High maintenenace at St George

I need advice please! What questions should I be asking regarding the co-op financials if I am considering buying in the building?

The maintenance fees seem indeed very high to me for a co-op building with that many apts (around 300 I believe) considering the only amenity is the 24h doorman: just over $1/ft for sad old hallways. And they are now talking about an assessment to renovate those hallways. Does this mean the reserve fund is too low?

How is the maintenance money being used every month if they can't even afford to paint and install new carpets in the common areas?

I looked at some old posts discussing co-op financial guide, but I am still not clear on what is ok to find and what is not:
http://streeteasy.com/nyc/talk/discussion/20035-what-to-look-for-in-the-coop-financials

Please help!

thanks

Here's some advice: get yourself a buyer's broker who will be on your side, looking out for you, instead of relying on a seller's broker, whose fiduciary responsibility is to get the best deal possible for the seller by any means necessary so long as it isn't illegal.

Sellers' brokers routinely split their commission with buyer's brokers, it's normal, and the buyer pays the same either way. In Manhattan if the firm is a REBNY member brokers are absolutely required to cooperate and there are fines if a rouge broker gets caught playing games.

In Brooklyn the broker cooperation level seems to to me to be at an all-time high, too, even though there is no REBNY equivalent in Brooklyn. When I call even mom-and-pop firms, representing my buyers, I find I am really getting great cooperation from brokers in Brooklyn. The saying about that is, "Co-broke or go broke."

Also, if get yourself a lawyer right away, you can ask her or him some of these questions. It's your attorney's job to review financials and advise you prior to purchase.

This is a big investment for you, you're not just buying a beach ball from Amazon.com. Relying on anonymous people to tell you how to rate a co-op's financial condition just isn't a good move.

And of course remember the old saying: On the Internet no one knows you're a dog.

You really need to get a copy of the financials and look at the sources and uses of the maintenance charges. Also what is the percentage of the maintainance that is tax deductible, that will give you an idea of how much is going towards mortgage interest and real estate taxes. The underlying mortgage on the coop could possibly be very high and that is part of what is causing the maintenance to be high.

With regard to upgrades to the building, many buildings instead of raiding their reserve funds which they may want to use for actual repairs, they assess the owners the costs of the project. Also some buildings will refi and cash out the money to do the improvements.

You must first start with understanding the money flow and why they are going the route of assessing the owners.

Once you have an accepted offer you will have access to the complete financial records of the building. Either you or your attorney should pore over those carefully.

Maint doesnt seem that high to me. $700 on a 500sf coop? kinda normal for 2011.

^ I agree with West34. Looks totally normal to me. I'd be much more concerned if the building isn't kept up, i.e. shoddy hallways, peeling paint, etc.

Thank you all for the advice!
MIkev, a $1/ft is the non-deductible part. the total monthly are about $1.6/ft, 37% is deductible.
Isle of Lucy, the building is not in fact kept up. Which is why I was concern about where the maintenance would go.

Can anyone recommend a trust-worthy, experienced buyer's broker specialized in BK - brooklyn heights, caroll gardens area?