Budgeting for a New York City apartment feels like a daunting endeavor, but it is important to note that the down payment and mortgage are not the only factors to take into consideration. Common charges and maintenance fees are set based on the size and location of one’s apartment, and can sometimes come in higher than one’s mortgage payment.
In co-ops, maintenance fees cover building upkeep, real estate taxes, any underlying mortgage on the building, building insurance, and staff salaries. Utilities are often included - sometimes only heat and hot water, but other buildings have opted to allow their maintenance fees to cover electricity, cable, and Internet as well.
In their condo counterparts, common charges cover the maintenance of amenities and public space, pest control, trash and snow removal, and other factors related to building upkeep. What common charges do not cover are real estate taxes - homeowners are charged for these separately.
In both co-ops and condos, monthly fees are a way of life. Moreover, when a Local Law 11 inspection or capital improvement to the building takes place, this fee gets passed on to residents in the form of assessments.
In co-ops, maintenance fees cover building upkeep, real estate taxes, any underlying mortgage on the building, building insurance, and staff salaries. Utilities are often included - sometimes only heat and hot water, but other buildings have opted to allow their maintenance fees to cover electricity, cable, and Internet as well.
In their condo counterparts, common charges cover the maintenance of amenities and public space, pest control, trash and snow removal, and other factors related to building upkeep. What common charges do not cover are real estate taxes - homeowners are charged for these separately.
In both co-ops and condos, monthly fees are a way of life. Moreover, when a Local Law 11 inspection or capital improvement to the building takes place, this fee gets passed on to residents in the form of assessments.
The expense of common charges, maintenance fees, and assessments is known to all in the New York real estate community, and some sellers have used it to their advantage. A 2021 survey by The Real Deal found that a year or two of free common charges is the most common type of incentive, coming in behind tax credits, closing cost subsidies, free storage, and free parking. A number of motivated sellers have also caught on to this, and have extended offers of maintenance discounts and help with assessments to help their listings stand out. Below, we take a look at listings that come with maintenance and common charges incentives, as well as other credits.
In this article:
Individual seller incentives
The Studio Building, #89B
$3,995,000
Lenox Hill | Cooperative | 4 Bedrooms, 2.5 Baths
Six-month maintenance concession
The Studio Building, #89B (Brown Harris Stevens Residential Sales LLC)
RoseBk, #PENTHOUSE
$3,850,000 (-3.6%)
Williamsburg | Condominium | 3 Bedrooms, 3 Baths | 1,991 ft2
Sponsor will pay transfer taxes, sponsor attorney fee, and six months of common charges for full ask offers
RoseBk, #PENTHOUSE (Serhant)
237 Lafayette Street, #9W
$3,595,000
NoLiTa/Little Italy | Cooperative | 2 Bedrooms, 1 Bath | 2,000 ft2
Seller will pay current assessment fees
237 Lafayette Street, #9W (Douglas Elliman Real Estate)
55 West 95th Street, #81/82
$2,450,000
Central Park West | Cooperative | 4 Bedrooms, 2.5 Baths
One year of maintenance covered by the seller
55 West 95th Street, #81/82 (The Agency Brokerage)
410 East 57th Street, #15BE
$1,995,000
Beekman/Sutton Place | Cooperative | 3 Bedrooms, 3 Baths
Seller will provide a credit of $3,061 per month for 12 months to offset the current maintenance of $6,058
410 East 57th Street, #15BE (Compass)
Apex Condominiums, #10B
$1,495,000
Harlem | Condominium | 2 Bedrooms, 2 Baths | 1,450 ft2
Seller is offering a $250 monthly credit for the first 18 months of ownership
Apex Condominiums, #10B (Compass)
849 Carroll Street, #4
$1,349,999 (-3.5%)
Park Slope | Cooperative | 2 Bedrooms, 1 Bath
Seller will cover all buyer closing costs for a limited time
849 Carroll Street, #4 (Compass)
260 West 10th Street, #3E
$985,000
West Village | Cooperative | 1 Bedroom, 1 Bath
One year of maintenance covered by seller
260 West 10th Street, #3E (The Agency Brokerage)
The Coronet, #10E
$859,000
Midtown West | Condominium | 1 Bedroom, 1 Bath | 704 ft2
Seller will pay first three years of monthly capital assessment with a full-ask offer
The Coronet, #10E (Access Property Group Inc)
15 East 19th Street, #4D
$800,000 (-10.6%)
Flatbush | Condominium | 2 Bedrooms, 2 Baths | 925 ft2
Seller concession of 6 months common charges at closing
15 East 19th Street, #4D (Compass)
Robin Court, #2F
$799,000 (-11.1%)
Central Park West | Condominium | 1 Bedroom, 1 Bath
Seller will pay buyer commission of 2.5%
Robin Court, #2F (Sothebys International Realty)
33 East 22nd Street, #2H
$799,000 (-3.2%)
Flatiron/Union Square | Cooperative | 1 Bedroom, 1 Bath
Upgrade concession of $75,000
33 East 22nd Street, #2H (Sothebys International Realty)
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161 West 16th Street, #9C
$695,000 (-10.3%)
Chelsea | Cooperative | Studio, 1 Bath
Potential rate buydown concession
161 West 16th Street, #9C (Corcoran Group)
The John Jay House, #14E
$599,000 (-4.2%)
Lenox Hill | Cooperative | 2 Bedrooms, 1 Bath
Seller will pay remainder of an assessment
The John Jay House, #14E (Keller Williams NYC)
103 East 84th Street, #PH
$199,000
Carnegie Hill | Cooperative | 1 Bedroom, 1 Bath
Seller offering a $1,000 maintenance contribution for 12 months
103 East 84th Street, #PH (Douglas Elliman Real Estate)
New development condos with running incentives
The Bryant, #PHN
$18,500,000
Midtown West | Condominium | 4 Bedrooms, 4.5 Baths | 4,202 ft2
No common charges for 12 months + Reduced closing costs
The Bryant, #PHN (Corcoran Sunshine Marketing Group)
40 East End Avenue, #PH15
$11,950,000 (-7.6%)
Yorkville | Condominium | 4 Bedrooms, 4.5 Baths | 3,645 ft2
Transfer taxes, mansion taxes, and two years of common charges paid by sponsor
40 East End Avenue, #PH15 (Corcoran Sunshine Marketing Group)
1289 Lexington Avenue, #18A
$8,800,000 (-9.7%)
Carnegie Hill | Condominium | 5 Bedrooms, 5.5 Baths | 3,609 ft2
Transfer taxes and two years common charges paid by sponsor
1289 Lexington Avenue, #18A (Brown Harris Stevens Residential Sales LLC)
The Rockwell, #10E
$2,900,000
Broadway Corridor | Condominium | 3 Bedrooms, 3 Baths | 1,564 ft2
Holiday savings event incentive
The Rockwell, #10E (Toll Brothers Real Estate Inc)
Huntington Townhomes, #20
$2,650,000
Red Hook | Townhouse | 4 Bedrooms, 3.5 Baths | 2,428 ft2
Ask about interest rate buydown program
Huntington Townhomes, #20 (Modern Spaces)
One United Nations Park, #32F
$2,295,000
Murray Hill | Condominium | 2 Bedrooms, 2.5 Baths | 1,640 ft2
Free parking incentive through December 31, 2024
One United Nations Park, #32F (Corcoran Sunshine Marketing Group)
One Manhattan Square, #20A
$2,290,000 (-10.5%)
Lower East Side | Condominium | 2 Bedrooms, 2 Baths | 1,162 ft2
Through December 31, 2024, sponsor will buy down mortgage interest rates on two- and three-bed residences by 2% annually for first two years of a mortgage
One Manhattan Square, #20A (Extell Marketing Group LLC)
222 LES Tower + Lofts, #14A
$2,195,000
Lower East Side | Condominium | 2 Bedrooms, 2 Baths | 1,104 ft2
Sponsor offering five years paid common charges for a limited time
222 LES Tower + Lofts, #14A (Corcoran Sunshine Marketing Group)
175W95, #19E
$1,750,000 (-6.7%)
Broadway Corridor | Condominium | 2 Bedrooms, 2 Baths | 962 ft2
Sponsor to pay five years of common charges and real estate taxes for the next contract signed with closing by 12/31/2024
175W95, #19E (Compass)
Stratford Terrace, #PH5
$1,650,000
Flatbush | Condominium | 3 Bedrooms, 2.5 Baths | 1,430 ft2
50% off real estate taxes and common charges for two years
Stratford Terrace, #PH5 (REAVIS PARTNERS LLC)
205 Java Street, #3
$1,595,000
Greenpoint | Condominium | 2 Bedrooms, 2 Baths | 1,094 ft2
Sponsor will pay transfer taxes and one year of common charges for any unit signed by 12/5 at the full asking price
205 Java Street, #3 (Serhant)
The Broad Exchange Building, #20K
$1,395,000 (-2.8%)
Financial District | Condominium | 2 Bedrooms, 2 Baths | 1,098 ft2
Contact CityRealty to learn about fall incentives
The Broad Exchange Building, #20K (Reuveni LLC)
The Rennie, #513
$945,000
Harlem | Condominium | 2 Bedrooms, 2 Baths | 905 ft2
Interest rate buy-down options
The Rennie, #513 (Brown Harris Stevens Development Marketing LLC)
Orion Astoria, #2A
$695,000
Astoria/LIC | Condominium | 1 Bedroom, 1 Bath | 551 ft2
Sponsor will cover common charges and real estate taxes for 24 months
Orion Astoria, #2A (Corcoran Group)
Arcadia Woodside, #1C
$649,000
Woodside | Condominium | 1 Bedroom, 1 Bath | 600 ft2
Now through January 31, 2025, buyers will receive six months of common charges for free
Arcadia Woodside, #1C (Serhant)
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
Would you like to tour any of these properties?