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Re: Manhattan Club Lawsuit.....maintenance fees and REAL ESTATE TAX (by L C.):

I've done the TAX math also. You have to figure into the equation ALL of the common spaces & all of the workers & office spaces too. The real estate tax is figured on total square foot spaces used by TMC in the whole building. Plus, it's category probably isn't the same as plain residential and is likely figured at a higher % value. There is no real way for us to know how they got the exact figures, but if you guess at the entire spaces, it may not be as extreme as it seems to be..........The Maintenance fees are another matter entirely! I'm sure TMC CAN show how this exuberant amount is spent. To my understanding; our so-called, "Not-for-profit time-share", TMC keeps spending many very large chunks of monies in very questionable ways? This includes things updated exercise rooms & underused lounge areas. It is very easy for them to do this, as owners don't have control of the board and thus, no control of optional spending choices, etc. Simultaneously, small (but important to owners), amenities keep downsizing! Example; the room coffee is downgraded and the lounge cookies lessen. ... Meanwhile, ON PAPER, the "Maintenance costs" get justified.