2012 the salesperson for the PH unit is DODGY to say the least. After noticing WATER DAMAGE in and on the outside terrace of the unit, he refused to answer any questions regarding the status of repairs. The Sponsor is still in charge of the Board and it seems like the maintenance fees are basically paying for Cipriani's (restaurant and Sponsor)interest in the building. Cipriani Restaurant is the... [more]
2012
the salesperson for the PH unit is DODGY to say the least.
After noticing WATER DAMAGE in and on the outside terrace of the unit, he refused to answer any questions regarding the status of repairs.
The Sponsor is still in charge of the Board and it seems like the maintenance fees are basically paying for Cipriani's (restaurant and Sponsor)interest in the building.
Cipriani Restaurant is the commercial tenant (floors 1-4, with a Restaurant and Ballroom space that has a good chunk of the building) had a $1.5 million electrical bill that a "professional" engineer deemed it was metered incorrectly - so they don't want to pay their common charges, no problem - Assessment! It appears that the Board will always vote in favor of the Sponsor/Restaurant since they are all one and the same. According to the Offering Plan basically any building maintenance issue will create an assessment, also keep in mind it's a Landmark so that's 2x the time and cost for a lot of things.
Banks will not touch this building - it's near impossible to get a mortgage on this building due to the high number of investment units, foreign owners, poor building financials (crafty numbers over two accounting firms), high common charges, and the number of owners in default - not to mention the number of units for sale and rent.
The restaurant is actually a separate tax/lot number even though it's in the same building and occupies nearly 40% of the building area. The Sponsor did this to qualify for a residential 421-G abatement - tricky, but nontheless taxes are quite high.
Otherwise the units are built fairly poorly, or really the details did not stand the test of time and weren't really designed with use as a factor. Excessive use of molding with overly visible joints, no vents for dryers or range, In terms of decor - meh, Tsao McKown do not exhibit any prowess of proportion, scale or basic taste - On par with Trump developments, heavy and gaudy in a Sopranos on Wall Street kind of way.
So basically paying unit owners will shoulder the cost of building maintenance of a 100 year old landmark and creative accounting restaurant for the privilege of living at the Club, approved and voted for by the Board.
Sponsor = Board = Commercial Tenant
conflict of interest?
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