Happy Holidays!
Currently, I live in Concord Village, located in Cadman Plaza (a couple blocks from Downtown Brooklyn, Brooklyn Heights, and Dumbo) and parallel/adjacent to the Brooklyn Bridge.
As a fairly new shareholder, it would be greatly appreciated if anyone can please provide some insight as to (possibly) why the maintenance fee may be increasing so rapidly. Certainly, before purchasing the co-op, I did inquire about the maintenance fee increase percentages and I was advised the increase is typically 3-5% annually. And this is reasonable.
However, this is not the reality. Within the span of 3 years, my maintenance has increased (nearly 30%, collectively). I've yet to see and experience the value of these increases.
Board has advised the driving force is the increasing property taxes, and perhaps it's partially true. Regardless, seems very sketchy & sus. In Concord Village, there are 7 complexes with over 1,000+ units, collectively (comprised of studios, 1 bds, & 2 bds). Imagine when all the maintenance fees are accumulated.
And to add, Concord village owns an adjacent parking space, which, indeed, generates some revenue as there are start up companies nearby (e.g Etsy), the Supreme Court, USPS, Charter School, etc. They separately charge shareholders for parking, storage, gym, etc. So there are other sources of revenue generating options.
Maintenance does include a reserved fund (instead of a separate assessment), which have yet to be put into use in the common areas. Still looks outdated from the 80s/90s, with water stains on the ceilings & floral wall-papers, peeling at the edges/corners.
I understand high maintenance can be driven by land-lease, but that is not an issue at Concord Village.
On a legal standpoint, I understand the Board can increase the maintenance fees as they please. But are there any NYC laws/bills that would protect the shareholders? Although maintenance fees within the same building may differ, do all shareholders receive the same increased rate? Any feedback would be appreciated.
Lastly, if there are any shareholders who are selling your unit (with a high maintenance fee), how are you or how would you maneuver this topic if/when you come across potential buyers, requesting to see the last 5 years of maintenance fees?
Thank you sincerely for taking the time to read this! Any feedback and insight would be helpful and sincerely appreciated.
Is there any way I can break the two year sale rule and vacate the apt of my coop? The noise issue I have is ongoing and I need to get out of there.
> Join the conversationOur Board has given the Mang Co full control of the building. If you are on the board this is great - but for the rest of the Coop - good luck!
> Join the conversation Comments (2)Hi, is there a resource that gives advice for trends in vibe management for renovations/upgrades to condos? I'm looking to get advice on what kind of tech we should be incorporating in the walls/ceilings, etc. And also, really curious of people's experience and data on if music is a good idea. Any resources about this stuff? THANKS!
> Join the conversation Comments (1)Does anyone have any resources for locating a full-time superintendent for a small Brooklyn co-op (around 45 units)? Our management company has sent us a handful of resumes, but all of the candidates are more appropriate for doormen/porter positions rather than a super position.
> Join the conversation Comments (1)If I sell my co-op In January, and am relocating to another state, do the Enhanced star exemptions stay with the unit until next year?
> Join the conversation Comments (2)We are a small co-op, 40 units. We have a central boiler that provides heat and hot water. I would like to understand any energy efficient options, such as solar, that might be a suitable replacement. Any suggestions would be appreciated
> Join the conversation Comments (1)No quorum for 15 years and had our first electronic and virtual meeting two weeks ago which resulted in no quorum again. This time our new management company sent out the results which showed 267 shareholders did not vote. 213 shareholders voted and 45 appeared on Zoom. My question is can shareholders get a copy of the shareholders that didn't attend our meeting so we can reach out to them? We need to find out what is wrong that; that large number of shareholders didn't vote or care to attend the meeting after a ballot box was placed on site? We have 115 sublets out of 480 units could that be the reason why we cannot obtain a quorum? Can we get our quorum lower to reach a quorum at a later date. When asked for an adjournment our lawyer said the board has to vote on it and the same for lowering the quorum. What can we do to move forward as I tried rallying the shareholders and only got 6 who want action? Thank you !
> Join the conversationIntroduce yourself to other members of Board Talk! Log in below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
All s/h receive the same percentage maintenance increase. Since different apartments have different amounts of shares, not everyone will pay the same dollar amount for their maintenance increase. So, if the Board votes a 5% increase, everyone's maintenance will increase by 5%.
The Board is elected to represent the s/h and run the co-op. This includes the right to raise maintenance if they think that's the right financial decision. The Board has strict ethical and fIduciary responsibilities that is supposed to keep them in check. If enough s/h disagree with the way the Board runs things, then other s/h have a right to voice their opinion about the way things are run. They also have the right to run for the Board and get involved in running the co-op.
You're right that real estate taxes have skyrocketed, but so has the price of everything in the past few years due to inflation. Everything costs more, including the prices charged by your plumber, electrician, contractor, etc. Co-ops are also navigating the climate change/carbon emission laws enacted by NYC. That may very well also increase expenses to the co-op.
It's possible that the co-op had some large expenses (roof, elevator) they incurred before you moved in, so they may still be paying those off.
It's important for all s/h, especially new s/h like yourself to look at the big financial picture and not just what's happened in the past year or two. I always felt that you need to look at a 10 year period to review the co-op's expenses and revenues to get a more complete picture of the co-op's financial situation.
As far as potential new buyers requesting to see the last 5 years of maintenance fees, it's important that they also see the last 5 years of financials - to give them a complete and accurate picture of the co-op's finances. There may have been boiler and heating upgrades that the co-op made. These might have cost lots of money now, but will pay off in the long run.
Remember that the Board is responsible for making short term and long term decisions on behalf of the s/h in the co-op. You can also ask Board members why they raised the maintenance fees? Communication is very important, so don't be afraid to ask the Board directly if you have any questions. It's always better to ask the Board than to listen to fellow s/h, who may not have all of the information that the Board has.
Good luck.
Thank you for rating!
You have already rated this page, you can only rate it once!
Your rating has been changed, thanks for rating!
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.