Letters

I write as a reminder of a letter I wrote several years ago when the real estate market wasn’t on fire.

If you are interested in a co-op, examine the plan for maintenance increases, that they have been equitable: Flat increases advantage some shareholders and disadvantage others.

If maintenance increases have been 5 percent, the unit you are considering holds 3.5 percent and another holds 7 percent, your unit is overpaying by 15 percent, while theirs is underpaying by 20 percent over 10 increases.

Also, compare your percent of shares: Is the shareholder with 7 percent of the shares equal to twice, or more than, your 3.5 percent shares? What do you get for half the shares of what they have?

And, finally, make sure no one lives in the co-op outside of the rules of the proprietary lease. Read co-op plans copiously before buying.

Billy Sternberg

New York City