building at 200 East 84th Street

Are you sure that the Duane Reade is generating income for the Coop and not the Sponsor?

$2.5 per sq ft per month is not high any more. Taxes keep going up. Live in super certainly suggests plenty of staffing. New condos are all $ 2.5 min maintenance and taxes combined without abatement.

i was just having a discussion today with someone in my office about how the maintenance in his Coop used to be 25% comprised of Real Estate taxes and now it is 62%.

I know. Typically 50% of maintenance is taxes for coop now. For taxes to be 62%, it must be a non-doorman coop.

how do you know what percentage of the maintenance is taxes?

Calculate it from the RE-tax and total-expense numbers from the financials. Or go by the %-deductible number from the listing, but that'll also include interest on any underlying mortgage.

My co-op maintenance is @ 80% tax.
But we run a tight ship, plus no underlying mortgage. Elevator, no doorman.

New developments are really skewing condos as when those 10 year tax abatements end you find yourself absurdly way over average.

Those elliman quarterly reports used to tell you average price per square foot for co-ops and condos but are now missing from those reports. (at least the last quarterly it was).
THe last one I remember about a year ago had both condos and co-ops around between $1.70 and $1.80.

Of course average includes non doormen walkups all the way to concierge, elevator and morning croissant buildings. An elevator part time doorman building should be about average.

Truth, nice numbers. Do you have full time super and a managing agent? Do you have frequent assessments?

"For taxes to be 62%, it must be a non-doorman coop."
No, it has a doorman, but they also own the retail space.

30 trumps 300

300 I have a managing agent, part time super.
No assessments in the 5 years Ive owned.
We have a substantial fund from flip taxes that takes care of local laws 10/11, new boiler, etc.
We've also managed to not raise maintenance the last 2 years.

Truth, Thanks. That seems fantastic. I would like to learn more about how you can manage the coop so efficeliently. Would you like to connect offline. I would like to incorporate some of the efficiency in our coop where taxes aRe appx 55 percent with no doorman but full time super.

sure, give me an email address to write to

300streeteasy@gmail.com. Look forward to it.