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Hugo, Other/Just Looking in New York, NY

What have the average Manhattan coop maintenance increases been over the past five years?

Asked by Hugo, New York, NY Tue Nov 6, 2007

Is there somewhere I can access these statistics online?

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Mitchell Hall’s answer
I think you might be able to find out the average portion of maintenance increase due to real estate tax increases which is across the board. However Coops are private corporations and every coop has different financials. Every coop increases maintenance do to it's own particular circumstance at a particular time. I agree with Aileen about picking a particular building and looking at its increases and assesments. I doubt even Miller Samuel would have that data because maintenance increases are not recorded with the city like taxes and sale prices.
1 vote Thank Flag Link Wed Nov 7, 2007
Mitchell Hall, Real Estate Pro in New York, NY
Hi Hugo, I was wrong. I just googled your question and found a NY Times article from June 3, 2007.
Jonathan J. Miller, the president of Miller Samuel Inc., a Manhattan appraisal company is quoted " Driven by escalating costs of fuel, insurance and property taxes, maintenance fees have risen an average of 24.1 percent over the last five years, compared with 10.2 percent in the preceding five years"
0 votes Thank Flag Link Wed Nov 7, 2007
Mitchell Hall, Real Estate Pro in New York, NY
In answer to your question, Aileen, I own a coop apartment in Manhattan. When I purchased it four years ago, the building's finances were quite good. Over the course of the past four years, I have been dismayed at some of the decisions taken the by board. Our maintenance has gone up something like 30 percent over this period. So I am curious as to the experiences of other similar coops in the city. I know that fixed costs have risen and affected all coops. However, we just received another 10 percent increase this year. During our annual meeting, I asked this same question. The representative from the company that manages our building answered that other buildings she manages in the city have seen increases from seven to nine percent this past year, which puts us above her average. What I'd like to find out is how much above the average we really are. (Frankly, this type of information should be made public.)
0 votes Thank Flag Link Wed Nov 7, 2007
Try Miller Samuel and The Real Deal. Honestly, is this question in conjunction w/ your own apt. search? With all the different co-ops in the city, it's easier to pick a particular building and then speak to a Realtor about the average maintenance increases and assessments in that building.
0 votes Thank Flag Link Wed Nov 7, 2007
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