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Co-op Reserve Fund

Started by gutter86
about 17 years ago
Posts: 74
Member since: Mar 2008
Discussion about
Here's the situation: Looking to sign contract on 140 unit UES Co-op with about $800,000 in reserves. The property has historically shunned assesments and does not have a flip-tax in place. Consequently it lives and dies by its maintenance. The underlying mortgage is +6MM and there are four retail spaces that collect minimal rent under a master lease. Given all of the above I'm afraid that the already high maintenance (approx. $1.75/SF) will only continue to rise. The maintenance has already increased approx. 20% since 2006. It's a doorman building, but outside of that and a laundry room there are no other amenities, ie. there is no roof deck, no gym, etc... Any thoughts would be greatly appreciated. Thanks.

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