Co-Op Maintenance Fees Are Rising.
The average co-op maintenance fee in New York City climbed 19% from 2009 to 2010 to $1.76 per square foot per month, according to Miller Samuel, a Manhattan-based appraisal company that tracks maintenance costs.
The main driver behind the fee increases has been a jump in property taxes brought on by rising state and local debt. Property tax revenue from New York City co-ops increased 9.68% to $12.8 million in 2009, the most recent data available, according to the NYC Department of Finance.
Co-op boards looking to offset rising property taxes have few options but to raise maintenance fees, which shareholders (the people who purchase each unit) pay on a monthly basis separate from their mortgage.