DIY building management helps ease burden of monthly building fees

New York /
Nov.November 01, 2010 02:00 PM

As monthly charges for co-op and condominiums continue to increase, many residents are exploring a cheaper alternative called self-management, in place of a super, according to the New York Times. A small percentage of buildings in New York City, most of them with only a handful of units, operate on this system, where residents are responsible for everything from taking out the trash to balancing the books and filing required forms with the Department of Buildings. The amount of money saved through this method can be as much as $750 a month, as is the case in a self-managed 12-unit prewar co-op in Park Slope, where two-bedroom apartments have sold recently for $589,000 and $575,000. As the economy struggles to recover, industry experts have noticed a growing interest in this “do-it-yourself” route. According to Rebecca Poole, the president of Real Estate Management Group, the three-part workshop that she teaches on self-management has started to attract representatives from buildings that are larger than the typical self-managed property. [NYT]

 

Related Articles

arrow_forward_ios
Miami vs NYC: A developer’s guide
Miami vs NYC: A developer’s guide
Miami vs NYC: A developer’s guide
James L. Nederlander with 145-146 Central Park West
Show goes on: Nederlander buys another San Remo co-op unit
Show goes on: Nederlander buys another San Remo co-op unit
JDS Development's Michael Stern and Major Food Group partner and co-founder Jeff Zalaznick with renderings of the project at 888 Brickell Avenue (JDS Development, Major Food, Illustration by The Real Deal with Getty)
Major Food Group exits JV in Stern’s Miami condo tower
Major Food Group exits JV in Stern’s Miami condo tower
Late Microsoft co-founder Paul Allen and 4 East 66th Street (Getty Images, Google Maps, iStock)
Microsoft co-founder Paul Allen’s estate sells UES units for $101M
Microsoft co-founder Paul Allen’s estate sells UES units for $101M
From left: Jeffrey Simpson and Jared Chassen with 164 West 74th Street, Judge rejects Greystone’s
Judge rejects Greystone’s motion to dismiss condo conversion fraud case
Judge rejects Greystone’s motion to dismiss condo conversion fraud case
From left: Skyline Tower in Queens, 53W53 in Manhattan, Olympia Dumbo in Brooklyn (53W53.com, OlympiaDumbo.com, Jim.henderson, CC BY-SA 4.0/via Wikimedia Commons, iStock)
New development condo sales slow for second straight month
New development condo sales slow for second straight month
The Instagramable view from Washington Street in Dumbo. (Getty)
Dumbo apartment comes with unlimited Instagram moments
Dumbo apartment comes with unlimited Instagram moments
730 Park Avenue in Manhattan NYC and Edward J. Minskoff Equities chairman Edward Minskoff (Google Maps, EJM Equities)
Edward Minskoff lists Park Avenue co-op
Edward Minskoff lists Park Avenue co-op
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...