Author Topic: The Madison at 35-06 88th Street -- maintenance, etc  (Read 637 times)

Offline Fresco

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The Madison at 35-06 88th Street -- maintenance, etc
« on: May 16, 2021, 08:09:24 AM »
Hello Folks!

I'm looking at apartments in the Madison at 35-06 88th Street.  1BR apts there have maintenance in the mid to high 900s, which is 10% to 30% higher than same-floor apts in other Jackson Heights prewar elevator coops. Typically high maintenance means a large mortgage, but does anyone have any insight into this issue, or can anyone the current or future situation of this building?  Public post or private message is fine.

Offline ljr

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Re: The Madison at 35-06 88th Street -- maintenance, etc
« Reply #1 on: May 16, 2021, 11:21:23 AM »
In my experience as an owner of a prewar elevator coop in JH, the maintenance is the same no matter what floor you are on, for one thing. Maybe not in all buildings but in the ones I saw when looking. And a maintenance in the 900s does not seem to be unusually high at all. In the case of the coops that do not have an underlying mortgage (that were built as coops in the 1920s), the maintenance will reflect the cost of needed repairs to the roof, the outer walls, the other common areas of the building, as well as rising costs for property taxes, water, electricity for the common areas, etc. Also, some coops employ managing agents, and I assume that adds to the maintenance costs. A lot of the buildings in my complex do have maintenance in the 900s or higher--a few are lower, with the lowest being $750. When I lived in Manhattan, my maintenance was much higher than in JH because another factor is whether the coop has a professional staff--full time super, handyman, etc. That costs more in maintenance. There are so many factors.

Offline jh_coop_buyer

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Re: The Madison at 35-06 88th Street -- maintenance, etc
« Reply #2 on: May 17, 2021, 02:14:16 PM »
the maintenance is the same no matter what floor you are on, for one thing. Maybe not in all buildings but in the ones I saw when looking.

Yes, the maintenance can be higher on a higher floor for the same line. Of course, different buildings may have different rules. For this particular building, https://streeteasy.com/building/35_06-88-street-jackson_heights/, the maintenance of 4F is 970 vs 940 of 3F and the maintenance of 5A is 1149 vs 1045 of 2A, so a higher floor does have a higher maintenance fee.

One way to find out whether a higher floor is having higher maintenance is to find out the number of shares allocated to each apartment. This is very easy when you are under the contract and then you can read the coop offering plan.  Before the contract, you could dig into acris to find out the number of shares allocated to different apartments by reading UCC1 forms that the apartments filed for the mortgage.

The best way to find out where the maintenance goes is to ask the broker to send you the financial statements. High maintenance may be due to high building mortgage, or high building repairs cost, or high cost to the labor.