What a New NYC Condo Spends in Year One

Condo Book Research · Updated Sep 29, 2026 · 4 min read

Every NYC condo offering plan includes Schedule B, the sponsor's projected budget for the first year of operation. Here is what those budgets look like across recent plans: the per-unit cost by building size and borough, each line item's share, and what the budget usually leaves out.

Every NYC condo offering plan includes Schedule B, the sponsor's projected budget for the first year of operation. It's the most useful page in the plan and the least read. Here's what it looks like across the 518 plans accepted since Oct 13, 2021 with a full budget and no commercial units. (For where Schedule B sits in the plan and how it relates to the price list, see Schedule A and Schedule B explained.)

The Headline Number: Operating Cost per Unit

The average first-year operating budget works out to about $8,800 per residential unit per year (roughly $740 a month). But that number hides a wide spread (building sizes with fewer than five plans are left out):

In recent plans, 7–12 unit buildings have the lowest per-unit cost. Small buildings split fixed costs (insurance, accounting, a management fee) among few owners; large ones add elevators, staff and amenities.

By borough, the average per unit per year: Brooklyn $6,900, Manhattan $25,400, Queens $5,800. For what that means per month, see how much condo common charges should be in NYC.

Where the Money Goes: Schedule B Line Items

Average share of the expense budget, among plans that have each line:

A few things stand out:

Insurance is one of the biggest lines, an average 17% of the budget. Sponsors' budgets are based on quotes at the time of filing; buyers should expect the first renewal to come in higher.

Water and sewer is bigger than most buyers expect, an average 15%. NYC DEP bills the building, not the unit, and rates rise nearly every year.

Management fees are worth reading. The average management line in these budgets is about $19,800 a year, or roughly $1,410 per unit, an average 15% of the budget. In 25% of these plans the sponsor manages the building itself during the first year, and 95 of those 122 record no fee for it. That looks like a saving; it isn't. The budget will jump when the board hires a real manager. The managing agents directory shows which firms manage NYC condos.

The reserve line is often decorative. The budgeted reserve or contingency is an average 12%, but the actual funded reserve at closing is a separate item. Where a plan states a reserve fund amount, the average is only about $10,400, and 27% of those plans put it at zero. Look for the working capital fund and the reserve fund in Part I of the plan, not just Schedule B.

What's Usually Missing from a First-Year Budget

Schedule B is a sponsor's estimate, prepared to make the common charges look reasonable. Common omissions:

• Real property taxes on the units (paid by owners, not the condo, so correctly excluded, but easy to forget when comparing to a co-op)
• Local Law 11 façade work, roof replacement, boiler replacement (capital, not operating)
• Staff salary increases after the first union contract
• Insurance at renewal rather than at filing

Some plans include a certification from a managing agent or accountant that the budget is reasonable. Some don't. The plan says which.

How to Read a Schedule B

Schedule B is organized by section: Income (common charges, sometimes commercial or parking income), then Expenses, then a total. If there's a commercial or garage unit, there may be separate sub-budgets. The footnotes explain the assumptions behind each line, and that's where the real information is: the insurance quote, the management contract, whether the super lives on site.

Budgets change after closing. Later budgets are filed as amendments under the same plan ID; see how to find and read offering plan amendments.

See the Actual Budgets

The Condo Book Project has parsed Schedule B for over 1,700 NYC offering plans into line items you can compare. Open any building from The Condo Book Project's search and check the Budget tab, or search "buildings with insurance over 20% of budget". The common charges data page has per-unit and per-square-foot figures by building size.

Common Questions

What is Schedule B in a condo offering plan?

Schedule B is the sponsor's projected budget for the condominium's first year of operation: expected income from common charges and any commercial or parking units, each expense line, and footnotes explaining the assumptions.

What is the biggest expense in a NYC condo budget?

In recent plans the biggest lines are insurance (an average 17% of the budget), water and sewer (15%), staff and cleaning where the building has them (20%) and management (15%).

Is the Schedule B budget guaranteed?

No. It is a projection prepared by the sponsor at filing. Insurance renewals, staff contracts and the switch from free sponsor management to a paid managing agent commonly raise costs after the first year.

Where do I find a condo's reserve fund?

Look in Part I of the offering plan for the working capital fund and the reserve fund. The contingency line in Schedule B is a budget item, not the funded reserve.

Figures are averages from the 518 New York City condominium offering plans accepted since Oct 13, 2021 with a reconciled Schedule B, a single budget and a Schedule A unit list, the same plans as the common charges data page. Budgets are sponsor projections at the time of filing, not actual results; updated as of Oct 13, 2026.