Reducing Monthly Maintenance
Problem: How do you reduce maintenance in a 197-unit coop?
Solution: Argo has been managing this prestigious Murray Hill coop since 2006. During this time, we procured a refinancing offer for the underlying mortgage at a 3% lower interest rate, and suggested that the coop pay down the loan amount by $1.5 million. Thanks to our team’s efforts, the building obtained an $800,000 real estate tax refund that was used to replenish the reserve fund. The result? An 8% reduction in maintenance charges for all residents.