Property Q&A in 10021>Question Details

T Pashos, Other/Just Looking in 10021

Is it legal for maintenance fees to go up 25%??

Asked by T Pashos, 10021 Mon Jan 19, 2009

I jus received a leter from he managing agent that our maintenace fees are going up 25% starting Feb. 2009.
Is there not a cap on what they could raise the fees to? 25% seems ridiculous. There were some recent budgeted repairs and they wil be refinancing this year that will include a budget for painting and recarpeting the 5 floor, no dorman, elevator building. I am furious atthis rate hike....do I have any recourse??

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Hi T, you should be able to check your lease agreement for this, or have your attorney double check. There may be recourse for you.

If you want to move and could use a referral for an EXCELLENT agent in NYC let me know. I have a great colleague working there who can assist you.
0 votes Thank Flag Link Sun Oct 3, 2010
Maintenance fees are charged by the cooperative, which you are a shareholder in if you are in a coop. You could certainly ask for a breakdown from the board as to exactly where the $$ is going. Insurance and taxes have probably also gone up besides the repairs they are talking about.
0 votes Thank Flag Link Tue Jan 20, 2009
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