Condop subletting fees

Of course.

Real Tax abatement goes away if you don't use the unit as your primary residence. Basically DOF charges more real estate taxes. Condop does not gain anything.

Subletting fee is just a way for condop to make money from the owners who want to rent out.

Thx 300_mercer!

As someone who is not familiar with condop/coop subletting - Why is that many folks (brokers, mgmt company) only state the subletting building fees as x % of annual maintenance, or fixed $ subletting annual cost) while not mentioning the tax abatement operating assessment which can easily be a greater $ fee? Since the tax abatement clawback is common in most coops and part of normal op budget, is it just well understood that the “total subletting fee” is usually subletting fee plus the annual assessment of tax abatement ?

Thx 300_mercer!

As someone who is not familiar with condop/coop subletting - Why is that many folks (brokers, mgmt company) only state the subletting building fees as x % of annual maintenance, or fixed $ subletting annual cost) while not mentioning the tax abatement operating assessment which can easily be a greater $ fee? Since the tax abatement clawback is common in most coops and part of normal op budget, is it just well understood that the “total subletting fee” is usually subletting fee plus the annual assessment of tax abatement ?

Thx 300_mercer!

As someone who is not familiar with condop/coop subletting - Why is that many folks (brokers, mgmt company) only state the subletting building fees as x % of annual maintenance, or fixed $ subletting annual cost) while not mentioning the tax abatement operating assessment which can easily be a greater $ fee? Since the tax abatement clawback is common in most coops and part of normal op budget, is it just well understood that the “total subletting fee” is usually subletting fee plus the annual assessment of tax abatement ?

They expect a buyer to be smart enough to realize that if they don't use the apartment as primary residence, you pay more in real estate taxes - that is give back tax abatement factored into coop maintenance. You can use the coop as a pied-a-terre, you would be still paying more in real estate taxes without sub-letting.

BTW, you will pay higher real estate taxes in a CONDO too if you don't use it as primary residence.

If there are subletting fees is it really a Coop with Condo rules?

Most Coops "steal" the standard NYC annual rebate because the "check" goes to them so they just announce an assessment in an equal amount and pocket the "check." Problem is if you don't qualify for the rebate you have to come out of pocket. This truck is just more standard bullshit by Coop Boards/Attorneys to make it look like they are doing a decent job, but it's really a hidden maintenance increase. Plus it's an assessment that you can't add to your cost basis.

Thanks 300_mercer! Good reminder on thinking about it from a condo equivalent where abatement goes away as well.

Agree 30yrs_RE_20_in_REO, if the assessment was used as part of building improvement or reno, fine, but it's really just a plug to balance the budget instead of cutting some of the variable expenses