. The range seems to be anywhere from $0.85 to over $3.00. Our proprietary system allows me to search based on maintenance, as well as many other criteria. Let me know if you'd like me to help to focus your search on specific criteria.
Web Reference: http://www.lousnitkin.com
0 votes Thank Flag Link Sun Aug 8, 2010
Maintenance fees will vary from complex to complex--much will depend on size, any existing mortgage, land lease fees, amenities, assessments, etc. If you are interested in a particular complex, you can either ask your question again with a link or any local agent(s) can help you, contact any realty office(s) and inquire--also consider working with an agent of your own--he/she can provide you with any information, schedule showings, provide comps, etc.
0 votes Thank Flag Link Sun Aug 8, 2010
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