Features

In co-ops, fees are generally set based on the size of the apartment. (39 West 83rd Street, #7 - Keller Williams)

From Get To Know Maintenance Fees 101 + NYC co-ops with maintenance fees under $1,000/month

By Cait Etherington Wednesday, January 4, 2023

It may sound hard to believe now, but there was a time when New York City condo and co-op prices were relatively in sync. The amenity craze had yet to take hold in new condominiums, which didn't differentiate them much from cooperatives. Moreover, in a slightly more dangerous city, a full-time doorman and an additional slate of gatekeepers (also known as the co-op board) was seen by many as a must-have. As a result of the evolution of the city and real estate market, CityRealty listings show that median Manhattan prices are a whopping $2,679,413 for condos and only (!!) $978,604 for their co-op counterparts.

However, that is not to say that co-ops are necessarily the place to go for bargains. The cost of one’s maintenance fees must be taken into account since, in New York City, fees are often extremely high. While fees in an older walk-up in Brooklyn may be just a few hundred dollars per month, fees in prestigious Manhattan co-ops are several thousands of dollars each month. In fact, some co-ops can come with extremely low sticker prices but maintenance fees as high as, if not higher than, one’s monthly mortgage payment (this listing is an excellent example). Just as we recently examined condo common charges, this article examines co-op maintenance fees in detail, discusses how they are set, and how to avoid excessively high fees if and when possible.

What Co-op Fees Cover

In co-ops, all shareholders pay co-op fees. Generally, co-op fees include property taxes, any underlying mortgage on the building, and building insurance. In many buildings, utilities (e.g., heat and hot water, electricity, and gas) are also included in the fees. One’s fees likely also cover other regular upkeep costs (e.g., landscaping, pest control, etc.). Finally, fees cover building staff salaries and any additional services. As a result, the more staff and services found in the building, the higher the fees.

How Co-op Fees Are Set

In co-ops, fees are generally set based on the size of the apartment. As a result, if you combine two units, expect to pay higher fees. In some cases, other factors, including the floor level, may also be taken into account when setting fees.

345 West 145th Street, #6B3, a Hamilton Heights co-op with a famous past owner and low monthly maintenance (Douglas Elliman)

Negotiating Co-op Fees

Co-op fees are set by the co-op board and voted on at an annual meeting for shareholders. Small fee increases are expected (e.g., to cover higher taxes or fuel costs). Also, from time to time, a building may need to temporarily charge higher fees to cover the cost of a major capital improvement or repair. For example, many buildings are forced to raise their fees as a result of façade work. However, fees can also be a source of controversy in some co-op buildings.

While some shareholders may want to renovate the lobby or install a gym and be happy to pay higher fees in the process, other shareholders may consider such additions and the related costs unnecessary. Where majority rules, however, there isn’t much a shareholder can do. Ultimately, once the fees are set, shareholders are obliged to pay the fees as long as they remain shareholders in the building. This is one of the risks of buying in a co-op building. Of course, there is always one line of recourse: Shareholders who feel spending is out of control can always get elected to their co-op board and put an end to the frivolous spending and soaring fees.

444 East 87th Street, #2B
$279,000

Yorkville | Cooperative | Studio, 1 Bath
Monthly Maintenance: $908

444 East 87th Street, #2B (Compass)

From the Listing: Imagine yourself at home in this roomy, bright, north-facing studio in prime Upper East Side with a layout that's flexible for all your furniture needs. The well-proportioned, windowed kitchen has a full-size fridge, 4-burner range, and ample cabinetry. Under-sink dishwasher can be installed. Other features include a gracious entry foyer, three large closets, hardwood floors, high-ceilings and through wall air-conditioning. See floor plan and full details here.

70 Park Terrace East, #6G
$275,000

Inwood | Cooperative | Studio, 1 Bath | 360 ft²
Monthly Maintenance: $524

70 Park Terrace East, #6G (The Agency Brokerage)

From the Listing: This warm and bright studio apartment feels like home the moment you walk in. Located on the top floor of a cooperative, the southern and eastern light exposure offers sun all day long. The unobstructed views on the Harlem River are an added bonus. The studio feels open, the space friendly for many different living room/bedroom layouts. There are three deep closets throughout the space that solve all of your storage woes, and the building will be offering storage lockers in the basement in case you find yourself needing more. The galley kitchen is windowed, with ample cabinets and room to cook or bake for your guests and friends. See floor plan and full details here.

Windsor Tower, #1915
$310,000

Turtle Bay/United Nations | Cooperative | Studio, 1 Bath
Monthly Maintenance: $882

Windsor Tower, #1915 (Compass)

From the Listing: Apartment 1915 is a light-filled residence boasting city views and classic pre-war details including original French casement windows, beamed ceilings, and hardwood floors protected by stylish carpet tiles. The open floorplan utilizes every inch of space with a custom Murphy bed and built-in storage and an abundance of custom closets, all of which can be removed or reconfigured. The open kitchen with a breakfast bar is ideal for casual meals and entertaining, and the bath has been updated. See floor plan and full details here.

Queensview, #14B
$385,000

Astoria/LIC | Cooperative | 1 Bedroom, 1 Bath | 700 ft²
Monthly Maintenance: $829

Queensview, #14B (Compass Greater NY LLC)

From the Listing: High floor home with spectacular views of the Manhattan skyline and the East River. Enjoy the beautiful sunsets over Manhattan from this clean and crisp one-bedroom corner unit. Queensview Co-op is a meticulously maintained 14-building complex with lush grounds that features a basketball court and playground. Parking is available immediately. See floor plan and full details here.

229 East 28th Street, #LC
$399,000

Murray Hill | Cooperative | Studio, 1 Bath
Monthly Maintenance: $939

229 East 28th Street, #LC (Compass)

From the Listing: Your lofty studio at the crossroads of Murray Hill and Kips Bay awaits! Extra-tall beamed ceilings give you plenty of room to breathe and relax in a well laid out studio with a stainless steel kitchen (with dishwasher), through-wall A/C and a separate dressing/work nook. This rear facing apartment stays quiet to provide some calm in the middle of it all. Any buyer will get a gift card to nearby Kalustyan's to start off their new chapter with a fresh spice pantry! See floor plan and full details here.

The Lincoln, #4FE
$419,000

Midtown West | Cooperative | 1 Bedroom, 1 Bath
Monthly Maintenance: $850

The Lincoln, #4FE (Sothebys International Realty)

From the Listing: The perfect Theater District and sunny one-bedroom! South-facing living room, queen-size bedroom, separate eat-in kitchen, and hardwood floors throughout. Heat, hot water and cable are included in the monthly maintenance. See floor plan and full details here.

335 West 21st Street, #3RE
$440,000

Chelsea | Cooperative | Studio, 1 Bath
Monthly Maintenance: $749

335 West 21st Street, #3RE (Douglas Elliman Real Estate)

From the Listing: This warm, pin-drop quiet, and inviting home has been painted and totally renovated with new kitchen and bathroom recessed ceiling smart light fixtures allow you to control with your cell phone. Low monthly charges add to the appeal, and there is a dish-washer. The building boasts a sensational roof deck, bicycle storage, and a live-in superintendent. New affordable building WiFi will be available All this located in prime Chelsea near everything you love. See floor plan and full details here.

345 West 145th Street, #6B3
$460,000

Hamilton Heights | Cooperative | 1 Bedroom, 1 Bath
Monthly Maintenance: $866

345 West 145th Street, #6B3 (Douglas Elliman Real Estate)

From the Listing: Calvin Copeland, the owner of Copeland's Restaurant and known for his excellent food and gospel brunches, was once the owner and resident of this spacious, south-facing one-bedroom apartment. The windowed eat-in kitchen has all stainless steel GE and Miele appliances. Dining or office space alcove, large sun drenched living room with views of midtown. Windowed bath is updated. Lots of closets. Bedroom, large enough for a king size bed, large dresser plus, is also south facing. See floor plan and full details here.

524 East 13th Street, #E4
$475,000

East Village | Cooperative | 1 Bedroom, 1 Bath
Monthly Maintenance: $800

524 East 13th Street, #E4 (Douglas Elliman Real Estate)

From the Listing: Enter into a graceful foyer and take in the well lit generous living room with high ceilings, large windows and open views. The modern kitchen is the perfect place to prepare meals for friends. Your bedroom is pin-drop quiet and faces east with excellent morning light. The modern bathroom is bright and clean. Ideally located between Avenue A and B, an amazing selection of restaurants, bars, shopping and transportation are moments from your front door! See floor plan and full details here.

39 West 83rd Street, #7
$495,000

Central Park West | Cooperative | 1 Bedroom, 1 Bath
Monthly Maintenance: $880

39 West 83rd Street, #7 (Keller Williams NYC)

From the Listing: Located in a lovely prewar townhouse, this beautifully renovated gem features charming original details including large pane windows, exposed brick, and a working fireplace; not to mention high ceilings, abundant natural sunlight, hardwood floors throughout, and floor-to-ceiling closets. The kitchen features new stainless steel appliances including microwave. See floor plan and full details here.

251 Pacific Street, #8
$525,000

Boerum Hill | Cooperative | 1 Bedroom, 1 Bath
Monthly Maintenance: $665

251 Pacific Street, #8 (Serhant LLC)

From the Listing: Walk up just one short flight of stairs, this completely renovated and move-in ready charming one-bedroom, one-bath is a must-see! The updated kitchen offers plenty storage space, along with stainless steel appliances and a dishwasher. The living area includes two large windows and allows the space for both living and dining set-ups. The bedroom easily accommodates a queen-sized bed and has ample closet space within and throughout the rest of the apartment as well. There is a modern style nook that is perfectly designed to be used as a home office and located in the cozy hallway just off the kitchen. The windowed bathroom was also renovated and features a classic style.  See floor plan and full details here.

University Towers, #8K
$584,000

Downtown Brooklyn | Cooperative | 1 Bedroom, 1 Bath
Monthly Maintenance: $991

University Towers, #8K (Compass)

From the Listing: Welcome home to this delightful one-bedroom in the heart of Downtown Brooklyn! The fully renovated chef's kitchen enjoys top-of-the-line stainless steel appliances including a gorgeous burgundy Viking Stove, stainless hood, double door fridge/freezer with ice maker and water line, and a large under-mount sink with 3-stage water filtration system, dishwasher, and built-in wine fridge. The common area is north-facing and gets an abundance of morning sunlight. Tucked away down the hall is a massive bedroom that can easily fit a California king bed with additional furniture pieces. There are four closets strategically placed throughout the unit for all of your storage needs and beautiful hardwood floors that add a ton of warmth to this unique space. See floor plan and full details here.

54 Orange Street, #5G
$619,000

Brooklyn Heights | Cooperative | 1 Bedroom, 1 Bath
Monthly Maintenance: $927

54 Orange Street, #5G (Argo Residential)

From the Listing: 54 Orange, 5G is a quiet, large one-bedroom perched on a high floor and flooded with afternoon light. The extra-large living room can easily accommodate a sofa and seating area as well a larger dining room table. Recently painted and with refinished hardwood floors, with two new thru wall AC's, 5G is also ready to move right into. Located on a coveted "fruit" street in tree-lined charming Brooklyn Heights, you will not long for things to do. See floor plan and full details here.

Raymore Court, #1AA
$625,000

Broadway Corridor | Cooperative | 1 Bedroom, 1 Bath
Monthly Maintenance: $451

Raymore Court, #1AA (Engel & Volkers New York Real Estate LLC)

From the Listing: Gorgeously, gut renovated one-bedroom co-op with charming front facing views of West 106th street and a private gated courtyard entrance! This newly designed pre-war home with 10' ceilings features a contemporary kitchen with white cabinets, brass Kohler fixtures, LG stainless steel appliances and chevron marble tile backsplash. The new bath has a classic black and white design, with the original deep soaking tub. Newly installed white oak hardwood floors, light fixtures and ceiling fans are throughout. The monthly maintenance includes heat, hot water, property taxes, and upkeep of common areas. See floor plan and full details here.

Francine Towers, #3J
$625,000

Clinton Hill | Cooperative | 1 Bedroom, 1 Bath
Monthly Maintenance: $834

Francine Towers, #3J (Stile Real Estate LLC)

From the Listing: Enter into this enchanting apartment from the foyer, leading into the open living room. There are built-ins and storage for your convenience and abundant light throughout the day. The kitchen has ample white-wood cabinetry and includes a Gaggenau stove-top, Fisher/Paykel drawer dishwasher and a microwave/convection oven. Also with views of the Pratt Institute campus, the huge bedroom can easily accommodate a king-sized bed with plenty of room left over for a home office! A private storage unit is included in the sale. See floor plan and full details here.

140 East 2nd Street, #6C
$880,000

Windsor Terrace | Cooperative | 2 Bedrooms, 1 Bath | 1,250 ft²
Monthly Maintenance: $912

140 East 2nd Street, #6C (Douglas Elliman Real Estate)

From the Listing: This top-floor unit in Windsor Terrace is easily convertible to a three-bedroom. Features include oversized rooms, original pre-war detail, high ceilings, and fantastic storage. Monthly maintenance includes high speed internet, cable TV, heat and hot water! See floor plan and full details here.

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Contributing Writer Cait Etherington Cait Etherington has over twenty years of experience working as a journalist and communications consultant. Her articles and reviews have been published in newspapers and magazines across the United States and internationally. An experienced financial writer, Cait is committed to exposing the human side of stories about contemporary business, banking and workplace relations. She also enjoys writing about trends, lifestyles and real estate in New York City where she lives with her family in a cozy apartment on the twentieth floor of a Manhattan high rise.

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