Elevator breaking down often

Use a different repair shop.

"better built than the new ones"?? Puleeze. If the mechanism has died, it's died. Time for a new one.

"Normal" for an elevator to be out of service because it doesn't work is MAYBE once a year. Twice if you are unlucky. And it should be running again within hours. Certainly within 24 hours. Of course, for routine maintenance an elevator may have to be shut down for an hour here or there, but I don't think that is what you are talking about. A coop management company should be able to provide guidance on standard maintenance/replacement schedules for elevators and other mechanical systems in the building.

I live in a 110 yr old building. Our elevator breaks about twice a year for an hour. But all buyers/renters of prewar should expect an elevator to break down. That's how it is.

"The Board does not want to replace it, insisting it is better built than the new ones." They built junk 50 years ago, 100 years ago, 10 years ago. If it doesn't work, it's junk, regardless of age.

Replace it and sell the metal to a dealer, you might get a little $$ money back. Paneling can be moved to the new elevator.