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look at a few years of the financials since a lot of buildings are doing local law 11 work where they have to fix the structure of the building.
i live in rego park a block from the 63rd road station. it's a total of 12 buildings and 850 units between them in the development. we are paying for local law 11 out of the reserves and there was a reserve of something like $2 million in cash.
other than that my building has always been cash flow positive since i've been there. unless it's a special case the building should never run a deficit. i had some family that was a board president and i saw first hand how a building can be poorly run. maintenance went up by a lot but they did do a lot of elevator work and had to replace the boiler. the worst money pit is a 24 hour doorman. in the usual 6 or 7 story red brick building of forest hills/rego park a 24 hour doorman will run you around $200 per month per apartment on average. other money pits is a lot of maintenance people that sit around all day long. i've seen buildings where one super can clean and fix everything in the building and in others it takes 3 or 4 people sitting around all day long to clean the building
astoria is too close to the subway
jackson heights is only good for a few blocks
forest hills is going to lose it's charm once the new mall in rego park is built and most of the stores on austin street will go belly up
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