Nightmare
Pros
the location is what is the ONLY good thing about this place
Cons
Everything else, the land lady comes around once a year when its time for the housing inspection. The place looks and feels like it could collapse at any moment now. If you like living amongst the biggest roaches and rodents there is in NYC, this is the place for you. And forget about any maintenance. There's a leak in your room? You'll never see her and she will avoid you for complaining about her place. It's winter? You'll have to buy a couple of blankets and sweaters to sleep in because there is no proper heating, and the electricity in the place is so unstable, you will probably cause a fire. You'll be living off of takeout, but don't worry there's a few options for food in the area and always people around. Hey, it is williamsburg. To afford to live there, you have to sacrifice your health and safety.
Advice to the owners
Sell the place to someone who will take care of the building and actually cares for the tenants well being.