Jeffrey Davis, the general manager of Columbus Square, in front of the saltwater pool at 808 Columbus

From the January issue: When history books describe the real estate boom of the mid-2000s, they are likely to mention over-the-top amenities. In the mid-aughts, New Yorkers went mad for buildings with movie screening rooms, roof decks and pet spas. Buyers forked over six-figure down payments, and renters signed pricey yearlong leases, often assuming amenities were included. No more. Amid the hangover of the boom, the next generation of residential buildings will come with a bevy of extra fees and surcharges that New Yorkers aren’t accustomed to paying, often incurred to cover the cost of expensive features designed in more prosperous times. Fees for amenities at rental buildings did exist in some places before, but now are being expanded to include traditionally free features, like roof decks. New condos, meanwhile, are struggling to cover budget shortfalls by implementing transfer fees, special assessments and extra charges for previously included amenities like fitness and party rooms. [more]

Co-ops in the city have raised their maintenance charges by as much as
15 percent recently as a result of rising property taxes and operating costs.
John Janangelo, president of Bellmarc Property Management, said taxes
for some of the buildings the company manages have risen by 35 percent this year. “It comes
at the worst time,” Janangelo said, adding, “You don’t want to pass through
these huge increases because people can’t afford them, but you have no
choice.” Buildings whose property values have soared in recent years
are experiencing even bigger tax increases because the assessed values
of their buildings have gone up. David Kuperberg, president of Cooper
Square Realty, said the assessments have increased based on last year’s
market, and assessments often take a while to catch up to the current
market.