Elevator Modernization
An elevator breakdown can mean a major disruption to the owners, and a large unexpected expense. This was the case in one of our high rise buildings. When the elevator contractor could not get the elevator to work, we brought in an independent engineer to review the problem, and he recommended that a full elevator modernization was necessary.
The elevator was not due for modernization for many years, and the building did not have the funds to do the project and complete others that badly needed to be done.
Several companies were brought in, and after much discussion we were told that an overlay of the pneumatic system could be done which would last several years. Enough for us to save for the full project. This fix lasted for over 10 years, more than enough time to build up the Reserve Fund and save for a full replacement.
Initial Estimate: $500,000
Alternative Fix: $40,000