From the June issue: The last three years may have brought Manhattan apartment prices down, but actually moving in New York City is getting more and more expensive.
Faced with skyrocketing operating costs, but also under pressure to keep monthly owners’ charges low — and reserve funds high — condo and co-op boards are feeling the pinch. That means zeroing in on easy revenue-boosters, many of which are charges imposed on new buyers and renters.
Often totaling several thousands of dollars, these costs come in the form of application review fees, administrative fees, move-in fees and various other add-ons from managing agents and boards. These fees, which have been on the rise in many co-ops and condos since the downturn, are usually just an annoyance for buyers, but for potential renters, they can be a deal-breaker. [more]
