what is the monthly maintenance on this coop and what % is deductible?

Asked by Doug Finn, Croton-On-Hudson, NY Sat Dec 29, 2012

This question was asked from this property: http://www.trulia.com/property/3102379657-101-W-23rd-St-New-…

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Lynn Ronchet…, , New York, NY
Wed Jan 2, 2013
Sorry if this is a duplicate reply as it wasn't clear whether this information was sent previously.

This is a top floor two bedroom/one bath unit which does allow the owner to build a roofdeck above the unit up to 40% of the size of the apartment. It is priced at $319,000 as the monthly maintenance is $2,261 at 35% tax deductibility. The building has a landlease which runs through April 2044. I am having an open house this weekend between 2:00 pm and 3:00 pm if you would like to stop by. Look forward to meeting you then!

Lynn Ronchetto
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Jenet Levy, Agent, New York, NY
Sun Dec 30, 2012
Hi, Doug.
The maintenance is $2,261 per month. It is 35% tax-deductible.
The reason the maintenance is so high is because this building is on landlease. In other words, unlike most co-op or condo buildings, the land underneath is not owned by the building and rent must be paid for the right to occupy that land. All of Battery Park City is this way, and scattered other buildings around the city. In general, the apts. in such buildings are priced lower to offset the high monthly cost. However, given a choice of your monthly overall cost going toward a higher purchase price/mortgage payments and lower maintenance vs. a low purchase price/maintenance and higher maintenance, you are much better off with the first.

I would strongly suggest you use a skilled, experienced agent as your buyer's agent rather than go it alone. A great agent will save you time, money and aggravation and advise you in matters such as these.

Jenet Levy
Halstead Property, LLC
212 381-4268
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Nick Agostin…, Agent, New York, NY
Sat Dec 29, 2012
$2261 is the monthly maintenance fees and 35% is tax deductible.
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