M At Beekman

"2 of the board members just sold at loss plus one more 3 or more"

Punctuation, please! I've read this three times, and I still can't figure it out.

was that English?

Two years ago I bought and moved into a unit in M at Beekman. The managing agent is Grogan and Associates. I I find them to be rude and impossible to have a civilized conversation with for the betterment of the building. I have given up trying to do as such and I have retained counsel. We have had three supers in two years. The building has problems too numerous to detail. The board sued the sponsor and hired an engineer by the name of Zimmerman and he came up with a figure of 1.3 million to solve the issues in the building. I fear that it is much higher, because the problems have not been addressed and believe further damage has been done. Two of the board members sold their units for a significant loss, and several more units are for sale. People have rented their apartment out and rented another apartment in the city, to escape the issues in the building.

What are the issues?

Brooks, there're complaints at the DoB from early this year about leaks, etc.

Of the 23 units, 21 sold by 2008. The remaining two held by the sponsor are 1A and 1B. Early this year the condo filed Liens of Common Charges for $125,000 against the sponsor for each of those two. The liens were released six weeks later. It's odd that they were both exactly $125K, as the two don't have the same PCI, so if they were unpaid assessments the amounts would be different.

The only two resales so far have been 1D (Charlie's 2010 purchase) and the in-contract 3E.

Owners renting out are a given with condos, so no big deal there.

If the fixes do come to $1.3M, Charlie's share will be $73K, not bad for a $1.5M condo that's a relic of the anything-will-sell boom years when construction standards weren't always up to snuff.

The sponsor's had some tenant/partner/vendor litigation from other projects, but I haven't found the case from this one that Charlie mentioned.

Wasn't looking to humiliate anyone, Riccardo. Don't understand why you said what you did. I was trying to figure out what the OP was talking about. There was no claification from the OP, nor you, for that matter.

Thanks, NWT, for letting me know what the OP was talking about.

ty

2F and 4E recently sold both board memebers several more are trying to sell as far construction rodent infested and major leaks there is a court ordered HPD inspection this week . i wish before I purchased my unit I would have gotten a engineers report

We had a hpd inspection yesterday for the second time a court order inspection with plenty of notice could not get access to the roof thank you

The sponsor has his 2 units for sale1a and 1b at the price 652 sq ft the price says it all several others have tried to sell that makes 6 of 23 at present what does that say of the present management grogan and ass the problems in the building are not being addressed in my opinion 652dollars per square feet in this neiborhood what more can you say simple and true

dr

Any update on the situation at 345 east 50th? have the ongoing issues w/ AC, water, rodents been resolved? Is it still the same managing agent?

Yes 15 sold many at losses and 4 more for sale out 23 units in this Condo building i fear this is going to be a failed condo building if correct I believe years of litagion invoving Board and managing agent at that time i believe any wrong doing and possible crimes will be bought to light and made pubic thank you Charlie