A Lawsuit Dooms a Condo Sale

The Times has a story about how a woman trying to sell her condo at 53 Boerum Place had a deal with a would-be buyer for $100,000 less than what she paid for it in 2007 but it fell through after residents filed a lawsuit against the building’s developer in late February. Residents of the building, which is six years old and developed by On Prospect Park’s Mario Procida, hired two engineering firms to study the building. One firm “reported that the building needed roughly $500,000 in work, including finishing incomplete brickwork,” while the second “reported even more deficiencies, including leaks in the parapet wall and missing wall ties and joint reinforcements that drove the cost past $4 million.” While the developer says he stands by his product, the woman trying to sell her unit was not able to close on the deal even though she says she’s had no problems with her condo; her broker says the suit is “killing all the owners as far as selling.”
How a Building Dispute Can Sink a Sale [NY Times] GMAP