Old building with a ton of demands placed on it.
Pros
generally clean, elevators are reliable until they aren't (never get on the elevator without your cell phone, even to do the laundry in the basement because if the elevator gets stuck you could be totally screwed). the lobby is kept clean, packages are often delivered to your door and everyone who works here is agreeable to a degree. the landlord has been overheard saying he longs for the day the rent stabilized apartment dwellers have died. so that's fun.
Cons
super stingy with the heat and can't seem to get the water situation in hand. there is no month where there isn't a day without water at random times of day. the laundry room floor is often flooded which is super considering the machines are running and it's a setting for an electrocution some day. There has been non stop construction while the new owner rearranges various apartments. these aren't small jobs or simple updates. He's actually adding bathrooms which is next level updating and hard on the ears.
Advice to the owners
sell
Easy living and super convenient
Pros
Responsive management, good elevators, clean lobby, nice neighbors, pet friendly
Cons
Pipes get hot in winter and can flake off