Newish Harlem condo building The Walden has been an object of our puzzlement and fascination since 2005. Now also puzzled: the building's unit owners, who might see the doormen and other staff members laid off because one condo owner has failed to pay common charges for 18 months. And that owner just happens to be the building's developer, Michael Waldman. That's what we call a twist!
Waldman kept space in the building for his business, the Times explains, and the common charges on that space, if they'd been paid, would account for 14 percent of The Walden's revenue. Instead, they've left a $90,000 hole in the budget. So owners are having a rough time selling because banks won't lend for the building, and the owners also have to pay a 25 percent assessment because of the budget problems. (Common charges for the building's one unit on the market are a whopping $1,258/month.) Maybe Waldman is just trying to embrace Thoreau's legacy of tax resistance?
· Condo Says It Is Reeling From an Owner in Arrears - Its Developer [NYT]
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