Condo Board Wrestles With Ways to Pay for $7 a Million Facade Project (NY)

/ Owner - March 14, 2023

We’re working with a high-rise, 300-unit condo that needs about $7 million for facade work. At the moment, interest rates are increasing, so banks would probably offer them a 10- to 15-year loan at about 4.5%, maybe 5%. So the association’s monthly mortgage installment would be about $72,500, which would then be spread among all the unit-owners. If they decided not to do the loan, the unit-owners would have to pay a little over $23,300 apiece. So that would probably be about a one-third increase to their operating budget.    Read the article………………………..

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