A smoothly run building can make life in New York City that much easier, but a poorly run building can be a real headache and might mean additional assessments, an emergency roof repair, or a blown boiler in the dead of winter.
At Brick Underground, we've written about horror stories of mismanagement, money running out, payments not being made, and a building so neglected that one New Yorker recorded a video of rain in her kitchen.
How do you look for signs of mismanagement in a building when you're a buyer? In this episode, we dig a bit deeper into building management—how to find out if an apartment you've fallen in love with has fines or violations or if there have been emergency repairs—and whether these are deal breakers for a purchase. With some online research and some visual cues, you can identify how the building is run. Steve Elbaz, president of Esquire Management Corporation, shares his experience of managing buildings, both large and small, across the city.
As a co-op or condo owner, you hope that the building management, the board, and the residents are all on the same page when it comes to how the building is run but this is New York City, where nothing is simple. We consider advice for residents who are looking for a new management company, as well as some of the ways a building can get into trouble if the management company isn't doing its job. We also talk about some of the particular challenges for small condo or co-op buildings and the importance of addressing violations quickly.
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