Council of New York Cooperatives & Condominiums
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On the Money
Transfer Fees, Budget Planning, Cost Study, Labor Contract

Published: Autumn 2012


Shortly after its inception, CNYC undertook a study comparing the operating costs in the 30 cooperatives that were then its members. The data proved helpful to these fledgling cooperatives in pinpointing areas where they might control costs. It was shared with new members as they joined. Soon there were requests for a new Study that would include statistics from more buildings.

The 1980 Comparative Study was the result; it soon became the model for an annual practice. From the one comparing the 30 West Side cooperatives in 1975, the Study has grown to include more than 900 cooperatives and condominiums located throughout the City and beyond.

The Comparative Study provides a framework for deciding how well one's own cooperative or condominium is operating It analyzes operating costs for cooperatives and condominiums in seven categories: 1) East Side Cooperatives, 2) West Side Cooperatives; 3) Small Cooperatives (with fewer than 100 rooms) in Manhattan, 4) Small Brooklyn Cooperatives, 5) Larger Cooperatives Outside of Manhattan, 6) Lofts and 7) Condominiums.

Except in the case of lofts, all data is presented on a per room basis, beginning with the current assessment and mortgage figures and carrying charges. The Study then lists as dollars-per-room spent in 2011 on labor, heat, utilities, repairs and maintenance, insurance, management, administrative costs, water & sewer fees, and (except for condominiums) property taxes and debt service. When the financial statements indicate amounts paid for elevator maintenance and for attorneys' and accountants' fees, those items are listed separately. Loft data is presented on the bases of dollars-per-250 square feet for easy comparison with the per-room data in the other categories. An introductory narrative explains what is included in each column of the Study and attempts to provide answers to the questions that readers will ask.

The Study goes on to present a ten year recap of summary statistics, calculating the averages and medians for each item and the average portion of total operating budget devoted to each item. This section will be most helpful to buildings that are not included in the Study, as they will be able to compare their financials with the norms provided here.

The Comparative Study of 2010 Operating Costs was sent to each CNYC member cooperative and condominium and Professional subscriber as they renewed their affiliation with CNYC for the calendar year 2012. CNYC is currently preparing the Comparative Study of 2011 Operating Costs and can still accept financial statements for this Study.

Any CNYC member cooperative or condominium with data in the 2011 Study will receive notification of its code number when the booklet is sent. This will enable them to find their information easily. CNYC members are welcome to copy pages of the Comparative Study to share information among board members and with shareholders or unit owners. Additional copies can be purchased from CNYC for $25.


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