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Fellow Board Talkers -- A few years ago, shareholders in my co-op (The Pinehurst) asked the board if our building's maintenance was higher, lower, or about average for our neighborhood (Hudson Heights).
To find out we started taking note of the sales published in The Times' Sunday Real Estate section. Recording the maintenance fees and square feet of co-ops, then dividing the fee by the square feet, we were able to come up with average maintenance fees per square foot for Manhattan co-ops.
Midtown East was at the top in both years that we did the study, 2006 and 2008, at $1.60 per square foot last year.
Take a look at the chart for yourselves. It's on the Residents' page of our web site. Either Google "Pinehurst apartments residents" or point your browser to www.thepinehurst.org/residents.htm
You can see the chart and, if you're really interested, you can download the data, too.
Just remember this info isn't scientifically gathered or vetted! It's based on the sales that happen to appear in The Times. Only neighborhoods with at least five sales in a year are on the chart.
Take a look and let me know if you have any questions, suggestions, or corrections!
Thanks, AR.
We have found the chart useful because it shows our shareholders that the rate they're paying is in line for our neighborhood. (As you know, it's easy to feel that the maintenance is lower on the other side of the street.)
The facts help us show that if we don't increase our maintenance, we'll fall behind our neighbors and have to cut services.
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