Published: Autumn 2012
OF OPERATING COSTS
FOR THE YEAR 2011
Shortly after its inception, CNYC
undertook a study comparing
the operating costs in the 30
cooperatives that were then its members.
The data proved helpful to these
fledgling cooperatives in pinpointing areas
where they might control costs. It
was shared with new members as they
joined. Soon there were requests for a
new Study that would include statistics
from more buildings.
The 1980 Comparative Study was the
result; it soon became the model for an
annual practice. From the one comparing
the 30 West Side cooperatives in 1975,
the Study has grown to include more than
900 cooperatives and condominiums located
throughout the City and beyond.
The Comparative Study provides a
framework for deciding how well one's own
cooperative or condominium is operating It
analyzes operating costs for cooperatives
and condominiums in seven categories:
1) East Side Cooperatives, 2) West Side
Cooperatives; 3) Small Cooperatives (with
fewer than 100 rooms) in Manhattan, 4)
Small Brooklyn Cooperatives, 5) Larger
Cooperatives Outside of Manhattan, 6)
Lofts and 7) Condominiums.
DOLLARS PER ROOM PER YEAR
Except in the case of lofts, all data is
presented on a per room basis, beginning
with the current assessment and
mortgage figures and carrying charges.
The Study then lists as dollars-per-room
spent in 2011 on labor, heat, utilities, repairs
and maintenance, insurance, management,
administrative costs, water &
sewer fees, and (except for condominiums)
property taxes and debt service.
When the financial statements indicate
amounts paid for elevator maintenance
and for attorneys' and accountants'
fees, those items are listed separately.
Loft data is presented on the bases of
dollars-per-250 square feet for easy
comparison with the per-room data in
the other categories. An introductory
narrative explains what is included in
each column of the Study and attempts
to provide answers to the questions that
readers will ask.
TEN YEAR RECAP
The Study goes on to present a ten
year recap of summary statistics, calculating
the averages and medians
for each item and the average portion
of total operating budget devoted to
This section will be most helpful to
buildings that are not included in the
Study, as they will be able to compare
their financials with the norms provided
2011 STUDY IN PROGRESS
The Comparative Study of 2010 Operating
Costs was sent to each CNYC member
cooperative and condominium and
Professional subscriber as they renewed
their affiliation with CNYC for the calendar
year 2012. CNYC is currently preparing
the Comparative Study of 2011 Operating
Costs and can still accept financial statements
for this Study.
Any CNYC member cooperative
or condominium with data in the 2011
Study will receive notification of its code
number when the booklet is sent. This
will enable them to find their information
easily. CNYC members are welcome to
copy pages of the Comparative Study to
share information among board members
and with shareholders or unit owners.
Additional copies can be purchased
from CNYC for $25.