What do HOA fees get you in NYC?

[BSR]

Although I plan to retire in WeHo, probably above the Sunset Strip, I've been looking at NYC housing, just for kicks. This place has MONTHLY homeowners' association dues of $4000 per month! Considering that it's a 2 bedroom apartment, what could the $4000 a month possibly be going for? Do you get escort visits on demand? Seriously, any of you living in the NYC area have any understanding of what the money is going towards? I pay under $400/month for my place in California, and that covers the roof, outside paint, pools, tennis courts, exterior landscaping, and paving for private streets. Is $4000/month just a big scam?

https://www.zillow.com/homedetails/1140-5th-Ave-7B-New-York-NY-10128/72531078_zpid/

The listing you posted is a co-op. I believe the maintenance fee for a NYC co-op unit differs from the HOA fee associated with condos. Condos in NYC list a condo fee (what the rest of the country more commonly calls the HOA) and monthly property tax separately. The monthly maintenance fee a co-op owner pays includes the property taxes owed by the cooperative.

 

When you consider the sky-high property taxes in NYC (the city gets ~60% of its revenue from property taxes) then add the monthly building costs, $4000 doesn't seem that high to me.

 

As many others in this thread have pointed out, a big old building in NYC (with its sky-high labor costs) has so many expenses that would never occur to you. My dad lived in NYC for 11 years. The doorman mentioned how much it cost to repair the two elevators that recently broken down. I forget the exact amount, but my dad said it almost gave him a heart attack. When his condo fee bumped up later that year, at least it was easy to understand why.

[+ SundayZip]

I think there's an argument going on in this thread, but someone remind me... what is it?

[spider]

I think there's an argument going on in this thread, but someone remind me... what is it?

 

Sure. It began when some thought that monthly assessments were artificially high and unjustifiable - I remember one use of a the word scam - without a basic understanding that the money didn’t going to some fat cat when in fact it’s going to a HOA that you have a voice in, and that every penny of it is going to maintain and run your property, paying for many things. Also that everything in the big city costs a fortune.

[cany10011]

Sure. It began when some thought that monthly assessments were artificially high and unjustifiable - I remember one use of a the word scam - without a basic understanding that the money didn’t going to some fat cat when in fact it’s going to a HOA that you have a voice in, and that every penny of it is going to maintain and run your property, paying for many things. Also that everything in the big city costs a fortune.

 

Agreed. But our salaries are generally higher than other areas of the US. Even the no name muscle boys think they can ask for 500$ an hour.

[+ Reisr30]

Agreed. But our salaries are generally higher than other areas of the US. Even the no name muscle boys think they can ask for 500$ an hour.

I loved living in NYC and think cost is completely worth it; I hope to move back some day to “a deluxe apartment in the sky”

Edited June 12, 2019 by Reisr30

[Guest]

Sure. It began when some thought that monthly assessments were artificially high and unjustifiable - I remember one use of a the word scam...

 

All right, what I said in my OP was "Is $4000/month just a big scam?". Obviously, I don't have the information to know these fees are off-base, but they just seem strange. Without the facts, I can just say that I find the fees suspicious. Since no one has any concrete information, there is no way to know. I have my suspicions, don't have a way to verify the suspicions, and can leave it at that.

[LookingAround]

$4k a month for a fifth avenue coop would not raise eyebrows in nyc.

[MscleLovr]

$4k a month for a fifth avenue coop would not raise eyebrows in nyc.

 

I agree completely.

 

For a while, I rented a lovely but small 1bed apartment (high floor, 2 exposures) in a very fancy co-op building on 76th Street. I enjoyed it so much that when a 2bed apartment came up for sale, I was keen to buy but I lost interest on finding that the monthly costs were $20k!

[studchaser]

I agree completely.

 

For a while, I rented a lovely but small 1bed apartment (high floor, 2 exposures) in a very fancy co-op building on 76th Street. I enjoyed it so much that when a 2bed apartment came up for sale, I was keen to buy but I lost interest on finding that the monthly costs were $20k!

 

I am a nyer too but i dont get this manhattan at all costs mentality. I love the city and I like to be close to work but not at the expense of not being able to enjoy the money i make. I know too many professionals spending 50 or more on their rent and sometime that is with roommates. Maybe if we were all willing to walk away from it we wouldnt be at the mercy of it.

[+ BlueSky]

Here's a sobering NY TImes article about how much it costs just to maintain the elevators in some NYC buildings:

https://nyti.ms/2Khyeyz

 

an Upper West Side prewar condominium....After two years of research and planning, the board announced its plan to spend $1 million to upgrade its two passenger and two freight elevators at its annual meeting in May 2017.

[MscleLovr]

Here's a sobering NY TImes article about how much it costs just to maintain the elevators in some NYC buildings:

https://nyti.ms/2Khyeyz

 

an Upper West Side prewar condominium....After two years of research and planning, the board announced its plan to spend $1 million to upgrade its two passenger and two freight elevators at its annual meeting in May 2017.

 

Thanks for the link @BlueSky I hadn’t seen this. The cost is unsurprising to me.

 

In my building, despite all the regular maintenance, we replace the elevators every 25 years. The last time we did this, thanks to having the financial reserves, we spread the charges over 2 years which lessened their impact.

 

As I see it, regular and meticulous maintenance of the building is reflected in the high values that the apartments command. Despite what realtors say, it’s not all about location.