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Your monthly maintenance fee can be thought of as similar to an "Association Fee" at a Condominium. The difference between the two is that a cooperative's monthly fee covers maintenance of both the inside and the outside of the building. When you purchase a unit at a co-op, you buy a share in the cooperative. Your monthly maintenance fee covers:
Real estate taxes, heat, water/sewer, as well as building insurance, lawn care, snow removal, and staffing. Your monthly maintenance fee also pays for the upkeep/replacement of all the following appliances in your unit:
Refrigerator, stove, dishwasher, garbage disposal, and air conditioner.
There are also replacement formulas for the paint and flooring in your unit. After a specified amount of time, Lee Square will pay for a portion or the entirety of your painting or flooring needs. Members also have the freedom to make improvements and upgrades in their unit to customize as they please.
There are two primary costs involved. The Membership Cost (shared value) is a one-time payment that purchases a voting share in the Cooperative. If a Member decides to move, the Cooperative has the option to manage the sale during the first 60 days, returning the Membership Cost to the seller, plus accrued equity.
Members also pay monthly fees which include real estate taxes, operating expenses, reserves (operating and replacement), interior and exterior maintenance. There is underground heated parking for an additional fee.
Lee Square Cooperative has 122 apartment homes which include one, one bedroom plus den, and two bedroom floor plans.
Monthly carrying charge: $546.00
546 sq. ft.
Monthly carrying charge: $618.00
616-622 sq. ft.
Monthly carrying charge: $711.00
696-737 sq. ft.
Monthly carrying charge: $888.00
875-902 sq. ft.