Classic rent-stabilized in upper Manhattan
Pros
Landlord is fair and won't over-charge rent. He has not kicked out long-term tenants and has kept the units stabilized. Rent is below market for many units.
Cons
There are NO frills or upgrades in these units. Expect only the necessities here. You get what you pay for!
Advice to the owners
Try to do more preventive maintenance instead of waiting until the last possible moment to fix something that has broken.