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Co-Op & Condo Case Watch: Endless Renovations
Alteration Agreement Signed In February 2019, Stefan Brodie and Irina Denisova, unit owners in the Aldyn Condominium at 60 Riverside Drive, signed an alteration agreement and submitted the required $10,000 security deposit to renovate their apartment. The project timeline submitted to the board indicated that renovations would be completed by September 2020, but by spring 2022 the work had not been completed. The alteration agreement provided for the assessment of a $500-per-day charge for each day that the renovation continued beyond a “Required Completion Date.”
Board Steps In Because the duration of the project exceeded the board’s expectation, the board issued a “stop work notice,” issued fines, and seized the security deposit the unit owners had paid.