I owned a cooperative apartment at this, which I rented out without incident for years. The board sneaked in an "emergency meeting" in the middle of the summer a few years ago, when many tenants were out of town and simply signed over proxies to the board. There was no explanation sent to owners as to why this emergency meeting was being called. The board wanted to pass a regulation that no apartment could be rented out for more than two years. There was no reason to pass such a restrictive regulation on the use of one's apartment because there were few rentals in the building, but apparently this was something that some members of the board, who have nothing better to do with their time, perceived as a pressing issue. Renting my apartment thereafter became virtually impossible with the board rejecting applicants because of absurdly high income requirements, despite the fact that I, as an owner, was fully responsible for paying the maintenance on the apartment in question, not the would-be tenant.
After two years of this nonsense, I decided to sell my co-op apartment. Selling my co-op apartment was also a nightmare, since the board in this building also looks to fix the value of share prices, so as to not dilute their own investments. It's a controversial practice which some believe to be illegal in New York. This board also looks to charge exorbitant fees and assessments, so as to artificially keep the maintenance fees from increasing. It's a constant hassle to deal with this board, who spends its time dreaming up ridiculous and/or superfluous rules and Regulations. The board's latest draft of the rules includes a statement that "throwing garbage from the windows is not permitted". Well, whoever thought it would be permitted?
My advice for any potential investor would be to avoid buying into the Park Chateau, until there is a change-over on the board. It's just not worth it. read more
