building at 157 Broome Street

All the units being sold at 157 Broome St are a scam. The "co-op board"(i use the term loosely) has no clue how to run a building and they've been losing money since it became an HDFC co-op about 2 years ago. There is NO management company, and instead all the work is done by the co-op board, which of course they pay themselves a hefty salary to do(is this even legal? who knows). This building is... [more]

All the units being sold at 157 Broome St are a scam. The "co-op board"(i use the term loosely) has no clue how to run a building and they've been losing money since it became an HDFC co-op about 2 years ago. There is NO management company, and instead all the work is done by the co-op board, which of course they pay themselves a hefty salary to do(is this even legal? who knows). This building is not on ANY approved bank list, and it probably never will. The two biggest reasons for this include the extremely low owner occupancy rate(Out of 28 total units in the building, 10 are owned by the co-op) and their shoddy financials( the treasurer did them on TurboTax I believe, which is completely non-compliant with their by-laws). They have no CPA audited financials, only some 1-page compilation report I think. The broker is shady, their lawyer is shady, and all the people on the board are shady. Also everyone on the board hates each other, not sure why, but its def something to be aware of. If you are looking for a horrible investment, this is your place! I'll be surprised if they can last another 2 years before the government steps in and takes back the building. Enjoy. [less]