Weber Realty Management believes that co-op owners need to be aware of the impact of the rising price of oil on their building. One building, managed by Weber Realty Management, has already paid only 9% less in fuel expenses this year compared to 2021.
The co-op building in Morningside Heights has paid $69,973.42 through March 2022. There are only 52 apartments in this building. In 2021, $76,851.91 was paid for the entire year’s fuel expenses.
Through March of 2021, $41,293.43 was paid for the same building’s fuel expenses, marking a 69% increase this quarter. Also in just the month of March alone, $25,860.62 was paid in 2022 compared to $8,241.92 in 2021.
In addition, the fuel expenses are 41% of the total maintenance received, compared to 27% at this point last year. It is becoming more difficult for buildings to reinvest in the building when so much of the income is going towards paying fuel bills.
The Morningside Heights building is not alone in this predicament. A 20-unit co-op building in the West Village has paid 39% more through March 2022 than they did at this point last year.
The warmer weather can not come soon enough for co-op buildings in New York City.