Zero maintenance coop list

A couple of the loft buildings on Chambers use store income to defray maintenance charges to shareholders, so they're probably less than a dollar per square foot at this point ... not sure if that's low enough for you.

200 East 74th is pretty good.

Thank you.

Ali, Do you have the address? Thanks.

The question is, is the percentage of the commercial space of the building so high that it dissuades lenders from making loans in the building.

451 Broome has zero maintenance, for now.

And what happens when the retail space becomes empty? (to the credit of the agent currently repping 7E, they give a ballpark of that up front)

I've been in a unit in this building, and it's a nice place.

Hi 300 Mercer...I have a pretty long list in my head. If you want to email me the buildings you have, I can share with you the buildings I have :)

I specialize mostly in Soho/Noho co-ops...

Danielle.Nazinitsky@corcoran.com.

Absolutely a risk that retail income goes away but I'm not sure what building has zero (or negative, even) maintenance guaranteed forever. It's a nice perq while it lasts.

I do think 5W was a steal.

Danielle, I unfortunately do not have a list. Otherwise, I would have shared on this thread.

Actually list is not so hard. I just did a Streeteasy search for sold coop properties with very low maintenance of $1k for minimum $2mm price. Thank you all.

73 Fifth Ave

464 Broome Street
35 Mercer st (not zero but low)

300 mercer, I have my own list! I was going to share my list with you if you gave me a few buildings you knew of.

A lot of co-ops charge maintenance but then give shareholders a credit back so I think your search is a great starting point but would leave off a lot of the buildings that might charge $2-3K per month, but give a $20-30K dividend back at the end of the year.

Also, buildings like 83 Wooster don't own the retail anymore but have low maintenance (that would show up on your list!!) because the share allocation provides the majority of building expenses from the retail space (84%)

How much higher are they in PPSF for the perk of basically 0 or very low maintenance? What's the catch?

Wouldn't zero maintenance be priced into the asking price? The better move is to look for co-ops with a long standing commercial tenant whose lease is below-market and will require a renewal/increase soon, no?

There is no standard pricing premium for zero or low maintenance as comparable product with higher maintenance is rarely available. Clearly the low maintenance units will trade at a premium but not sure if the premium is enough.

Agree the co-ops with no maintenance tend to sell at a discount. Listing agents typically fail to communicate that paying maintenance is on an "After Tax" basis, and $2,000 a month in maintenance is a lot more if you assume 38.5% tax bracket.

What I found having looked at nearly 200 apartments between 2008 and 2011 were that units with low maintenance didnt get their true value (often too low selling price) and the same with maintenance too high (too high a selling price). It seemed as if monthly costs outside of mortgage were overlooked (for a large enough portion of the buying pool) in both scenarios. When I looked, I would adjust based on what the maintenance "should" have been. Any apartment that was a $1,000 a month below what it should have been, I gave a value to the amount of what the $1k represented in a 30 year mortgage payment. A crude and quick method but gets you close enough. Of course I ended up with a below average monthly maintenance home because those adjustments always ended up more favorably that the high maint ones. Higher maint units never corresponded to apropos selling prices during that time. ANd the longer you live somewhere, the more you appreciate a low monthly maint as the new home adrenaline wears off.

If there is a (relatively steep) market correction I would be willing to bet you will see that reverse (where apartments with high maintenance see their prices drop much more than would be indicated solely to account for the extra maintenance).