Crumbling exterior invites problems inside Washington Square Park co-op

TRD New York /
May.May 27, 2011 05:41 PM

When bricks began falling from the facade of 2 Fifth Avenue at the northwest corner of Washington Square Park, residents knew the building needed repair, but the extent and scope of the building’s disrepair is causing issues within the co-op. New York Magazine reports that the 343-unit building will need a $40 million renovation, costing each resident as much as $300,000, to permanently remedy the problem. Each terrace must be replaced, support beams and aging ties need mending, and a costly scaffolding structure must be erected to begin repair. Predictably, that’s affecting the once-powerful co-op board. The building replaced the existing board with a full set of new members last month, after none of the old members ran for re-election — including the former president of the board, Marcus & Millichap broker Adelaide Polsinelli, who said many residents have “a personal vendetta” against her. Well aware that the value of their property plummets as word of the construction spreads day by day, residents are nervous that they’ll be unable to get a good return on their home should they refuse to pay the construction fees. Eight units are currently on the market, but New York Magazine said brokers expect many more to hit the market in the coming weeks. [NY Mag]


Related Articles

arrow_forward_ios
SL Green CEO Marc Holiday and 420 Lexington Avenue with Scabby the Rat (Getty; Google; SL Green)

Peace prevails: SL Green, Local 79 settle dispute over protests

Peace prevails: SL Green, Local 79 settle dispute over protests
The Northeast is driving gains in building permits and housing starts (iStock)

Northeast drives gains in building permits, housing starts

Northeast drives gains in building permits, housing starts
Housing starts and completions increased sharply in September 2020 in response to fierce demand to buy homes. (iStock)

Housing starts jump as homebuilder confidence rises

Housing starts jump as homebuilder confidence rises
Pandemic may wipe out $16B in construction spending: report

Pandemic may wipe out $16B in construction spending: report

Pandemic may wipe out $16B in construction spending: report
Urban Umbrella CEO Ben Krall and renderings of the startup's scaffolding (Photos via Urban Umbrella)

Urban Umbrella raises $9M for better-looking scaffolding

Urban Umbrella raises $9M for better-looking scaffolding
120 Park Avenue (Google Maps)

Ex-Turner Construction exec cops to bribery charge

Ex-Turner Construction exec cops to bribery charge
Leisure and hospitality led September job gains, but the last employment report before the presidential election shows slowing economy overall (Getty)

Leisure and hospitality gain 318K jobs in September as economic growth lags

Leisure and hospitality gain 318K jobs in September as economic growth lags
US construction spending is up $37.8 billion year-to-date compared to 2019 (iStock)

Housing demand sent construction spending up in August

Housing demand sent construction spending up in August
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...