The Manhattan House Tenants Group, Inc. has concluded that the amount the Sponsor is contributing to the reserve fund is likely to be "woefully inadequate" to cover the numerous infrastructure problems in the building.
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Not only will Resident Unit owners pay for those expenses not covered by the reserve fund, but they will do so without the revenues of the commercial units. The boards in other buildings choose who will rent stores and at what rates, so that those rents can offset the buildings' expenses. Not in this building. The Condominium Offering Plan states:
Pg. 91 Residential Unit Owners will not have any interest in the rents, profits or revenues from the rental or use of any space in the Non-Residential Units.
Pg. 92 viii the Non-Residential Unit Owners shall have the right collectively to designate 2 members to the Condominium board.
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