Monthly charges impact buyers and brokers in city’s top buildings
Buyers of apartments in the Carlyle co-op Hotel On East 76th Street pay $10.23 per square-foot per month in maintenance charges for services such as twice-daily housekeeping, bathrobe and sheet use, discounts on hotel services, training sessions and room service. According to the New York Times, the price, which comes out to $455,352 for Hollywood power broker Brad Grey’s 3,000-square-foot apartment, is the highest in the city.
The Trump Soho ($7.60 per foot), Trump International ($6.72), the Sherry-Netherland ($6.03), the Mark ($4.47) and the Stanhope ($4.32) are some of the other Manhattan apartment buildings with the highest common or maintenance fees, according to Miller Samuel data.
These fees come in to play for brokers with high-end listings, looking to set appropriate prices. Core broker Emily Beare said the fees typically play a role in the decision for buyers looking to spend less than $10 million. These fees can often play a role in the resale value of the apartment, and as previously reported, have recently embarrassed for buyers who encounter financial struggles. But buyers spending more than $10 million, noted Brown Harris Stevens’ Kathy Sloane, would usually be paying hundreds of thousands a year for their own staff anyway.
Typically, the best deals can be had at new condominium developments. The Times said the common charge on Leroy Schecter’s 15 Central Park West combination comes out to just $1.86 per foot, thanks in part to a tax abatement. [NYT] — Adam Fusfeld