Different generations of co-op owners are at odds over upgrades, fees

Old, new residents often have opposing views about the future of their buildings

TRD New York /
Oct.October 28, 2016 12:44 PM
3325 90th Street in Queens

Southridge Cooperative Section 1 at 3325 90th Street in Queens

New York City co-op residents are increasingly butting heads over whether or not shelling out cash for revamps and improvements is worth it.

In many cases, the crux of the conflict is a generational divide: Long-term residents and those who recently moved in often have very different income levels. The issue is more concentrated in gentrifying areas.

Those who purchased in the building some 30 years ago may not have the means to shoulder the cost of extra fees and upgrades. According to data from appraisal firm Miller Samuel TRData LogoTINY, the average monthly maintenance charges at Manhattan co-ops have ballooned by 32.9 percent since 2008, to $1.94 a square foot from $1.46.

At Southridge Cooperative Section 1 in Jackson Heights, for example, the board voted two years ago to undertake an $120,00 upgrade of the building. But not everyone thought the changes — which created an extra residents’ bathroom, a library nook and connected the two lobbies — was needed, the New York Times reported.

“The changes are very very nice, but did we really need to spend the money?” Larry Wilkes, a Southridge co-op board member who paid less than $25,000 for his one-bedroom in 1992, told the Times. “I don’t feel that this place needs a glorious library. I spend less than a minute in the lobby, it doesn’t need to be the Taj Mahal.”

Unrenovated one-bedrooms at the co-op now sell for around $200,000. Wilkes told the paper a “plethora” of younger people “hankering for more facilities” is driving up costs at the building.

In terms of new development, co-ops are certainly declining in New York City. Earlier this year, The Real Deal found that developers had filed just 75 plans for new co-op projects since 2000. [NYT]Miriam Hall


Related Article

arrow_forward_ios
Princess Firyal of Jordan and 795 Fifth Avenue (Credit: Princess Firyal, Google Maps, and StreetEasy)

Duplex at the Pierre hits the market again, asking $60M

Former Bear Stearns CEO Jimmy Cayne and 510 Park Avenue (Credit: Getty Images and Google Maps)

Ex-Bear Stearns CEO James Cayne demands co-op records after board rejects 3 buyers

Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

740 Park Avenue and William Lie Zeckendorf (Credit: Wikipedia and Getty Images)

Zeckendorf sells co-op at 740 Park Ave for $29.5 million

Red Hook (Credit: Stevin Pisano via Flickr)

This ex-NYC drug cop has amassed a $400M real estate portfolio

Late Wall Street titan’s co-op is back on
the market

Gentrification City: Investors are turning to other corners of NYC to chase returns

The Circle of Life: Lenox Hill co-op passes from one hedge funder to another

arrow_forward_ios