Maintenance increases in coops

search the threads, this is well covered. lots of of increases, folks gave specific examples and articles talking about overall.

http://streeteasy.com/nyc/talk/discussion/29128-2012-maintenance-increases

Don't know 2013's yet.

Quick question:

I own a studio in a small East Village 20 unit coop building and I use it as an investment property so I rent it out. I received notice that the coop board will be increasing the maintenance fees this year, yet again. However, the treasurer has never provided in the past any supports for his calculations - only a sheet of paper showing how much each shareholder should pay.

As a shareholder, should I be concerned? Shouldn't I be receiving supports validating the treasurer's calculations? Would I be unreasonable to request the bank statements of the corporation for the past year? I do not live there but I believe it is my legal right to be entitled of support documentation, no?

Every spring, you should get a copy of the previous year's financial statements. There's a clause in your proprietary lease saying which reports you should get, and when.

Every fall, you should get a letter saying what the maintenance per share will be for the next year, and why it's going up.

Things can be sloppy in a small co-op or condo, where there's no managing agent, so just tell the president and treasurer you want to look at the books and records.

Thanks NWT

We have not yet purchased the apartment.I don't think they will just open their books and records to prospective purchasers. We did get to review their year end financials, minutes, but again, details as to why there have been such large increases remain hazy. Wish I could interrogate a member of the board.

In our old apartment, yes we saw increases, but they were relatively small. And they were almost all directly related to real estate tax increases, not as much related to operating expenses.

Lemony, I would assume the increases should be mentioned in the most recent minutes. My co-op has an assessment until the end of 2012, and in the september 2012 minutes they discussed that the original amount will be slightly lower than previously assessed however, there was more work that needed to be done so there will be another assessment for 2013. It doesn't specify how much this increase would be, but I would expect there to be one. Maybe you can ask for more updated minutes?

go to propertyshark, get the report for that building and match up the quotation for taxes there with what the financials say

Thanks everyone. very helpful suggestions