Largest subsidized housing development in nation selling for $850 million.

Lawsuit claims private equity firms target distressed black homeowners.

Caveat Emptor

July 27, 2016


Apartment buyers – not co-op boards – must police the accuracy of apartment listings.

In July 2013, a full nine months after superstorm Sandy devastated Brooklyn's Shore Gardens co-op, management still had not repaired and remediated enough to allow all lower-floor residents to return. And now, more than two years after the flooding that drove many shareholders out of their homes, Shore Gardens Realty has made few or no renovations to the common areas and some apartments, as shareholder Natasha Brown tells NY1 News in disgusting detail. (See the video, if you're a Time-Warner subscriber.) Along with mold and off-limits laundry rooms, there's parking-lot damage that allows flooding from a nearby creek. But as Natalie Cole, another shareholder, says, "Calls to the management company go unanswered" — a fact reporter Susan Jhun found out for herself. There's really no excuse for that, let alone for letting repairs linger this long.

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