Any building that is still thinking about having any new repair work done should be sure to check the credentials and status of the company for the most recent projects they have successfully completed. It is hard to believe that there are many firms out there right now that are available to do new projects, after having recently completed them for other clients.
The board or its representative should meet with the owner of the company and assess the work that was recently done and talk to the references for the client. Be careful about using a contractor who is providing financing for your building.
C. Jaye Berger is the founder of Law Offices C. Jaye Berger, New York, N.Y.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,