Private Equity Firms Make Lousy Landlords
Pros
Location. Two blocks from good trains and Central Park
Cons
Management lies about basic things like the chronically out of service elevator which results in a filthy building because the porter can't mop or clean. FDNY has to come out repeatedly to get tenants out of stuck elevator. Owners ignore summons and don't make basic repairs.
Advice to the owners
Pay your mortgage, fix this building, clean it and address the 40+ outstanding violations
This is NOT an elevator building
Pros
Inexpensive rent / decent neighbors
Cons
The elevator is constantly breaking down. The FDNY has had to break into the building to get people out of it. There is a notification on the front of the building that the owners are being fined over $3000 because the emergency call button in the elevator doesn't work. This has been going on for months. The management company makes excuses and a technician is sent out nearly every day to fix it. It then breaks down within hours.
Advice to the owners
Fix the elevator!
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