Hello All:
I have been asked several times what I think about Marbury Plaza being under new management. Thankfully, the answer is not a difficult one.
In my personal opinion, I think it is mostly a ploy to eventually buy the building. UIP attempted to purchase the property in the past and the Association has already been approached rather vigorously by buyers who have invested with them on other multi family purchases in the District.
However, in the short term the changes will have two goals 1. to improve the bottom line for the owners. This means they will make “improvements” that are meant to save them money such as weatherizing the windows. However, this is because their utilities are $2 million a year. So I expect they will use substandard even illegal window material like vinyl. 2. its damage control for the owners. They have established themselves as slum lords. A change in management companies looks like a commitment to bettering the lives of tenants, but that is not the bottom line.
In conclusion, its all a mute point because the owners are still the same (The Lightstone Group/ David Lichtenstein). They still make the decisions and allocate money (whatever is left after they kick back their investors). So after they do a lot of cosmetic work to appease the tenants and community, the leaks and floods, crime, intermittent hot water and heat, the smell of sewage, and mice will all return. Just give it 6 months.
When UIP attempts to purchase the building again, the Association will be 110% ready to exercise their TOPA rights. That is, if the owners sell it legally.
April Goggans, President
11-10-09
