Rhapsody on Fifth

The units still available, higher end, have been on the market for almost two years. Schools are a big problem, as is public transportation there. If you were to make an offer, I would make it at least 30 percent from asking price. Maybe lower. If they don't take it, they'll continue to be on the market for years.

This is the Harlem condo I liked the most. The majority of the units are sold, I think. It is a classy building. Maintenance is high. Public transporttion: 2-3 is a 2 couple of minutes walk, and you are not that far from the 6. I think that transportation is not bad at all.

This is a beautiful building with beautiful apartments. I 'went to contract' on one of them in June of this year (2010). In fact, I was ready to sign but my inspection saw a bit of a leak coming down from the PH stairwell.

I was ready to sign anyway as I'd followed this building since it opened .... fortunately/unfortunately, turns out that the sponsor (futterman) could not sign as the condo association filed a complaint against sponsor with the NYS ATTY GENERAL. I was bereft. The broker for the sponsor in this building was wonderful.

Anyway, post -withdrawal from market, I went knocking on doors in this building. Got to visit with the owner of the one occupied Penthouse who showed me HER peeling ceilings (and this is a place built on TOP of the roof....as well as other areas........which had supposedly been fixed.

I'd seen cracks in the walls of the penthouse/roof spaces. Asked my engineer about them and was told it was a 'new material' that was, in fact, problematic. He e-mailed the broker/sponsor recommendations for permanently fixing the leaks due to the roof defects - a cost of $248,000. apparently this mf futterman could care less.

Further, the first floor apt. under the apt. I was to purchase (my contract was on 2-C - the model) disabled the humidifiying system in the building on their own for their own purposes without consent by the condo assoc. or sponsor . They did this prior to the Condo Assoc. being formed (June of this year). It has caused unbelievable damages to the storerooms in the subbasement of the building - which I've seen.

I hope the owners of this first floor unit (w/tiny private garden) rot in hell ..... don't know what to say about sponsor as I haven't asked my atty for an update since August. .... but p.s. this futterman character owns tons of real estate, including the buildings on 127th street right attached to and/or adjoining 2056 Fifth (whose cross street is 127).

Those buildings too, have complaints filed against this obviously shady character.

Anyone with updates please reply. The woman who helped me out - owner of PH - as well as a couple of other unit shareholders, love this building as well......but are, at this point, out of $$$$ and ideas on how to resolve this situation. The shareholders from unit 1-? (right under 2-C) appear to be 'an island' within this community and a real pain in the butt (my words - neighbors there would never express it so bluntly. Frankly, I'd like to see them bounced from this place since they contributed major to the leak/mold problems.

3 deals I 'got to contract' on in Harlem (and now one in Brooklyn Heights) went south due to lack of full disclosure on part of sellers/sponsors/board. My atty is great as is the paralegal he works with at his firm. Having been a paralegal myself, I've become adept at full participation in 'due diligence' on my own behalf.

Thanks for sharing this information. I have looked at apartments in that building, and came very close to making an offer. So glad I did not move forward.

Look up Futterman's track record. It ain't good.

Thank you so much, princesscbbop.

Would you care to share the name of the engineer you used to inspect the property? Sounds like a good person to know and to refer others to.

Thank you

Karla Harby
Charles Rutenberg Realty Manhattan Office
kharby@crrnyc.com

to kharby2 sure: Villars Engineering/Architects. Very high end but very very very good. George and his partner Ina are great.