In this particular Co-Op that you have tagged the monthly maintenance not only includes your proportionate share of the Real Estate taxes, the upkeep and maintenance of the building: ie building reserves to replace the roof when needed, replace windows, clean the hallways, pay the suppers etc. It also includes the heat & hot water as well as the cooking gas & electricity for all the residents. There is a $20.00 a month extra if you put air conditioners in your windows.
The monthly maintenance on this particular apartment which no longer seems to be on the market is $451.00 per month.
If you got a Bank loan to buy the apartment with 20% ($19,000) down @ 4.5% the Bank loan would be approx. $480.00. So your total monthly out would be $931.00 of which you will get income tax deductions for the interest on your bank loan and the proportionate share of the maintenance that is tax deductible. So it will effectively cost you less than $750.00 a month to live there. + your cable bill!
Kathryn Lilly, Broker
Realty on the Greene, LLC