If you’re in the market for a condominium in New York, it is a good idea to research the building, the condo board and the developers. One way to start this research is to seek help from an attorney with experience in the field. For example, reviewing the often complicated language of condo board minutes can help potential buyers decide if they want to go through with a deal.
Consider the case of a New York woman who is engaged in a lengthy legal battle with the developers, property manager and condo board of a building in Midtown. Eight years ago, the woman paid $1.65 million for what she believed would be a newly renovated two-bedroom apartment. However, according to her lawsuit, the apartment had serious mold problems, a rodent infestation, dirty tap water and a leaky ceiling.
The woman also has lupus and consequently is forced to wear a surgical mask whenever she enters the moldy apartment.
She claims to have been promised that the unit would have new electrics and new plumbing. A 2008 report commissioned by the condo board even states that building deficiencies, including issues with the electrical systems, the roof and the air-conditioning systems, would cost $6.5 million to fix.
Additionally, a firm handling environmental health issues reportedly found a dangerous mold under the floor of the apartment.
While the outcome of this case remains to be seen, others interested in purchasing real estate in New York would be wise to conduct due diligence before signing a contract.
Source: DNAinfo New York, “Chetrit Sold $1.6 Million Condo Full of Mold and Mice, Resident Claims,” Mathew Katz, March 24