Thanks Make My Heights the P Heights, I aprpeciate the response. I have to say I was a little worried about buying new construction from a small scale developer. No, it's not a Scarano building. But we're very happy with our choice. While the street front exterior of the building may not ne the most aesthetically pleasing, on the inside the apartment has been great. Sure, there are a few things we would have done differently, but when it comes to what was done in the constructing of the apartment, I think it shows that our developer cared about the way the finished product looked. Maybe we'd change the light fixtures in the main rooms, maybe we'd redo the master bedroom closet so that it's bigger. But these are all personal choices. As for the quality of the workmanship, I've been pleasantly surprised.

I'll let you know what the developer says when I come back to him with one or two more issues a few weeks after our closing. But this experience has taught me that you should never, ever settle for something less than perfect. You're spending a lot of money on your home. It's your greatest life decision when you choose to make this investment. If it's new construction, all those little details should be perfect. Do not sign anything until you are satisfied that the issues have been addressed to your satisfaction.

As for the idea of using a lawyer recommended by the realtor, that is wrong for so many reasons! There's so many lawyers in NY. How can someone not find one lawyer through a recommendation from a friend or a co-worker? Going with the realtor's suggestion is just plain lazy.

Posted by: TheBrooklynSteve at August 22, 2008 10:33 AM in response to Tale of Woe at the Novo

I agree. You did the right thing by not signing. My wife and I just moved into a new 2 bedroom, 2 bath apartment in Boerum Hill. It's new construction and we're the first occupants. During our walk through a week before the closing we came up with a list of a little over a dozen things that needed to be corrected. There wasn't anything huge... clean up some paint and calk on the kitchen wall's tile, put a door knob on a closet door and paint around the door frame, install the toilet paper holder in the master bath, fix a droor in the kitchen that didn't close properly. It was all typical stuff that a developer usually sends back their best guy to put the finishing touches on before the closing. My biggest concern was that for some reason the electrical outlets in the 2nd bedroom weren't working.

One week later, during the finally walk through, I found taht every single issue has been fixed/addressed. If you are buying new construction and you are the first occupant, it's the developer's responsible to hand over the keys to an apartment in perfect condition.

The things this soon-to-be owner is talking about can all be fixed in a very short time period with very little effort.

I do have a question, though. What if after your closing you discover something that you didn't see during the walk through? Two out of the four phone jacks do not work. They appear to have not been connected. Can I call the developer and expect him to fix that or is it my responsibility now?

Posted by: TheBrooklynSteve at August 22, 2008 9:44 AM in response to Tale of Woe at the Novo

What are all you people talking about when you say capital projects should not be paid for through an increase in the maintenance? That happens all the time in apartment buildings large and small. Very often the reserve fund is not large enough to cover the cost of a needed project. Or it's done indirectly through an increase in the maintenance to cover the payments for a large loan rather than have to deplete the reserve fund entirely.

Yes, the larger the building, typically the larger the reserve fund. But that doesn't mean a reserve fund is always going to be enough to cover the cost of required maintenance. Nor does it mean that it can be built back up quickly after it is accessed for a project. So maintenances are increased. This is exactly why maintenances are unusually higher all over Brooklyn Heights as compared to other Brooklyn neighborhoods. The buildings are older there and as they were converted from rentals to coops/condos, capital improvement and general maintenaces projects were done over time. The cost was passed on to current and future owners through higher maintenances.

Also, it makes no sense to pay for an expensive project through a one time assessment. That means current owners wind up paying out of pocket for projects that will benefit future owners. The cost needs to be amoratized over time so that it's spread out through successive owners. Hence, the higher maintenance to cover the cost of a capital loan perhaps in this case.

Any owner that agrees to a one time assessment for a large scale capital improvement is foolish in my opinion. You're paying for someone else's future benefit.

Posted by: TheBrooklynSteve at August 12, 2008 11:03 AM in response to Co-op of the Day: 150 Joralemon Street, #7B

Please invite me.

skastenbaum@gmail.com

Posted by: TheBrooklynSteve at August 8, 2008 7:56 AM in response to 457 Atlantic Avenue Building Owners Group