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Condo, Co-Op Owners Face Higher Monthly Fees
By
Jen Chung
Published Feb 23, 2009
Modified Feb 23, 2009
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By
Jen Chung
Published Feb 23, 2009
Modified Feb 23, 2009
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Uh, it's time to rent, maybe? Crain's New York reports that all over the city, "maintenance fees and common charges for co-ops and condos, respectively, are rising at the highest rates in years."
Apparently at co-ops, monthly fees are "going up at more than double the rate of recent years," allegedly due to soaring expenses, like property taxes—not to mention higher operating costs. And condo owners aren't happy either, with some accusing developers of "misrepresenting" their common charges and one building jacked up their fees 25%. One lawyer said, “It's a perfect storm. Expenses are increasing, and people who [relied on financing] for an obscene amount of the price of their condos are seeing values decline.”
One management company estimated fees has increased 7-12% at their co-ops and condos, and some point to lack of revenue from retail and office rentals as why the apartment owners are being squeezed. Somewhat related: 375 properties are going on the auction block at the Javits Center next Sunday.
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co-op
condo
monthly charges
real estate
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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