'Tis the season! Thank rising heating costs, among other expenses, for skyrocketing maintenance costs at co-ops across the city:
1) 127 W. 96th St., a 17-story prewar co-op, up 25%
2) The Chelsea Lane, a 400-unit co-op, up 20%
3) 318 W. 100th St., a 32-unit prewar condo building, up 20%
The effect hits the bottom line. Elliman broker Darren Sukenik points out to the NYPost that an apartment with $1,000/month maintenance on the market for $500,000 might be marketed at $565,000 if the maintenance were $700/month. Ouch.
· Monthly Co-Op Costs Set to Rise [NYPost]