Ever noticed two Midtown listings with similar prices but monthly fees that are hundreds apart? You are not alone. When you compare co-ops and condos across Midtown, Jersey City, and White Plains, the terms “maintenance” and “common charges” can be confusing, especially once taxes and assessments enter the picture. In this guide, you will learn exactly what each fee covers, how amenities and taxes change your bottom line, and a simple way to compare true monthly costs before you bid. Let’s dive in.
Maintenance vs. common charges explained
What maintenance means in a co-op
In a New York City co-op, you buy shares in a corporation and receive a proprietary lease. Your monthly payment, called maintenance, usually covers building operations plus your share of the building’s property taxes and any underlying building mortgage. Because taxes and building debt service can be included, maintenance may look higher at first glance, but it reflects more than building upkeep. For consumer background on co-ops and condos, see the New York Attorney General’s guide to ownership and filings through the Real Estate Finance Bureau.
What common charges mean in a condo
In a condo, you own your unit as real property. Your monthly common charge funds building operations and common-area maintenance. Property taxes are billed separately to you by the municipality and are not included in the common charge. When you compare a condo to a co-op, you must add a separate property tax line to your monthly carrying cost.
The takeaway for your budget
What matters most is your total monthly carrying cost, not just one line item. Combine mortgage payment, maintenance or common charges, property taxes, assessments, utilities, parking, and insurance to see the real number you will pay each month.
What these fees usually include
Common inclusions for both
- Building staff payroll such as doorman, super, and porters
- Utilities for common areas like elevators and hall lighting
- Building insurance for the structure or common elements
- Management, janitorial, landscaping, and routine repairs
- Contributions to the building’s reserve fund
Often included in co-op maintenance
- Your allocated share of property taxes
- Building’s underlying mortgage debt service, if the co-op has one
Condo owner costs that are separate
- Your individual property tax bill
- Unit-level utilities if separately metered
- HO-6 insurance policy
- Your mortgage payment
Assessments and special charges
Both co-ops and condos can levy special assessments to fund capital projects, major repairs, or to replenish reserves. Exact procedures come from each building’s governing documents.
Midtown cost drivers to watch
Amenities and staffing
Amenity-rich towers in Midtown often carry higher monthly charges. Costs rise with 24-hour staff coverage, concierge services, gyms, pools, spas, private storage, on-site retail, and parking. These features add payroll, utilities for amenity spaces, maintenance, security, and higher insurance. Buildings with extensive amenities may also target larger reserve funds and can levy larger assessments for complex capital work.
Location and taxes across the metro
New York City condos receive a separate property tax bill, and co-ops reflect taxes inside maintenance. The burden varies with assessments and tax rates. You can learn about billing and classifications through the NYC Department of Finance property tax pages. Nearby markets such as Jersey City and White Plains use different tax systems and rates. A condo with a modest common charge in a neighboring market may still result in a higher or lower total cost once local property taxes are added, so compare apples to apples.
Building age and capital condition
Older buildings can present lower current fees but higher near-term assessment risk if major projects are coming. New luxury towers often show higher common charges due to staffing and amenities. Reserve strength comes down to the budget, reserve study, and capital plan, not the age alone.
How to compare your true monthly cost
The most reliable method is a total monthly carrying cost comparison. Use this simple formula:
Total monthly = Mortgage principal and interest + Maintenance or common charge + Property tax (if separate) + Utilities + Parking + Unit insurance + Estimated monthly assessment amount
Hypothetical side-by-side example
The numbers below are illustrative only. Plug in the figures from the building’s budget and tax bill.
| Line item | Condo example | Co-op example |
|---|---|---|
| Mortgage principal & interest | $2,750 | $2,750 |
| Common charge or maintenance | $1,200 | $2,500 (includes taxes and building mortgage) |
| Property tax (separate if condo) | $900 | Included in maintenance |
| Utilities | $150 | $150 |
| Insurance (HO-6 or unit policy) | $40 | $40 |
| Total monthly (hypothetical) | $5,040 | $5,440 |
These are sample figures only. Your totals will vary by building, tax bill, staffing, and amenities.
Your quick worksheet
Gather these monthly numbers before you make an offer:
- Mortgage principal and interest from your lender quote
- For condos: common charge and last year’s property tax bill divided by 12
- For co-ops: maintenance, and confirm if taxes and the building mortgage are included
- Utilities, parking, and HO-6 or unit insurance
- Any announced special assessment, converted to a monthly amount
Add them up for each property and compare the totals side by side.
Due diligence checklist before you bid
For co-ops
- Last 2–3 years of audited financial statements
- Current budget with line items for taxes, utilities, staffing, reserves, and any underlying mortgage
- Reserve fund balance and the most recent reserve study or plan
- Minutes of recent board meetings and 12–24 month capital plans
- Proprietary lease, house rules, and offering plan if recently converted
- Details on any underlying mortgage: balance, interest rate, amortization
- Any pending legal actions or insurance claims
For condos
- Last 2–3 years of audited or reviewed HOA financials
- Current budget with line-item common charge breakdown
- Reserve fund balance and the latest reserve study
- Minutes of recent HOA or board meetings and upcoming capital projects
- Bylaws, declaration, house rules, and rental or sublet policies
- Any recorded special assessments or pending litigation
Smart questions to ask
- Exactly what the fee covers, line by line
- Any recent or planned special assessments and how they are approved
- Reserve policy and date of the last reserve study
- Current owner delinquency rate on monthly charges
- For co-ops: whether maintenance includes property taxes and building mortgage, and whether payments are set to change
- For condos: the unit’s latest assessed value and last year’s property tax bill to estimate monthly taxes
- Staffing levels and any service contracts that drive costs, such as valet or gym management
Red flags
- Low reserves with large upcoming projects like roof, facade, or elevator work
- Rising delinquency rates among owners
- Frequent or recent special assessments
- Unusual budget line items like repeat repairs or high legal fees
- In co-ops, a large underlying mortgage relative to cash flow
Taxes and reporting basics
Condo owners receive a property tax bill and may be able to deduct property taxes and mortgage interest under federal and state rules, subject to limits. Co-op shareholders do not get a separate tax bill; the co-op pays property taxes and may issue a statement that allocates your share of building tax and mortgage interest for your filings. Reserve contributions and most capital assessments are generally not deductible. Tax treatment can be complex, so speak with your CPA.
Matching the property to your plan
Co-ops and condos differ in more than fees. Co-ops often have stricter policies on sales, subletting, and renovations, which can shape building finances and assessments over time. Condos typically offer more flexibility, which can change how reserves and capital projects are funded. If you plan to rent the unit, review the building’s policies alongside the monthly numbers. If you want hotel-style amenities, budget for higher operating costs. Let the real numbers, your lifestyle needs, and board policies guide you.
Get your numbers reviewed before you offer
Before you bid, make sure you know the true monthly cost, not just the headline fee. Bring the building budget, reserve details, and the latest tax bill, and we will help you run a clean, side-by-side comparison so you can move forward with confidence. Ready to see an apples-to-apples picture of your top buildings? Schedule a confidential consultation with Stefani Berkin.
FAQs
What does “maintenance” include in a NYC co-op?
- Maintenance typically covers building operations plus your share of property taxes and any building mortgage, which is why it can appear higher than a condo’s common charge.
How do Midtown amenities affect monthly fees?
- Full-service staffing, gyms, pools, spas, parking, and enhanced security increase payroll, utilities, insurance, and reserves, which raises monthly charges.
Why do condo owners pay separate property taxes?
- Condos bill property taxes directly to unit owners, while co-ops usually wrap property taxes into the maintenance payment paid to the co-op corporation.
How do taxes vary between NYC, Jersey City, and White Plains?
- Each municipality has different assessment rules and tax rates, so two similar buildings can produce very different monthly tax lines; always compare totals including taxes.
What documents should I request before making an offer?
- Ask for recent financials, current budgets, reserve studies, meeting minutes, governing documents, and any assessment or litigation disclosures for the building.
Are special assessments common in high-amenity towers?
- They can occur in any building, but amenity-rich properties may face larger or more complex capital projects that sometimes require assessments to supplement reserves.
