High Maintenance Fee in Brooklyn Co-op!

Happy Holidays! Currently, I live in Concord Village, located in Cadman Plaza (a couple blocks from Downtown Brooklyn, Brooklyn Heights, and Dumbo) and parallel/adjacent to the Brooklyn Bridge. As a fairly new shareholder, it would be greatly appreciated if anyone can please provide some insight as to (possibly) why the maintenance fee may be increasing so rapidly. Certainly, before purchasing the... [more]

Happy Holidays! Currently, I live in Concord Village, located in Cadman Plaza (a couple blocks from Downtown Brooklyn, Brooklyn Heights, and Dumbo) and parallel/adjacent to the Brooklyn Bridge. As a fairly new shareholder, it would be greatly appreciated if anyone can please provide some insight as to (possibly) why the maintenance fee may be increasing so rapidly. Certainly, before purchasing the co-op, I did inquire about the maintenance fee increase percentages and I was advised the increase is typically 3-5% annually. And this is reasonable. However, this is not the reality. Within the span of 3 years, my maintenance has increased (nearly 30%, collectively). I've yet to see and experience the value of these increases. Board has advised the driving force is the increasing property taxes, and perhaps it's partially true. Regardless, seems very sketchy & sus. In Concord Village, there are 7 complexes with over 1,000+ units, collectively (comprised of studios, 1 bds, & 2 bds). Imagine when all the maintenance fees are accumulated. And to add, Concord village owns an adjacent parking space, which, indeed, generates some revenue as there are start up companies nearby (e.g Etsy), the Supreme Court, USPS, Charter School, etc. They separately charge shareholders for parking, storage, gym, etc. So there are other sources of revenue generating options. Maintenance does include a reserved fund (instead of a separate assessment), which have yet to be put into use in the common areas. Still looks outdated from the 80s/90s, with water stains on the ceilings & floral wall-papers, peeling at the edges/corners. I understand high maintenance can be driven by land-lease, but that is not an issue at Concord Village. On a legal standpoint, I understand the Board can increase the maintenance fees as they please. But are there any NYC laws/bills that would protect the shareholders? Although maintenance fees within the same building may differ, do all shareholders receive the same increased rate? Any feedback would be appreciated. Lastly, if there are any shareholders who are selling your unit (with a high maintenance fee), how are you or how would you maneuver this topic if/when you come across potential buyers, requesting to see the last 5 years of maintenance fees? Thank you sincerely for taking the time to read this! Any feedback and insight would be helpful and sincerely appreciated. [less]