Maintenance increase, 1987 to 2008
Started by NWT
about 17 years ago
Posts: 6643
Member since: Sep 2008
Discussion about
Just came across an interesting doc on ACRIS relating to 2 East 67th (http://www.streeteasy.com/nyc/building/855-5-avenue-new_york.) It's the managing agent's maintenance-account breakdown from February 1987. Back then it took $70K per month to run that 14-apartment building. Last year it was about $181K, an increase of 159% in 21 years.
Actually, that's about right. Adjusted for inflation, $70,000 in 1987 would be $126,000 today, and the costs associated with running a building -- most notably taxes and utilities -- have far outpaced inflation.
Did you look at the increases in the building's underlying mortgage?
No, but should've, as that'd be a big variable. Not as if there're a lot of docs to check. Now I'm on a roll with that building, should go through and see. Was looking to see the share allocation for the two half-floor apartments vs. the rest:
1/2A 800
1/2B 645
3 800
4E 455
4W 670
5 880
6 925
7 950
8 975
9 1030
10 1035
11 1040
12 1045
PH 750
Lots of consolidations, but pretty straightforward: In 1987, $500K. In 2008, $2875K. So an increase of $13K or so per month.
ok, so that's about 10% of the increase that's not really an increase in terms of, I don't know, but you know what I mean.