Written by Tom Soter on November 26, 2014
Despite all the devastation that superstorm Sandy caused to buildings in its path, one co-op found a positive among all the negatives: the old-fashioned rundown lobby had been flooded with about two feet of water, necessitating an extensive repair and renovation project. The lobby had long been a sore spot for the board. But now, it had to be upgraded — no ifs, ands, or buts.
Before its board could focus on the flooded lobby, however, the 179-unit property, called The Waters Edge at 700 Shore Road in Long Beach, had other concerns: the boiler needed to be replaced; there was more than a million dollars of electrical work required; the garage was filled with sand; the elevators were out; and most of the shareholders were living off-site (they were out for the first six weeks after Sandy hit).
Thinking of buying a co-op or condo? Already bought, and not sure how co-op/condo life and rules work? Learn all about purchasing a place and living in your new community. It's not like renting, and its not like owning a house. What's it like?