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boutique coops and reserve funds

Started by uwser7208
about 12 years ago
Posts: 9
Member since: Feb 2014
Discussion about
Hi All, We are considering purchasing our first apartment which is a boutique prewar coop- 36 units. Live-in super, no other staff. What is a secure reserve fund for a building this size? This one has $100,000 currently in reserves, will go up to $130,000 after the latest assessment. The building is also operating at a $1.1 million deficit, $89K of which is depreciation which is a paper loss only. The maintenance rose 6% this year which they said is due to the rising costs of coops all over. Does this sound OK, or should we be concerned?
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