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Do most co-op buildings in NYC have a fee overview or summary? I've found this to be extremely helpful. The below is something I've gotten during due diligence on a potential place I'm going to buy. Names changed around of course. Anyone know what to make of this? Standard, low, high? Honestly, these should all be openly posted on the internet for each building in NYC.
The following provides a summary of a list of various fees (beyond standard maintenance and assessments) for residents and prospective purchasers:
All Fees are to be made Payable to: Manhattan Cooperative Corporation Inc.
Purchase Applications:
Application Fee: $675
Credit Check: $100
Co-Op Certification Questionnaire processing* $ 75
*When requested by lending institution/appraiser—Please note that Co-Op Certification Questionnaires are processed in 5 business days. For expedited processing, the additional fees are as follows: 24 hours from acknowledged receipt: Add $40; 48 hours from acknowledged receipt: Add $25.
Refinancing Fee: $225
The Refinancing Fee is $225 and must be submitted to the Co-op (either to Board President, John Smith or Treasurer, Bob Smith) with the request. Please make the check payable to:
The refinancing request must include: Copies of the Bank application; reason for refinancing; and copy of the appraisal. Recognition Agreements must also be submitted to the Co-op Administrator.
Move In-Move Out Fees:
The Co-Op Corp. applies a $1,000 refundable security deposit to all Move Ins and Move Outs for any incoming/outgoing resident to be remitted in certified funds. The security deposit will be refunded in full should there be no damage to the building during the move, and so long as the move does not exceed the allowed time period as stated in the House Rules.
Move In/Out fees apply to both new and departing Shareholders as well as rental/sublet tenants. Move In/Out Fees must be paid in certified funds prior to the scheduled move in/out date at either the closing for Shareholders, or seven (7) days prior to the move in/out date by renters/subletees.
Studio: $ 600
1-Bedroom: $ 700
2-Bedroom: $ 800
Combination Units: $1,500
Alteration Fees
Minor Alteration: $ 575
Major Alteration: $1,500
Major Extended Alteration: $3,000
Alteration Extension Period fees:
Thirty-day extension: $1,000
Sixty-day extension: $2,500
If the work is still not completed within the extension period, there is a $500 per work day fee for the first (10) days beyond the approved extension, $1000 per work day for the next (20) days beyond the approved extension, and $1500 per work day for each additional day thereafter.
Please refer to the Alteration Agreement Form for definitions of these above terms. Please note that it is the Co-Op Corp that makes the final determination as to whether an alteration is a Minor or Major Alteration.
Sublet Fees:
Shareholders who have resided in the Co-Op a minimum of 12 months may request to sublet their apartments. Annual Fee:
Studio/1BR: $1,825
2 BR: $2,425
Lessees are permitted to sublet their apartments for a limited amount of time over the life of their tenancy in accordance with
Additional Copies of Financials, Offering Plan
Every Shareholder should have a copy of the Offering Plan provided at the Closing of the purchase of their apartment.
Replacement Copy: $175
Every Shareholder is entitled to one electronic (or by specific a hard copy) version of the Annual Co-Op Financials. Additional requests will be $75. Please note that if you are selling your unit or refinancing and your lender wants a copy of the financials from the Co-Op Corp, there will be a $75 fee for them to be provided by the Co-Op Corp.
Roof Garden Fee:
Annual Fee: $100
Assessed on the June or July Maintenance Statements
Monthly Locker Rental Fees:
Small Locker: $ 30
Large Locker: $ 60
Bike Room:
Annual Fee: $ 100
Fees Current as of 10/5/18
The following provides a summary of a list of various fees (beyond standard maintenance and assessments) for residents and prospective purchasers:
All Fees are to be made Payable to: Manhattan Cooperative Corporation Inc.
Purchase Applications:
Application Fee: $675
Credit Check: $100
Co-Op Certification Questionnaire processing* $ 75
*When requested by lending institution/appraiser—Please note that Co-Op Certification Questionnaires are processed in 5 business days. For expedited processing, the additional fees are as follows: 24 hours from acknowledged receipt: Add $40; 48 hours from acknowledged receipt: Add $25.
Refinancing Fee: $225
The Refinancing Fee is $225 and must be submitted to the Co-op (either to Board President, John Smith or Treasurer, Bob Smith) with the request. Please make the check payable to:
Manhattan Cooperative Corporation Inc.
The refinancing request must include: Copies of the Bank application; reason for refinancing; and copy of the appraisal. Recognition Agreements must also be submitted to the Co-op Administrator.
Move In-Move Out Fees:
The Co-Op Corp. applies a $1,000 refundable security deposit to all Move Ins and Move Outs for any incoming/outgoing resident to be remitted in certified funds. The security deposit will be refunded in full should there be no damage to the building during the move, and so long as the move does not exceed the allowed time period as stated in the House Rules.
Move In/Out fees apply to both new and departing Shareholders as well as rental/sublet tenants. Move In/Out Fees must be paid in certified funds prior to the scheduled move in/out date at either the closing for Shareholders, or seven (7) days prior to the move in/out date by renters/subletees.
Studio: $ 600
1-Bedroom: $ 700
2-Bedroom: $ 800
Combination Units: $1,500
Alteration Fees
Minor Alteration: $ 575
Major Alteration: $1,500
Major Extended Alteration: $3,000
Alteration Extension Period fees:
Thirty-day extension: $1,000
Sixty-day extension: $2,500
If the work is still not completed within the extension period, there is a $500 per work day fee for the first (10) days beyond the approved extension, $1000 per work day for the next (20) days beyond the approved extension, and $1500 per work day for each additional day thereafter.
Please refer to the Alteration Agreement Form for definitions of these above terms. Please note that it is the Co-Op Corp that makes the final determination as to whether an alteration is a Minor or Major Alteration.
Sublet Fees:
Shareholders who have resided in the Co-Op a minimum of 12 months may request to sublet their apartments. Annual Fee:
Studio/1BR: $1,825
2 BR: $2,425
Lessees are permitted to sublet their apartments for a limited amount of time over the life of their tenancy in accordance with
Manhattan Cooperative Corporation Inc.
Sublet Policy. All subleases are authorized in one-year intervals; and, at the onset and for a renewal, they must be approved by the Board of Directors.Additional Copies of Financials, Offering Plan
Every Shareholder should have a copy of the Offering Plan provided at the Closing of the purchase of their apartment.
Replacement Copy: $175
Every Shareholder is entitled to one electronic (or by specific a hard copy) version of the Annual Co-Op Financials. Additional requests will be $75. Please note that if you are selling your unit or refinancing and your lender wants a copy of the financials from the Co-Op Corp, there will be a $75 fee for them to be provided by the Co-Op Corp.
Roof Garden Fee:
Annual Fee: $100
Assessed on the June or July Maintenance Statements
Monthly Locker Rental Fees:
Small Locker: $ 30
Large Locker: $ 60
Bike Room:
Annual Fee: $ 100
Fees Current as of 10/5/18
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