As we approach the end of the year, the Board of Directors has finalized and approved the budget for 2026 and discussed several policy updates affecting the upcoming year. Following a thorough review of the coop’s anticipated operating costs and building operations, we would like to share the following updates:
Maintenance Fee Increase
Effective January 1, 2026, maintenance fees will increase by 4%.
This adjustment reflects rising operating expenses in key areas such as real estate taxes, insurance, payroll, and utilities. This increase is necessary to ensure the cooperative remains financially stable and able to meet ongoing obligations.
Garage Charges and Parking Policies
The Board reviewed the current parking policies and approved updated garage rates effective January 1, 2026, as follows:
$150 for resident shareholders
$250 for renters/tenants
$275 for shareholders with more than one vehicle
$350 for non-resident renters and shareholders who do not reside in the co-op
Parking Policy Update – Residents Only
This policy aims to ensure proper use of parking resources and maintain fairness among shareholders.
Residents Only
Must have an approved garage agreement, active registration, and insurance.
One Space Per Unit
Except two special spaces; Two bedroom apartments may request a second space for $250.
No Holding a Space Without a Car
Spaces require an active vehicle unless a temporary hold has been approved by the Board of Directors.
Shareholders Without a Car
A shareholder who lives in the co-op but does not have a vehicle may not hold a parking space. If a shareholder chooses to keep a space without an active, registered vehicle, the space will be billed at the outsider rate of $350, unless it qualifies as a Temporary Hold (see below).
Tenants Without a Car
Tenants are not permitted to hold a parking space without an active, registered vehicle. If a tenant insists on keeping a space without a car, it will only be allowed at the outsider rate of $350, and only if a space is available.
Temporary Holds (For Shareholders Only)
Shareholders may temporarily hold a space for up to 120 days at the regular shareholder rate of $150 while waiting for a new vehicle. Proof may be required (e.g., purchase order or similar documentation). After 120 days, the space must either be released or will automatically be billed at the outsider rate of $350.
The Board and Management will continue to carefully monitor the financial status of the cooperative during the 2026 calendar year.
Please be sure to adjust your online payments accordingly. If you need assistance doing so, please contact Antonio Davis at (212) 896-8684 or via email at AntonioD@argo.com.
Very truly yours,
THE GARDENS 75TH STREET OWNERS CORP.
Argo Real Estate LLC, As Agent