Family owned for better or worse
Pros
Spacious layout, (some?) rent stabilized & very cheap apartments, good sunlight on back side of building. Close to the J train (above ground) but not so close that the noise is disturbing. Walls are thicker than in many buildings. Nice hardwood floors.
Cons
Hallways & stairs are rarely cleaned and debris accumulates. Super is very nice, but getting older and can take a long time to deal with certain issues. Plumbing and heating have persistent issues that come and go (not draining, radiators not working or spraying water), and there have been some mice & roaches occasionally - though the landlord sometimes sends "exterminators" who place glue traps and rat poison. Also, our apartment always seems to be dusty no matter what we do, even with several air purifiers. Front door is often propped open or the lock doesn't work, though the second door usually stays locked. Intercom / buzzer has never worked. To some degree, you get what you pay for.
Advice to the owners
Just invest the money in the building that you know you need to. Actually fix the boiler or get a new one, redo some plumbing and upgrade the bathrooms and kitchens that need it. Hire someone younger and more responsive to supervise and clean the building. Fix the intercom system etc.