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Beware of purchasing a co op apartment if it is managed by Newport Management as they have a tactic of ambushing the seller at the closing table. We had the unfortunate experience of having a client be required to pay a $1,000 fine that was never disclosed prior to the closing.
The closing dragged on for an hour as the managing agent declared that there would be no closing without payment. While he claimed to have the Board’s consent, it turns out he did not. The Board President alone acted with the agent to levy the fine which was alleged to be due to damage the shareholder created.
This matter has now escalated to a small claims court matter to recover the unjustified “surprise” fee.

Beware