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Income & carrying charges question re. Penn South

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  • Income & carrying charges question re. Penn South

    My family of 3 will move into Penn South when we get off the 2-bedroom waiting list in 3 to 10 years.

    I have a question about the carrying charges as they relate to income. We currently earn under the maxiumum, which is set at 150K. But it's likely by the time we move in that we will earn more than that, perhaps up to 180 or 190K. Penn South allows up to $225K in earnings for an additional carrying charge, or so it says on the website.

    My question is, let's say a family earns $180K, what would the carrying charges be? Would they be closer to $1K (which is what a family earning $150K would pay at the maximum) or could they go as high as $2K, or is this an impossible question to answer?

    Thanks for any insight, Penn South folks!

  • #2
    Re: Income & carrying charges question re. Penn South

    I believe what you are asking about is the "surcharge" that is added to the basic maintenance charge for residents who earn over a certain amount. It is my understanding that for those residents who moved in after 1987, the surcharge can be up to 200% of the basic maintenance. Put differently, if your basic maintenance is $1000 per month, your surcharge can be up to an additional $2000. This could make your total monthly payment $3000. You can probably call the Penn South management office for more details.

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    • #3
      Re: Income & carrying charges question re. Penn South

      Thank you. 2K is very very high for this so-called "deal" -- I guess I just have to hope for the best/

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      • #4
        Re: Income & carrying charges question re. Penn South

        Catalyst is correct as I read it in the contract with HPD. To pay 200% you would need a pretty high income. While you would pay as high as $3000 you would still be paying a lot less than you would pay in the open real estate market for a 2BR in Chelsea. Good luck in what ever you decide when offered an apartment,

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        • #5
          Re: Income & carrying charges question re. Penn South

          Thanks to you both for your insight.

          Any clue how much a family earning 180K, let's say, would pay in carrying charges for a 2-bedroom? (assuming it's around 1K for a family earning 150K)?

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          • #6
            Re: Income & carrying charges question re. Penn South

            I think it is hard to answer with any specificity because there are multiple factors involved. I believe that the surcharge percentage is set by the HPD and Penn South is required to follow this formula. I think the management office would be able to give some guidance. Penn South is an excelent palce to live. Good luck.

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