Comparing Monthly Apartment Fees across New York

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November 11, 2019

It’s an open secret that Manhattan is currently a buyer’s market. But just because you can get great mortgage rates and a good deal on the sale price doesn’t mean you’re actually getting a good deal. Buying an apartment, whether it’s a condo or a co-op, comes with monthly fees, known as common charges or maintenance fees which cover a range of costs from property taxes to pest control, doormen and even holiday decorations. For co-ops, monthly fees can often also include paying down the underlying mortgage. And those monthlies tend to only go up over time.

Our team at Localize.city has just launched a new analysis of these monthly charges, to help home buyers understand if they’re actually getting a good deal or not. The website highlights if those fees are a lot higher or lower than similar apartments. For example, the six bedroom, eight bathroom penthouse at 995 5th Avenue has monthly common charges of $39,942 a month, which is more than double the monthly cost of similar listings.

But most homes won’t come with $40,000 a month in common fees. In NoHo, the neighborhood with the highest median fees, you can expect to pay $1,876 in common charges for a one bedroom. Ditmas Park in Brooklyn has the lowest median fees, where you can expect to pay $278 in common charges.

“New Yorkers are always looking out for a deal, and only Localize.city can tell you if the monthly fees for your next apartment are a steal or a potential liability,” says Tal Rubin, VP of Research for Localize.city. “What we’re seeing is that walk-ups have lower fees than elevator buildings. Home owners need to know this when they consider what they can afford — and where to look.”

In total, there are 14 Manhattan neighborhoods where the median common charges for a one bedroom are over $1,000 a month. In Brooklyn Heights that median common charge is $975 a month, the highest outside of Manhattan.

But when you look at where the common charges are highest compared to the list price, you’ll have to head north to the Bronx. Riverdale tops that list with median common charges for one bedrooms coming in at 0.35% of the listing price. 

“Looking at fees is very important for any investor,” noted Steve Kalifowitz, President of Localize.city. “Even if the market tanks, these fees stay the same (and sometimes rise). So if you are renting out an apartment and monthlies are higher than similar buildings, it’s really hard to pass those costs on to your tenants.”

THE NUMBERS:

Most Expensive Monthlies  (One Bedrooms)

NeighborhoodMedian Monthlies for 1 BR
NoHo$1,876
Midtown$1,685
Greenwich Village$1,638
Midtown East$1,604
Upper East Side$1,438
Kips Bay$1,359
Murray Hill$1,350
Upper West Side$1,276
West Village$1,250
Flatiron$1,183

Least Expensive Monthlies  (One Bedrooms)

NeighborhoodMedian Monthlies for 1 BR
Ditmas Park$278
Bedford-Stuyvesant$303
Bushwick$311
Astoria$451
Sunset Park$458
Greenpoint$468
West Harlem$490
Crown Heights$495
Gowanus$520
Harlem$574

Highest common charges compared to list price (One Bedrooms)

NeighborhoodBoroughMonthlies as %
of listing
Median
Fee
Median
Price
RiverdaleBronx0.35%$795$225,000
Spuyten DuyvilBronx0.31%$901$295,000
ConcourseBronx0.25%$631$249,000
Midtown EastManhattan0.22%$1,604$740,000
InwoodManhattan0.21%$851$399,000
FlatbushBrooklyn0.21%$763$359,000
Bay RidgeBrooklyn0.21%$723$349,000
Forest HillsQueens0.20%$743$368,000
Kips BayManhattan0.20%$1,359$679,995
Murray HillManhattan0.20%$1,350$689,000

Lowest common charges compared to list price  (One Bedrooms)

NeighborhoodBoroughMonthlies as %
of listing
Median
Fee
Median
Price
TribecaManhattan0.05%$825$1,800,000
Bedford
Stuyvesant
Brooklyn0.05%$303$595,000
DumboBrooklyn0.05%$697$1,295,000
Ditmas ParkBrooklyn0.06%$278$499,000
BushwickBrooklyn0.06%$311$555,000
GreenpointBrooklyn0.06%$468$819,000
Hudson SquareManhattan0.06%$895$1,515,000
Lower East SideManhattan0.07%$764$1,165,000
WilliamsburgBrooklyn0.07%$652$925,000
GowanusBrooklyn0.07%$520$735,000
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