private equity ruins everything
Pros
pretty much none
Cons
heat during winter is inadequate, VERY THIN WALLS (especially the roof bedrooms, which seemed to be made with cardboard) which is a nightmare when the building is on one of the busiest avenues in brooklyn. Be prepared to wake up to YOUR ROOM SHAKING from trunks going down the avenue and nonstop construction. I thought we were going through an earthquake the first morning living here. inconsistent hot water. the waste management is so so bad there are rats crawling all over the trash bins, I feel bad for everyone that lives on the first floor and basement apartments. SMELL OF DEAD RAT IS CONSTANT IN THE LOBBY/HALLWAY. I am embarrassed to bring guests sometimes.
Advice to the owners
stop being greedy, pay for more supers. don't blame the tenants for complaining about having to suffer such inadequate living conditions, when YOU CHOSE to buy as many properties as you did. if you cannot take care of the buildings, then do not buy them. rent is outrageously expensive for what tenants have to go through.
Would never live in a property managed by this company again.
Pros
Their broker was respectful when showing my apartment to potential tenants. They gave me my full security deposit back. Excellent water pressure.
Cons
First, note that the management company changes its name every couple of years to get away from the bad press. Was Mcnam when I moved in. Then changed to Freestone. Now it’s “Novo Living”. All the same people. All owned by Greenbrook. Very sketchy and dishonest. Now to the actual cons: Fixes were just temporary patches (e.g. fixing a leaking ceiling by literally just replacing the drywall). The landlord tries to squeeze you with obviously-above-market rent increases. (For me they asked for +15%. I spent a half hour on the phone with them trying to explain that no other similar apartments in the neighborhood are priced near that. They agreed to come down to +14%. I moved into a nearby building. They listed the apartment at +3% and it’s been sitting for over a month). Trash management is horrible and spends more time overflowing than not. Had mice and giant roaches that were only effectively managed by my own efforts (mouse traps and roach baits). Had to worry about flooding every time it rained hard. Neighbors stole many packages from mail room. Basement area was way too hot all winter long. Washing machine would be broken for weeks on end waiting for the super to look at it. The super in general was very unreliable. The photos on the StreetEasy listings are comically over-photoshopped. If you want to know what kind of company you’re dealing with just look at the listing history on street easy. Very few tenants stay more than one year. None stay more than two.
Advice to the owners
Do the city a favor and sell the building.