FLATIRON DISTRICT

The Victoria co-op in Manhattan is installing a hybrid system of electric heat pumps and gas-fired boilers to reduce operating costs, minimize carbon emission penalties in 2030, and reduce the co-op's Local Law 97 emission penalties by up to 90%.

Condominium’s “unique” demand is upheld, others are turned down.

Some management companies are offering expert oversight of capital projects.

The Andrews Organization was quick to put “experienced boots on the ground.”

SoulCyle’s “bowling ball thuds” rile residents in Flatiron District condo.

Award-winning Urban Umbrella to erect first two eye-pleasing sheds.

Lobby renovations don’t have to be a battle for boards and residents.

The roof leaks.  The common terrace was never landscaped.  Electrical service is erratic.  The apartments and building systems are in “dilapidated” condition with “a multitude of design and construction defects.”

Is this the description of a derelict building run by slumlord?  Hardly.  These are allegations contained in a $5 million lawsuit filed in State Supreme Court on Dec. 8 by residents of a luxury Union Square condominium against the building’s developer, Brack Capital Real Estate.

In addition to the $5 million settlement, as reported in The Real Deal, residents of the 36-unit building are demanding that Brack renovate the building and fix the problems.  A spokesman for Brack retorted, “We stand by our product and are very proud of it.”

The asking price for apartments in the glossy “dilapidated” building known as 15 Union Square West?  Up to $12 million.  No extra charge for the leaky roof.  See you in court.

The property shared by a divorcing couple is invariably a bone of contention. To avoid getting caught in the middle of a dispute over who has rights to use the apartment, co-op and condo boards should get any requests in writing and have them reviewed by the building's attorney. For example, if a wife tells the board her husband is no longer allowed to enter the apartment, she should send a written request with supporting legal documentation.The building's lawyer may respond with a letter saying the board will attempt to honor a request if it is supported by a legal position. But unless there is a restraining order, the building cannot bar a shareholder whose name is on the apartment title.

Condo sales are up, price per square foot is up, and someone, somewhere, just sold their unit for a cool $43,000,000. (And yet, somehow, it’s not the most expensive unit per square foot!) 

CityRealty’s quarterly “CityRealty 100 Report” is out, and the numbers are eye-opening. According to the report, the first quarter saw 169 apartments change hands at what the firm has determined are the top 100 condominium buildings. Average price per square foot was $2,272. Compared to the same time frame last year, that price has increased 19.4 percent