Maintenance

Depends on the amenities, but my standards (I tend to like doorman buildings):
2x square footage is very high (except maybe battery park).
1-1.5x is med/high.
1x is probably avg for me.
and below 1x is low.

Thanks for your feedback. That sounds like a sensible formula.

I would amend this slightly - if you're figuring a doorman, 1-1.5X seems about right.

#2 again, even "doorman" means a lot of different things so compare apples to apples.
Some buildings are luxury with concierge, doormen and porters and they do everything very hotel esque. Other buildings have part time doormen=concierge so just make sure you're getting what you're paying for.

Having said that, #4 might be right in that if you want certain doorman comforts:
1.5-2x is high
1.0-1.5 is avg
below 1.0 is low

When the maintenance is much higher per sq ft does that mean the bldg. financials are in bad shape?

Not necessarily - it could mean that the building has a high mortgage on its place, it could mean it provides tons of services (bellmen, porters, doormen, etc.), it could mean it's a smaller building so the costs are spread out among less people, it could be there was a recent assessment, it could mean alot of things.

Unusually low maintenance is not always good either, necessarily.

Does anyone know how maintenance is allocated within a building? Does it depend only on square feet or do you pay more if you have renovated or have a more desirable apartment like a corner one?

Square footage, plus other factors. High, sunny floors (assuming they are reached by an elevator) are alloted more shares than low, dark ones; terraces, gardens, views, ceiling height, number of windows, skylights, etc. all come into play. Renovations have nothing to do with the maintenance.

I don't know for sure but I think there's some concept of commons share % and it is usually a formula related to square footage and floor. The formula probably varies from building to building.

the formula is typically set in the original offering plan. it can be as simple as sq footage vs. height vs. view etc. or in the case of old coop, building lines that had people who were difficult in the coop conversion got screwed and the sponsor put a disproportionately high CC allocation

anything more than $1 is high unless you get out of the ordinary amenities, such as a pool, 24 hr doorman, garage and the like. smaller walkups which went coop tend to have like $1.50 psf maintenances largely because the boards are inept.

London Terrace has both a pool and f/t doormen, so that's why the high maintenance.

my building has pool, gym, concierge, doorman, porters and its about $1.0 ppsf, but after electric, cable, etc. its still not up to $1.5 ppsf

do the shares and maintenance costs usually increase on the higher floors?

My building is extraordinarily cheap in Midtown - 400 sf, less than $300 maintenance - 24 hr concierge, doorman, porter, pool, gym ...

Extraordinarily Cheap = Deferred Maintenance = Big Assessment coming for repairs.

Let me guess you just got an entry level job at some wall street firm where the geniuses taught you everything about cost cutting.

Our condo is 1150 square feet and maintenance is $650, but we do not have a doorman, porter, etc., just a live-in super.

guys when you talk about $1 ppsf are you talking only about common charges or adding taxes to common charges also....my common charge is $1 ppsf and my taxes monthly is also $1 ppsf bringing my total monthlies to $2 ppsf...

just wanted clarification that on this thread were you guys only including cc or taxes too..

thanks

#18 here. Our maintenance is $650 on 1150 square foot condo and we pay $150 per month in RE taxes, so a total of about $800. No doorman, porter, etc. though.

#20 where is your building? any availability - people selling?

I live in a typical downtown west village/soho tenement. All of the units are either studios or 1-beds, depending on how they're renovated, and there are 4 units on each floor. Each unit is maybe 350 sq. ft, or slightly smaller. No doorman. Live-in alcoholic super.

Maintenance is $600.

I think there are a lot of buildings like this, and I'd love to know: are we paying more than most? There's a small (maybe $60k) mortgage on the building.

#22 Sounds like a shit hole of a closet and you're paying too much for it! Move to another part of Manhattan...I mean seriously is it worth it? Do the conveniences really outweigh the inconveniences?

#20 here, two apartments went on the market a couple months ago and went to contract in a week or so, so there is nothing available now. Sorry.