I have #8H listed in the building and a have pretty good insight of the situation from my seller. The damage to the facade was due to the lack of expansion rods during the construction of the building. So over the years, as the building began to settle some cracks occured in the facade. Other damage is from the normal wear and tear of over 7 decade old building. So far they have replaced damaged beams and repointed/replaced significant number of the damaged bricks in the facade.
Due to unfortunate circumstances (project delays, etc.) the company that was originally contracted has been fired and the condo association has decided to go with a new vendor who has quoted a time frame of 6-7 months for completing the project (weather permitting). The building has issued a new special assessment to cover the costs of completing the work.
In the case of 8H the seller has already paid the initial assessment and will pay the second assessment at closing. As I mentioned earlier, all work is expected to be complete in 7 months and the scaffolding will be removed. You will be getting the benefits of all the work performed on the building with without the cost.
It is a beautifully elegant pre-war building, in a great location and with a strong condo association. The units are very spacious and the noise insulation is terrific. Plus, where else can you get a fully renovated 1218sqft condo with wraparound NYC views for $289,000? So there are some great deals to be found in there.
Please feel free to contact me with any additional questions you might have,
Joan Prout, MBA
RE/MAX Villa REALTORS
Jersey City, NJ