Shopping in Greenpoint and puzzled by two monthly fees that look the same but are not? You are not alone. Understanding common charges and maintenance is one of the most important parts of comparing condos and co-ops in northern Brooklyn. In this guide, you will learn what each fee covers, what drives costs up or down in Greenpoint buildings, and how to verify the real numbers before you make an offer. Let’s dive in.
Common charges vs maintenance
Ownership and tax flow
- Co-op: You buy shares in a corporation and receive a proprietary lease. Your monthly maintenance usually includes your share of the building’s operating costs, real estate taxes, and any underlying building mortgage.
- Condo: You own real property and a percentage of the common elements. You pay monthly common charges for building operations. You receive and pay your unit’s property tax bill directly, separate from common charges.
Board rules and approvals
- Co-ops often have stricter approval standards, sublet rules, and renovation controls. These policies can affect building income and long-term costs.
- Condos have boards too, but owner restrictions are usually lighter. Voting and funding structures differ, which shapes how common charges and assessments are set.
What each monthly fee covers
Many line items overlap because both condos and co-ops must run the building day to day.
- Building staff payroll and benefits
- Utilities for common areas
- Building insurance for the structure and shared spaces
- Repairs and routine maintenance of common elements
- Trash, recycling, snow removal, landscaping, pest control
- Management fees and administrative expenses
- Reserve fund contributions
- Legal, accounting, audit, and banking fees
- Regulatory compliance costs and required inspections
What co-op maintenance often includes
- Your share of real estate taxes paid by the co-op corporation
- Your share of any building mortgage debt service
- Sometimes unit utilities like heat and hot water, depending on the building
What condo common charges usually exclude
- Unit property taxes billed to you by the city
- Your unit mortgage payments
- Separately metered utilities for your unit, unless your building bundles them
- HO-6 homeowner’s insurance for your interiors and personal property
Special assessments
- Both condos and co-ops can levy assessments for capital projects or budget gaps. Pay attention to recent history and any planned assessments discussed by the board.
What drives costs in Greenpoint
Greenpoint’s housing stock ranges from small prewar walk-ups to full-service waterfront condos. That variety creates a wide spread of monthly charges. Key drivers include:
- Building age and construction type. Older buildings often face higher capital repair needs. Newer condos can have lower near-term repairs but higher service levels.
- Amenities and staffing. Doorman, concierge, gym, parking, and on-site management raise payroll and service costs.
- Utility model. Whether the building includes heat, hot water, gas, water, or electricity can shift monthly costs significantly.
- Reserve fund health and capital plan. Strong reserves help avoid surprise assessments and stabilize charges.
- Property taxes and building debt. Co-op maintenance reflects changes in the building’s tax bill and underlying mortgage terms.
- Occupancy mix and non-dues income. Commercial rents, laundry, or parking income can offset expenses. Heavy subletting can change income and cost patterns.
- Energy efficiency. Upgraded boilers, insulation, and smart metering can reduce operating costs over time.
- Management quality and vendor contracts. Efficient management and competitive contracts help control expenses.
- Regulatory work. Required façade, elevator, or code projects can lead to assessments or higher reserves.
Estimate your monthly total
Before you compare two properties, total your true monthly carrying cost.
- For a co-op: Start with maintenance. Ask which utilities are included. Confirm what portion of maintenance reflects real estate taxes and any building mortgage. Add your unit mortgage payment if you plan to finance.
- For a condo: Start with common charges. Add your unit property taxes, your unit mortgage, and any separately metered utilities. Include any recurring amenity or parking fees.
- For both: Ask about any current or planned special assessments and whether they are temporary or ongoing. Include insurance you must carry for your unit.
Greenpoint context to set expectations
Greenpoint has a mix of older co-ops with modest services and newer waterfront condos with robust amenities. Expect small prewar co-ops with minimal services to sit at the lower end of the local carrying cost spectrum. Mid-size, mid-amenity condos may fall in the middle. Luxury waterfront condos with doorman, concierge, and full amenities tend to sit at the higher end. Always verify exact monthly charges through the building budget, offering plan, and recent listings.
If you want a quick sense of banded ranges before digging into documents, scan current active and recent sold listings in Greenpoint for similar unit sizes, then compare their advertised maintenance or common charges. Use those figures only as a starting point, not as a substitute for building financials.
Verify numbers before you bid
A focused document request will help you confirm what you will actually pay and whether those costs are likely to rise.
Documents to request for a co-op
- Latest offering plan and proprietary lease
- Most recent quarterly or annual budget
- Last 2 to 3 years of audited financial statements or compiled financials
- Board meeting minutes for the last 12 to 24 months
- Reserve study or capital plan and current reserve balances
- List of building mortgages and key terms
- Schedule of any current or planned special assessments
- Building insurance policy summary and deductibles
- House rules and sublet policy; transfer fee or flip tax schedule
Documents to request for a condo
- Offering plan and condominium declaration/bylaws
- Most recent annual budget and monthly income/expense statements
- Audited financial statements if available
- Reserve study or capital plan and current reserve balances
- Association meeting minutes for the last 12 to 24 months
- History of common charge changes and any recent increases
- Insurance master policy summary and master deductible
- Rental rules, parking or amenity fee schedules, and any special assessments
Line-item review checklist
Use the building financials to map the budget to your monthly charge.
- Revenue
- Non-dues income: commercial rent, laundry, parking, storage
- Vacancy and sublet policies that affect income stability
- Expenses
- Payroll and benefits: doorman, porters, superintendent, part-time vs full-time
- Utilities: heat, hot water, electricity for common areas, water if billed centrally
- Elevator maintenance and inspection costs
- Insurance: total premium and master policy deductible
- Taxes: for co-ops, the portion of maintenance that represents the building’s tax bill; for condos, any association tax obligations
- Reserve fund contributions: current monthly allocations and reserve health
- Professional fees: management, legal, accounting
- Capital projects: planned repairs and funding sources
- Debt service: building mortgage payments for co-ops or association loans
- Special assessments: recent charges and any unpaid assessment receivables
- Red flags
- Low or negative reserves or no current reserve study
- Large or recent assessments with no clear remediation plan
- Sharp year-over-year increases in utilities or payroll without explanation
- High arrears on maintenance or common charges
- Litigation or pending claims noted in minutes or financials
- Deferred maintenance listed in minutes or the capital plan
Smart questions for the board or manager
- What is the current reserve balance and when was the last reserve study?
- Have there been special assessments in the past five years? Are any planned in the next 12 months?
- Which utilities are included in the monthly fee for units?
- Is there a building mortgage or association debt? What are the terms and maturity dates?
- What percentage of units is owner-occupied vs rented or sublet?
- Have operating costs like insurance, utilities, or management increased materially in the last 24 months? Why?
- What capital projects are pending and how will they be funded?
How to compare two buildings
- Standardize the totals. Convert each property to a full monthly carrying cost that includes fees, taxes, mortgage, typical utilities, and any recurring amenity or parking charges.
- Adjust for services. A staffed, amenity-rich building will usually cost more monthly. Decide if those services are worth the premium to you.
- Check reserves and assessments. Strong reserves and a funded capital plan reduce the risk of future spikes.
- Review the minutes. Recent minutes often reveal upcoming repairs or cost pressures that have not hit the budget yet.
Seller tips for a smoother sale
If you are selling in Greenpoint, make it easy for buyers to understand the value behind your monthly fees.
- Prepare a one-page summary: what the fee covers, recent upgrades, reserve health, and any assessments.
- Gather supporting documents: budget, financial statements, minutes, and insurance summaries.
- Highlight cost reducers: energy upgrades, non-dues income, or vendor savings that stabilize fees.
Work with a local advisor
Reading budgets and minutes takes time, and small details can change your monthly number in a big way. A local advisor can assemble the documents, run a line-item review, and present a clear, apples-to-apples comparison for your shortlist. If you want a concise executive summary with total carrying cost, what is included, reserve health, and nearby comps, connect with Donald Lai for a Greenpoint-focused review.
FAQs
What is included in co-op maintenance in Greenpoint?
- It usually covers building operations, your share of the building’s real estate taxes, and any underlying building mortgage, with some co-ops also including heat and hot water.
Do condo common charges include property taxes for the unit?
- No. In a condo, you pay your unit’s property taxes directly to the city, separate from the monthly common charges.
Why are some Greenpoint condo fees higher than others?
- Buildings with doorman service, gyms, roof decks, parking, or on-site management have higher staffing and maintenance costs, which raise common charges.
How can I compare monthly costs across buildings?
- Build a full monthly total for each property that includes fees, unit taxes, mortgage, utilities, and any assessments, then review reserves and minutes for future cost risks.
Which documents should I request before making an offer?
- Ask for the offering plan, recent budgets and audited financials, meeting minutes, reserve study, insurance summary, assessment history, and any building debt details.
Are special assessments a deal breaker?
- Not always. A well-planned assessment that funds necessary capital work can be a positive, but frequent or poorly explained assessments can signal deeper issues.
