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Heard sponsors own most of the units in this building. They even had apartments in bidonthecity.com What is the % of owner occupants in the building? Anyone know of any other drawbacks?
Yes, the AC rarely works during the summer, constantly breaks down for weekends at a time. And as the building is majority owned by 1 person, it is clearly difficult to make major changes if that person doesn't want to spend the money and invest in actual resolutions. So, needless to say, that is a drawback...
Not sure of the actual percentage, but I would ballpark it at around 75% sponsor-owned, but might be higher...
Mike - you obviously do not live in the building as your information is all wrong. Who are you and why are you bashing this building? What you are dong is actually criminal since it is not true and there are laws that prohibit what you are doing. I am happy to discuss with you directly before you decide to trash the building or this unit further. Holbrook Forusz - feel free to email me at email@example.com if you want to discuss.
Holbrook, you'd do better to address the real problems there, and what the co-op's doing to fix them.
1. The sponsor, 29 years after co-op conversion, is still the managing agent. Why?
2. The co-op is listed is among the few listed as "Declined" and "No Waivers" at http://worldonefinancial.com/wp-content/uploads/2012/10/coop-listing-citi-2012.pdf. How come?
3. Further to #2, one of the listings says Sovereign will lend there, which suggests that no other lender will touch it for new share loans.
If you're all OK with lower prices coming and going, then fine, but say so.
If you are really interested in the answers, email me at firstname.lastname@example.org and we can coordinate a time to speak. I can also provide intros if you want to speak with additional bankers who are actively financing this building. Would be happy to help.