r/AskNYC_Coops

Hi all. First time homebuyer trying to gauge the financial health of a co-op in Queens. The building is 68 units and only has a reserve fund of ~142k and operating fund of ~82k. To me, this seems pretty low. Is there any standard to evaluate the financial health of the building (I.e., 5k per unit in reserves, etc.). The building also had 575k in special assessments in 2024 and 290k in 2025.

Any other thoughts or things I should consider in evaluating the financial health?

So I have a HDFC COOP. I'm on SSDI disability. The taxes are already included in my maintenance fee. So where does a tax break happen when your in a COOP?

I see this on the application:

"Ineligible Properties: Your property cannot be within a housing development that is controlled by a Limited-Profit Housing Company, Mitchell Lama, Limited Dividend Housing Company, Redevelopment Company, or Housing Development Fund Company (HDFC). However, if your property is located in an HDFC development and participates in the Division of Alternative Management Program (DAMP), your property may be eligible for tax exemptions."

Is there a point in my finding out if my building is DAMP? Where would the tax break come from?

We closed on a co-op (yay!) and we’re having it painted via our contractor. The painters have been exceptional - incredibly detailed and going above and beyond to make sure our 120-year old walls look pristine. They are even fixing things here and there and have made helpful suggestions.

I would like to tip them but not sure what the norm is? I was thinking $100 per person - there are two painters and it’s a 7-day job. Is that sufficient?

What’s your monthly maintenance fee and located where?