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HOA was the single factor that made me get a regular house instead of a condo/co-op
Supply and demand
HOA's are non-profit organizations. Not sure how supply and demand comes into play? You're saying the HOA charges a premium because they can? What benefit is there in that, as it drives down property values?
What is the age of the building? How much are their taxes? How many people are on staff (NY typically has 24 hours doorman. Are there also concierge, maintenance or other staff amenities?) pool? Workout or other facilities? Where does the HOA responsibility end and the owner's begins? Track record for insurance or legal claims? Who pays for utilities and HVAC?
Is the HOA well funded, or have they let their reserves deplete and now have crazy high rates to catch up? Does NY have laws in place that mandate reserve studies and appropriate funding levels (seems like something NY would have)?
The more you expect from an HOA the higher your fees. But HOA boards are owners. In general, the tax they place on you is a tax they place on themselves.
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HOA fee or co-op maintenance?
If the latter, it covers heating fuel, water, property taxes, and building maintenance, so yea...
Think about what that HOA is paying for: building amenities, 24hr security or doormen, porters, package rooms, cleaning crews for common areas, building management staff, building renovation projects, etc. A lot of those costs are much higher in NYC alone, and the building management has decided to pass along the costs to the residents in the form of an HOA fee