A flood of lawsuits is rising against condo buildings in the wake of Hurricane Sandy. After the luxury condominium tower One57 was sued last week, residents now are suing 2 Gold Street, 201 Pearl Street and the Greenwich Club Residences.
The board of the NYC apartment building has sued the developer Moinian Group, and claims that the developer diverted funds for their new project, an adjacent luxury apartment building, according to the Real Deal.
The Atelier Board of managers also claimed that Moinian failed to get a permanent for certificate of occupancy and failed to replace a broken HVAC system, which caused the pool to be shut down and let water drain into the children’s playroom.
The re-development of the nearly empty building at 220 Central Park South seems to be experiencing a deadlock. Developer Extell Development Co. has a lease for the parking garage until 2018, and they apparently do not see a reason to end it early. Developer Vornado Realty Trust is the developer of 220 Central Park South and is prevented from touching the building as long as Extell occupies the garage. The Wall Street Journal reported that Vornado has wanted to raise the building and replace it with a condominium tower since 2005.
Carlyle and Extell, the developers of The Rushmore, were sued in 2010 and had to refund a total of $16 million for missing a closing deadline, which according to the developer was just a typo. This refund stands today as the largest refund in New York City history.
The financially struggling co-op/Hotel on the Upper East Side, The Mark, won a battle against former co-op buyer Roberta Campbell. Campbell refused to stick to the purchase agreement and did not pay the down payment of $4.68 million. The NY Times reports that the buyer found “missing cooktop grates, shower enclosures and a microwave; unfinished floors; and a lack of heat, hot water, gas and air-conditioning”. Unfortunately, this is not an early 20th century slum, so this stuff doesn’t fly. The judge ruled against her as Ms.
