Spiraling maintenance fees at co-ops are becoming a major headache for some owners — driving some of them to cheaper pastures.
Annual maintenance fees per room on the East Side rose from an average of $3,457 to $5,606 from 2001 to 2011, according to the Council of New York Cooperatives and Condominiums. On the West Side, fees jumped from an average of $2,784 to $4,671 per room over the same time frame.
For West Siders, real estate assessments doubled and their property taxes rose from $739 per room per year to $1,912. All together, taxes in West Side co-ops went from gobbling up 23 percent of a monthly maintenance bill to 37.5 percent, leaving co-op owners with a smaller pie slice to pay for utilities, repairs, infrastructure upgrades, debt service, insurance and labor.
via NYC co-op owners priced out by soaring maintenance fees.