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Maintence per sq ft

Started by 300_mercer
almost 7 years ago
Posts: 10570
Member since: Feb 2007
Discussion about 40 Sutton Place #3HJ
Why such a high $ per sq ft common charges for a 70 unit building? Usually condo cc is $1-1.25 per sq ft unless it is smaller more personalized building with 24 hour doorman.
Response by ph41
almost 7 years ago
Posts: 3390
Member since: Feb 2008

Actually $2 /sq.ft in full service building (not a small one) is very normal

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Response by ph41
almost 7 years ago
Posts: 3390
Member since: Feb 2008

Actually $2 /sq.ft in full service building (not a small one) is very normal

Ignored comment. Unhide
Response by ph41
almost 7 years ago
Posts: 3390
Member since: Feb 2008

Actually $2 /sq.ft in full service building (not a small one) is very normal

Ignored comment. Unhide
Response by ph41
almost 7 years ago
Posts: 3390
Member since: Feb 2008

Actually $2 /sq.ft in full service building (not a small one) is very normal

Ignored comment. Unhide
Response by ph41
almost 7 years ago
Posts: 3390
Member since: Feb 2008

Actually $2 /sq.ft in full service building (not a small one) is very normal

Ignored comment. Unhide
Response by ph41
almost 7 years ago
Posts: 3390
Member since: Feb 2008

Actually $2 /sq.ft in full service building (not a small one) is very normal

Ignored comment. Unhide
Response by ph41
almost 7 years ago
Posts: 3390
Member since: Feb 2008

Actually $2 /sq.ft in full service building (not a small one) is very normal . 70 units is pretty small for full services

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Response by 300_mercer
almost 7 years ago
Posts: 10570
Member since: Feb 2007

PH41, This is a condo with taxes in addition to common charges. Please post a few example of a few condos with $2 per sq ft in common charge (taxes additional). For coops, maintenance which includes taxes of $2 to $2.50 per sq ft per month is very common with doorman.

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Response by 30yrs_RE_20_in_REO
almost 7 years ago
Posts: 9877
Member since: Mar 2009

165 Charles St

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Response by 300_mercer
almost 7 years ago
Posts: 10570
Member since: Feb 2007

It is just not comparable. What would you say is average for a >50 unit condo with doorman and possibly gym (no pool etc as having a pool is an exception rather than standard) in common charges? A condo somewhat comparable to 40 Sutton.

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Response by 300_mercer
almost 7 years ago
Posts: 10570
Member since: Feb 2007

Even this one less than $1.5 per sq ft in CC.
https://streeteasy.com/building/one57-condominium/38e

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Response by 30yrs_RE_20_in_REO
almost 7 years ago
Posts: 9877
Member since: Mar 2009

444 East 57th St

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Response by 300_mercer
almost 7 years ago
Posts: 10570
Member since: Feb 2007

So $1.5 for a 45 unit building with an elevator operator. Still wondering why the 40 Sutton is so high.

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Response by 300_mercer
almost 7 years ago
Posts: 10570
Member since: Feb 2007

So $1.5 for a 45 unit building with an elevator operator. Still wondering why the 40 Sutton is so high. I realize that $1.25 is becoming baseline.

And for small(call it 30 or less) personalized building with the doorman, it will be $1.5 and for small buildings with pool etc can be $2. There are people who want a small private building. Plus taxes.

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Response by truthskr10
almost 7 years ago
Posts: 4088
Member since: Jul 2009

300, there is something very strange with this buildings maint and tax listings.
At first I was thinking "what is he talking about" as listings usually list maint first , then taxes so the first number coming to $1.15 p sq ft made sense.
Then after realizing my error (taxes liste first), started looking at other units for sale and the percentage ratio of maint to taxes.
After first looking at 3F for sale and seeing the ratio of maint to taxes is close to even, surmized that $2846 for 3HJ must be a typo and it is has to be $1846.
Decided to look at one more unit and that ratio was even something else.
So then I wondered maybe its because they combined 2 units and got fleeced for doing so.
Looked for another combo unit to confirm and the ratio is the total opposite!
#5AJ taxes $2060 and maint $1635!
https://streeteasy.com/sale/1324453

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Response by truthskr10
almost 7 years ago
Posts: 4088
Member since: Jul 2009

to add further intrigue, acris has 3hj sold june of 2018 for $2mm and change (recorded this feb)

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Response by 300_mercer
almost 7 years ago
Posts: 10570
Member since: Feb 2007

Truth, Very interesting info. It may have been lender taking over with accumulated interest etc.

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