Monarch at Ridge Hill, an upscale condominium building in Yonkers, has new owners after struggling with many financial issues, including failure to pay a $39,000 electric bill. Consolidated Edison was threatening to turn off power in the building's common areas unless the bill was paid. This wasn't the first time that the previous owners had problems meeting their bills. During the height of the real estate sales season, phones in the sales office went dead.
On Aug. 1, a subsidiary of Eagle Rock Management of Plainview, called 1 Ridge Hill, purchased the 90 unsold apartments in the 162-unit building. The company sent a letter to the owners of the 72 occupied units and informed them of the purchase. Eagle Rock, a property management company that oversees multiple family rental dwelling communities in New York and Connecticut, plans to rent out the empty units for between $2,000 and $4,200 per month.
Some who own units in the building have expressed concern that since more than half of the building will be rentals, their property values could be adversely affected. One individual who was interviewed said that he and his wife had paid more than half a million dollars for their condominium unit, and now they're concerned that they'll lose their life savings. Many also expressed frustration over the original owner's lack of accountability regarding defects in construction and other issues.
A skilled real estate attorney might be able to help those who may be dissatisfied with the direction in which their condominium management may be going. For example, people may believe that their property values are declining because of administrative or governance issues. A lawyer may be able to provide advice in an attempt to avoid conflict between community associations and residents.
Source: lohud.com, "New owner for empty Monarch condos at Ridge Hill", Ernie Garcia, August 18, 2013