Buying in Greenwich Village and not sure why one listing shows “maintenance” and another shows “common charges”? You are not alone. The terms look similar, yet they cover different things and can change your true monthly cost by hundreds or even thousands. This guide breaks down what each fee includes, how Greenwich Village buildings typically handle them, and a simple way to compare units on an apples-to-apples basis. Let’s dive in.
The one rule to compare
Before you compare any numbers, apply this rule: Add a condo’s property taxes to its common charges before you compare it to a co-op’s maintenance.
- Quick example: A condo shows common charges of $700 per month and annual taxes of $9,600. That is $700 + $800 in monthly taxes, or $1,500 before your mortgage and utilities. A co-op with $1,250 maintenance that includes taxes, heat, hot water, and a doorman may have a lower baseline monthly cost.
This step alone prevents most buyer misreads in the Village.
Co-op vs. condo basics
Ownership and billing
- Co-op: You buy shares in a corporation and receive a proprietary lease for your unit. The corporation pays building expenses, including property taxes and often an underlying building mortgage. You pay a single monthly maintenance fee that reflects those costs.
- Condo: You own real property with a deed. You pay your own NYC property tax bill directly. The building collects common charges for operations and reserves. Your mortgage and property taxes are separate from common charges in your monthly budget.
What maintenance usually includes
In many Greenwich Village co-ops, maintenance commonly bundles:
- Property taxes for the building, allocated to shareholders
- Heat and hot water, especially in older buildings
- Building staff like doorman, superintendent, and porters
- Building insurance, common area electricity, water and sewer
- Management fees and reserve contributions
- Payment on any underlying co-op mortgage
You may still pay your unit electricity, internet, and HO-6 insurance separately. Always confirm line by line.
What common charges usually include
Condo common charges typically cover:
- Building operations and staffing
- Building insurance for common areas
- Common utilities and maintenance
- Management fees and reserve contributions
They usually do not include your individual property tax bill, your personal mortgage, or unit electricity. Some condos include heat and hot water, while others bill these to your unit.
Village-specific cost drivers
Greenwich Village has a mix of pre-war walk-ups, classic co-ops, and newer luxury condos. That mix matters.
- Building age: Many pre-war co-ops include heat and hot water in maintenance. Newer condos may bill heat separately and will always bill property taxes to you directly.
- Amenities and staffing: Doorman and concierge are common in parts of the Village. Newer condos with full-service amenities, gyms, and pools often carry higher common charges.
- Reserves and capital projects: Older buildings may face façade, systems, or masonry work. This can increase the likelihood of assessments if reserves are low. Newer condos may fund larger reserves up front, which can stabilize near-term assessments.
- Wide variability: A small co-op studio can have modest maintenance, while an amenity-rich condo can carry high common charges plus individual taxes. Always compare line by line.
Line-by-line checklist
Use this checklist to build a clear monthly picture. Mark each item as Included, Billed separately, or Not applicable.
- Property taxes
- Heat and hot water
- Unit electricity
- Water, sewer, trash
- Building staff and services
- Building insurance (common areas)
- Management fees
- Reserve contributions
- Building debt service (underlying mortgage in a co-op)
- Internet or cable bulk billing
- Parking or storage charges
- Any recurring assessments
Calculate your true monthly cost
Condo formula
Total Monthly Carrying Cost = Your mortgage payment + Monthly common charges + Annual property tax divided by 12 + Utilities billed to your unit + HO-6 insurance + Any monthly parking or storage.
Co-op formula
Total Monthly Carrying Cost = Your mortgage payment + Monthly maintenance. Maintenance should already reflect building-level property taxes, any building mortgage, included utilities, staffing, insurance, and reserves. Add any extra items billed to your unit that are not included in maintenance.
Quick side-by-side example
- Condo: Common charges $700 plus annual taxes $9,600 equals $1,500 baseline per month before your mortgage and unit utilities.
- Co-op: Maintenance $1,250 including taxes, heat, hot water, and doorman equals $1,250 baseline per month before your mortgage and any unit-specific utilities.
Numbers vary by building, so always verify.
Documents to request
Collect comparable documents so you can confirm what is included and the building’s financial health.
For co-ops
- Most recent audited or reviewed financial statements
- Current budget and year-to-date performance
- Schedule and remaining term of any underlying mortgage
- Maintenance increase history and any planned assessments
- Board minutes from the last 12 months covering capital projects
- Proprietary lease, house rules, sublet and pet policies, and any flip tax terms
For condos
- Association budget and current financial statement
- Reserve study or current reserve balance
- Minutes from the last 12 months including capital projects and assessment plans
- Offering plan, declaration, CC&Rs, and house rules
- Allocation schedule for common charges and any planned increases
- Any association debt schedule
Red flags to watch
- Low reserves paired with an older building that needs façade or system work
- A co-op with a large underlying mortgage and a short remaining term
- Frequent special assessments in recent years
- Condos with low common charges but very high taxes that raise the true monthly
- Accounting that shifts funds from reserves to operating repeatedly without clear plan
Smart buyer strategies
- Standardize your numbers. Convert every annual item to a monthly figure and mark what is included.
- Verify utilities. Ask whether heat and hot water are included, and how unit electricity is metered.
- Match amenities to your lifestyle. Pay for what you truly use. In the Village, full-service amenities can meaningfully increase monthly costs.
- Assess financial health. Reserve size, assessment history, and upcoming capital work tell you a lot about near-term risk.
- Understand rules. Co-ops often have stricter admissions, sublet rules, and flip tax structures. This can affect both carrying costs and resale planning.
- Coordinate lending and tax planning. Mortgage underwriting can differ for co-ops and condos. Portions of co-op maintenance tied to building mortgage interest or property taxes may be deductible in some cases. Consult your lender and tax advisor for guidance tailored to you.
How we help you compare
You deserve clarity before you write an offer. Our team builds apples-to-apples comparisons that account for taxes, building debt, reserves, staffing, and utilities, so you see the full monthly picture. We source the right documents, align your wish list with building realities, and coordinate a smooth path from first tour to close.
As a founder-led boutique at Compass, the Antigua Team serves high-end Manhattan buyers and sellers with a concierge approach. Whether you are exploring a pre-war co-op near Washington Square or a new condo with modern amenities, we help you weigh lifestyle, budget, and long-term value with precision. Ready to see the numbers clearly? Connect with the Antigua Team and request your Global VIP consultation.
FAQs
What is the difference between co-op maintenance and condo common charges?
- Maintenance typically includes building-level costs like property taxes and sometimes building debt in co-ops, while condo common charges cover operations and reserves and do not include your individual property taxes.
How do I compare a Greenwich Village condo to a co-op?
- Add the condo’s monthly taxes to its common charges, then compare that total to the co-op’s maintenance before layering in your mortgage and unit utilities.
Do co-op maintenance fees include property taxes in NYC?
- In most co-ops, property taxes are paid by the corporation and reflected in maintenance, which is why maintenance often appears higher than condo common charges at first glance.
How do amenities affect monthly costs in the Village?
- Full-service amenities and staffing like doorman, gym, and pool typically raise common charges or maintenance, especially in newer condos with extensive services.
What documents should I review before buying in a co-op?
- Request audited financials, current budget, underlying mortgage schedule, board minutes, maintenance and assessment history, and the proprietary lease and house rules.
What documents should I review before buying in a condo?
- Ask for the association budget and financials, reserve study or balance, board minutes, offering plan and declaration, common charge allocations, and any debt schedule.
Can any part of co-op maintenance be tax deductible?
- Portions tied to building mortgage interest or property taxes may be deductible in some cases, so confirm details with a qualified tax advisor.
