0
$\begingroup$

I fraction invested in a real estate project several years back. Mid way through the construction, after about 12 floors, the building contractor filed for bankruptcy. An asset reconstruction company has now picked the project. Throughout the past 6 years there was no activity at the construction site and groundwater and rainwater collected at the basement of the structure. I am concerned that the structure might not be stable enough. The representatives of the asset reconstruction company are not the least bit bothered to conduct any stress testing. I wanted to seek some guidance on whom do I approach and what (tests?) do I ask for. I presume I should engage a civil engineer?

Edit: An asset reconstruction company takes over stressed/Chapter 11 i.e. Bankrupt companies. In this case, the asset reconstruction company has bought the project from a bankruptcy court and is now a part (majority) owner alongwith a few other investors like me.

Perhaps I could simplify the question by asking how damaging is waterlogging to a structure and what/who could be approached to evaluate and fix any issues, if at all that is possible. Of course not trying to get a comprehensive answer to a complex issue here. Just trying to doing to do some homework before engaging professional services.

I can think of two issues the a) added stress caused by the weight of the standing water might cause cracks/fractures and b) water permeating through pores there by reducing the hardness of the cement composite.

Improve this question
$\endgroup$
1
  • $\begingroup$ I don't know what is called an "asset reconstruction company" and you didn't say how could it take over in the first place, also indicating where you have been in the past 6 years. I guess there was a financial matter that had triggered the asset/custodian transfer. What you need is a lawyer to sort the whole thing out first. Without the legal right, any effort will be a waste. $\endgroup$
    – r13
    Nov 7, 2021 at 20:18

2 Answers 2

Reset to default
0
$\begingroup$

On the update, a simple elevation survey can pinpoint whether the building has settled or not, and whether the settlement is uniform or uneven. Without the problem associated with the issue of settlement, Consolation (by the additional water weight) is actually beneficial rather than problematic.

Concrete tends not to affect by the water, if not getting stronger, unless there are cracks that permit the water to corrode the reinforcing steel. For this matter, you need to engage an engineering company to conduct inspection and testing, just prior to the restart of the construction.

I think you can raise the concerns to the board, but not act by yourself.

Improve this answer
$\endgroup$
1
  • $\begingroup$ Thank you Kamran and r13! Appreciate it $\endgroup$
    – cryptex
    Nov 8, 2021 at 12:42
0
$\begingroup$

As mentioned in the other answer because of undetected cracks rebars could be exposed and rusted or cracks may have compromised the structure.

Many insurance companies refuse to insure these kinds of properties unless a reputable engineering company recertifies the building which can be an expensive endeavor.

I would try to find a buyer who is willing to buy as-is.

Improve this answer
$\endgroup$

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service and acknowledge that you have read and understand our privacy policy and code of conduct.

Not the answer you're looking for? Browse other questions tagged or ask your own question.