Beware New Condo Buildings with Unfinished Apartments!

As I’m making plans to move out, I’ve been picking friends’ brains to see if they have any connections to open apartments/roommates and came across another crazy NYC housing story that I very much need to share with ya’ll. It’s one of the worst I’ve heard – and it can really happen anywhere and to anyone.

To begin, a friend of a friend thought he’d found the steal of a century in Williamsburg. There was a new building in his neighborhood that was going to go condo until the market crashed, but the market’s loss was supposed to be his gain. Basically, it’s now renting all the condo-units at bargain-basement prices to increase cash flow. The friend visited the sample, cookie-cutter apartment that the company was showing and was told that his apartment would be just as nice — granite countertops, new appliances, and huge bedrooms. The place was perfect, except he’d never actually seen his future pad. Instead, he’d only seen what it would hypothetically look like.

The management company told him that his unit was still under construction and that it would be ready shortly for a Sept 15 move-in. It made sense to him. So, he and his roommate plunked down a wad of cash(or, you know, cashier’s checks) and were pretty psyched. They even negotiated having access to the apartment on Sept 1 instead of Sept 15.

Yeah. . .they arrived at their new apt to find it didn’t even have TOILETS yet. Now they’re totally freaking out and have nowhere to live. YIKES! Meanwhile, the management company keeps promising them that it will be ready soon, but there’s just no way. Unfortunately, as it stands. . . they signed the lease and are stuck.

It’s hard sometimes to walk away from what seems like a good deal, but adequately protecting yourself is far more valuable. At least for those of us who live in New York, we know in our bones with certainty that there’s no such thing as a free lunch. Need anymore proof?

Author My First Apartment
Alissa

Posted by

I've lived in apartments in 6 cities (including 2 foreign countries). Does that make me an expert? As of now, my ceiling isn't leaking and I don't have rodents (knock on wood) -- so I'm going to say yes . . . but ask me again tomorrow:) These days, I'm enjoying life Chicago style, but my years in Brooklyn are never far from my mind. P.S. By day I work at GolinHarris, but these opinions are totally, 100% my own.

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