Upkeep Costs for New York Condos and Co-ops Continue to Rise
- Feb 25, 2008
New York–Higher operating costs and property taxes are raising condominium common charges and co-op maintenance fees in New York City, The New York Times reports.Apartment owners are receiving their fifth or sixth consecutive annual round of fee increases, a sharp contrast from previous years in which common charges and maintenance costs stayed fairly constant. Last year, average Manhattan co-op maintenance fees were 30 percent higher than in 2002, according to a residential sales analysis by Manhattan appraiser Miller Samuel Inc. Condos saw a 38 percent increase in combined common charges and real estate taxes in the past five years.Maintenance costs used to be $1 per square foot in Manhattan apartments; now costs average $1.37 per square foot in buildings with a doorman. An 18.5 percent property tax rate increase in 2002–along with rapidly increasing tax assessments influenced by the rising real estate market–hurt co-op budgets, the Times said.