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Several unit owners are not paying their common charges.
One of the stickier wickets involves residents who are late paying their common charges.
Helped by a tax abatement, "their common charges have been stable.
The owners of one apartment have not paid their common charges for five years.
Former New Yorkers, they note that their common charges are the equivalent of monthly gym membership in Manhattan.
But it turned out that few of the owners in the condominium were able to pay their common charges.
Similar(49)
At the time, their common charge was $936 a month, excluding taxes, while nearby buildings promoted common charges of about $500.
First, however, they must convince Parkchester's two condominium boards to support the restoration plan, under which the $178 million loan would be paid off by owners through increases in their monthly common charges and residents would pay their own electricity bills for the first time.
Foreclosure by the lender may take years, while individual unit owners effectively wind up paying double their normal common charges.
Now the board informs us that 25 percent of the owners are not paying their monthly common charges, and that they owe close to $500,000.
Since it was converted to condominiums in 2007, the building has battled owners who fell behind with their monthly common charges and has even navigated the labyrinthine process of a bank foreclosure.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com