Pros:
The building has been purchased and renovated by the company that bought it. The renovation was excellent, but unfortunately it led to a period of no heat for over 4 weeks during a cold April a few years ago, but after it was over the electrical systems, plumbing and hallways were upgraded. The old landlady was disabled and she was not able to tend to the building’s needs for a long time. The building is much better now then before.
Cons:
The problem with a lot of Manhattan real estate companies is that they constantly cut corners and overwork their staff to maximize profits. This is true to some extent for this building. Many repairs are done on the cheap. A toilet is repaired with a quick fix when the interior of it needs it be replaced. A broken refrigerator is replaced with a low quality one that also breaks. Minor water damage goes repaired. Duct tape is wrapped around a pipe that needs replacement. Trash overflows the trash bins outside. (The hard working but overworked and underpaid super can’t keep up.) The heat shuts off at night for about 7 hours and the apartments can get cold. It’s irritating. Unfortunately the new owner’s attitude seems to be, “You’re lucky to be here, so just shut up.” ( A quick side note: At some point more and more tenants will start leaving the city in droves because they are fed up with high rent and low quality. This has happened during the epidemic. New York City real estate will have then committed suicide with its years of arrogant contempt for its tenants, but I know they will somehow blame everyone else but themselves for their own greed, neglect and incompetence.) This building is really in the middle range of quality. Not great but not horrible either.
Advice to owner:
Return emails from your tenants. The income you get from this building is very good. You have the money to fix things in a non- half assed way.