What is Condo Common Charge in NYC condo descriptions?
If you are a buyer looking at NYC websites to search for a condo, you will see "CC" in many of the condo descriptions or listing information. "CC” is an abbreviation for Common Charge in many of Manhattan New York property listings. Common charge in other parts of the country or world is known as Home Owner Association Dues.
In NYC, a condo owner of the condo unit is responsible for the monthly Common Charge. Typically condo common charges includes the salary of the building staff, operational expenses of the condo common space such as hallway, elevator, lobby, amenities(if any), each units water, gas usage, cool and hot air (the heating and cooling system will vary depending on the building).
Manhattan New York condominiums common charge does not include any Real Estate taxes or underlying building mortgage.
Unlike condos, Manhattan cooperative(Co-Op), there will be a “Maintenance charge” instead of “common charge”. Please note that there is a difference between Maintenance charge and common charge due to the differences of cooperative and condominiums. Co-op monthly maintenance fee is a total of the monthly cost of that particular cooperative unit, which includes the allocated shared building carrying cost, real estate taxes of the cooperative unit, underlying mortgage of the cooperative and etc.
Common Charge monthly bill usually is sent by the condo management on the monthly basis. Owners can make an arrangement with the condo management to pay in advance the common charge if the owner is not local based or will be traveling for a period of time.
If the condo owner uses the condo as an investment or rental property, the owner of the condo is responsible to pay for the monthly common charge not the tenant. It is also advisable that in case of the default of common charge by the tenant, the owner may be liable for additional penalty cost or other serious consequences enforced by the condo management.
Call us today (917)837-8869 and we can discuss your specific Manhattan NY Real Estate needs, if you would like to search for a condo and not sure where to start, we would encourage you to contact us today.
***********************************************************************************************************
Eileen Hsu 許雅嵐 (email: EHSU(@)elliman.com)
We specialize in Manhattan New York Condominiums, townhouses, condops and cooperatives. We are condominium residents ourselves so we understand the Manhattan New York condominium community. We also enjoy all Manhattan neighborhoods, especially Upper West Side, Lincoln Square, Midtown East, Murray Hill, Financial District, Chelsea, Fifth Avenue, Greenwich Village, Nolita and etc just to name a few. If you or you know someone that may be interested in selling, buying or leasing their Manhattan New York condo, call us today (917)837-8869 or (646)644-6929 and we can discuss your specific Real Estate needs in private. Thank you.
To read more about Manhattan New York Real Estate, click on our websites below:
Manhattan New York Condo Specialists or Chinese Speaking Real Estate Agent
