Righting the Wrongs of Unscrupulous Management
Problem: How do you fix the multitude of problems left by a questionable and uncooperative former management company in a 44-unit coop?
Solution: Since the old management company refused to turn over records, Argo worked diligently to obtain key information directly from former and current board members and the banks with whom the building had done business. Once we had the full picture, we conducted a full-scale audit. Through careful investigation, Argo discovered that valuable deregulated apartments were leased to the former managing agent’s family members. Our team worked tirelessly to gain possession of these apartments, renovated them, and ultimately the Coop was able to sell these units. The proceeds were used to finance capital improvements and to establish a reserve fund. Under Argo’s guidance and direction, the Coop installed a state-of-the-art video intercom system with new handsets in each apartment, built income-producing storage space in the basement of the building, renovated the courtyard, and completed a major façade restoration.