Do you know your neighbor?

10 Interesting Statistics About NYC Coop and Condo Living

Living in a coop or condo building in New York City can be a great experience, but it also comes with its own set of challenges. One of the most important aspects of living in a shared building is getting to know, and getting along with your neighbors. The board of directors and property management are crucial factors in ensuring that your building runs smoothly. They play an important role in making the building a welcoming place to live and call home. Here are 10 interesting statistics about NYC coop and condo living:

1. According to a survey by the New York Times, nearly 60% of respondents said that they didn't know their neighbors by name. We hear of coop and condo owners who cannot even name five of their neighbors.

2. Property management is a vital part of keeping a building running smoothly. In fact, nearly 70% of property managers say that they have a good relationship with their board of directors.

3. One of the most important aspects of property management is dealing with repairs and maintenance issues. Some of that is handled by the property manager and some by the super or resident manager.

4. Coop and condo buildings are required to have insurance, but not all buildings have the same coverage. In fact, nearly 30% of buildings in New York City do not have flood insurance.

5. Heating and cooling are two of the most important aspects of living in a coop or condo building. Property managers say that this is normally the third-largest expense in a coop and the second-largest expense in a condo.

6. Electricity is one of the most important utilities for a coop or condo building. This is what lights the common areas and amenity spaces.

7. Some coop and condo buildings are required to have a 24-hour front desk staff. Our analysis shows that approximately 25% of a building's costs are allocated to the staff.

8. Water is another important utility for a coop or condo building. In fact, water is the fourth-largest expense in a coop and the third-largest expense in a condo.

9. Gas is another important utility for a coop or condo building. This is what powers the stove and oven in most units and also heats many New York City apartment buildings.

10. Internet is becoming an increasingly important utility for an NYC coop or condo. Many buildings have been moving away from only having one telecom provider and nowadays have two or more alternatives for their residents.

Living in a coop or condo can be a great experience, but it's important to be aware of the challenges that come with it. Property management, the staff, and the board of directors are a vital part of keeping a building running smoothly. Getting to know your neighbors can make living in a shared space much more enjoyable. These 10 statistics about NYC coop and condo living should give you a better understanding of what to expect when you move into a new building.

At The Folson Group, we are passionate about helping every coop or condo owner increase their property values while living in a building that is safe, more sustainable, and more affordable. Contact us today to find out more here.