Renting in a financially struggling building - risks?

I guess if the condo owner, your landlord, gets foreclosed, you will lose your deposit and prepaid rent, if any.

you would not lose your deposit -- deposits are held in escrow -- not comingled. You would not be evicted in NY without adequate notice. hofo, did you even think before you blurted out an answer????

You would eventually suffer additional moving costs -- perhaps -- unless you cut a deal with the new owners/bank

Well no, deposits are SUPPOSED to not be commingled, but with individual condo owners? Happens all the time. They only NEED to hold it in escrow with 6 or more units rented.

manhattanfox is one angry mofo. you mean to tell me a landlord in financial distress will not take your deposit and disappear? get real.

If some of the owners stop paying their monthly maintenance fees for an extended period of time, the building may be forced to cut back on some of the amenities they offer. This has happened frequently in Miami, but I don't think it has happened at all in NYC (or at least not recently). This sort of forces a death spiral -- fewer services mean lower rents and lower purchase prices, so it's a last ditch effort. Expensive amenities like pools are the first to go.

can you elaborate a bit on thr financial difficulties

Well, I'm in Peter Cooper. Love my apartment, didn't like the location but it's growing on me. I don't know if you'd call it struggling, but I doubt Tishman has any warm and fuzzy feelings for the complex at this moment.

Went to do laundry this morning. two washing machines out of five were functioning.

The Friday before spring break tried to do laundry. one washing machine out of five was functioning.

When called, was told it would be taken care of "within the next couple of days."

One washing machine, for 120 apartments.

what does that have to do with wbh

RE2009, is that for real? Financially struggling landlords, which I would classify TS as being in this instance, reduce services.

And in a condo, the tenants may not get control to create the condo association early on during the process, meaning that the developer is still essentially a landlord when it comes to the services.

was being sarcastic, not sure if you saw the other thread... they are not even TRYING to sell aptartments

sorry, no I haven't been following the downtown buildings threads. kind of depressing even for me. i should be more sensitive to the sarcasm issue, as i get hit with it quite frequently myself. humor can be hard in this format.