Large share allotment/high maintenance

When coops are born, their original selling price is based on the number of shares allocated. All shares sell for the same per share price (like and IPO of equity). So, the developer allocates shares based an estimate of market value. Sq feet, views, cieling, terraces, floor, layout, etc. only inform the original allocation to the extent they impacted the developer's view on price.

Maintence and votes and other stuff is then based on a per-share basis.

Do you have a specific issue / question?

See http://www.stroock.com/SiteFiles/Pub193.pdf

Keep in mind that share allocation only needs to be "reasonable," not exact. Many of the factors that affect share allocation are qualitative in nature. What's "reasonable" at the time of conversion may not look "reasonable" 20 years later, but you're stuck with it.

E.g., we looked in London Terrace, which spans from 9th Ave. to 10th Ave. along 23rd and 24th St. The 10th Ave. apartments have much lower maintenance because 10th Ave. was much less desirable in the 80s. (Now I'd argue it may be more desirable, with river/High Line views.) The same exact same one bedroom in the 10th Ave. facing buildings can have maintenance $300+ cheaper than the 9th Ave. facing buildings.

As others have said, the share allocation is "immortalized" in the proprietary lease. Changing share allocation typically requires a supermajority plus the consent of all shareholders affected, so it ain't gonna happen barring some kind of obvious error.

I guess what I'm wondering is whether there is a "standard" amount of maintenance per share that is considered within reason. For example, if an apartment has 500 shares, how does that translate into maintenance? Or does it vary from building to building?

It varies, because co-ops' total share-count varies. E.g., one co-op might have 24,762 shares and the one next door of similar size might have 44,897. So a similar apartment in each might have 248 and 449.

share allocation: calculated crap shoot

Same as in the stock market. Price per share is essentially meaningless.

In my building, it seems to be roughly square footage divided by three with some adjustments. But it could just as easily be square footage divided by seven or times four.