Property Revenue Tips for NYC Co-op and Condo Boards

Property Revenue Tips for NYC Co-op and Condo Boards

Property revenue is critical for NYC co-op and condo boards. While cutting costs is often a top priority, increasing income is just as important for financial health. A proactive revenue strategy can reduce maintenance fees, build reserves, and fund capital improvements.

Before you begin, explore HPM’s full range of services and see how we help boards clarify their financial obligationsand increase building income. Learn more about our expertise in Upper Manhattan property management, or contact us directly.

Let’s dive into practical ways to grow property revenue across your co-op or condo.

🏢 Rent Common Areas and Amenities to Increase Property Revenue

Your building likely has untapped spaces that could generate revenue:

• Rooftops can host events or yoga classes

• Lounge areas can be reserved for private functions

• Parking spots can be rented or auctioned

Make sure to review your building’s bylaws and NYC zoning regulations to ensure compliance.

💼 Lease Space for Commercial Use

NYC buildings are increasingly generating property revenue through:

• Renting ground-floor units to retailers or service providers

• Leasing rooftops for solar panels or cellular antennas

• Offering basement storage to residents or outside vendors

Before you act, consult DOB building permit requirements and FCC guidelines for antenna agreements.

💳 Improve Fee Structures and Assessments

Outdated fee models can hold your building back. Boost property revenue by:

• Adjusting maintenance fees to reflect inflation or service expansion

• Offering discounts for annual or early payments

• Charging premium fees for amenity-rich units

Use NYC’s Energy Benchmarking tools to assess building efficiency and budget alignment.

🌱 Claim Rebates and Property Tax Abatements

Government programs can ease your board’s expenses and improve net property revenue:

• Solar incentives: Federal ITC + NYC property tax abatement

• NYSERDA Multifamily Programs: Grants for energy-efficiency upgrades

• NYC Co-op/Condo Property Tax Abatement: Up to 28.1% savings

Explore programs at NYSERDA and the NYC Department of Finance.

🧾 Fund Capital Projects That Drive Value

Strategic upgrades can boost your building’s resale value and reputation:

• Lobby modernizations and package lockers

• Upgraded boilers, elevators, or windows

• Preventative maintenance to reduce long-term costs

With more revenue, your building becomes more attractive to current and future residents.

📊 Get Expert Help Growing Your Property Revenue

📞 Contact HPM today to discover untapped revenue sources, rebalance your financial plan, or conduct a no-obligation property assessment.

Improving property revenue is not just about raising fees. It’s about smart planning, compliance, and seizing the right opportunities. That’s where HPM comes in.

Schedule A Free Consultation