When Condo Investments Go Bad: Toy Factory Loft Edition
You know what sucks? When the condo you just bought sees all manner of water damage after it rains. It also sucks when a new development rises right next door to your condo, obstructing views. Both happened to a guy named Philip Henn, according to a story in the Eagle, after he bought a unit…
You know what sucks? When the condo you just bought sees all manner of water damage after it rains. It also sucks when a new development rises right next door to your condo, obstructing views. Both happened to a guy named Philip Henn, according to a story in the Eagle, after he bought a unit at Downtown’s Toy Factory Lofts in ’05. Henn, a Corcoran broker, is now suing Toy Factory developer Winchester Realty Group, alleging that the Toy Factory building isn’t waterproof. Henn is also angry that Avalon Bay’s 42-story tower is rising right next door to the Toy Factory, since the condo’s great views were one of its main selling points. It’s a little difficult to feel sorry for Henn, though, since the Toy Factory sponsor offered to buy his unit back at cost and the condo’s offering plan said the building’s views might one day be obstructed. Nevertheless, we’re sure it’s not out of the ordinary for condo buyers to be confronted with a lot of unforeseen surprises after they move in because of all the fine print in offering plans. Any readers have similar tales of woe?
Nightmare on Johnson Street [Brooklyn Eagle]
Photo by Scott Bintner for Property Shark.
post 5:29, Do you thinks architects install windows asswipe?
shitty
5:45 yes, that’s my point. Henn is selling the same crap he’s suing to get out of. I mean WTF??!! What a lying POS he must be when he’s showing the apartments to prospective buyers.
What – your funniest post yet.
Brooklynnative: the units in the building were all sold in 2005, so the only brokers selling in the building are Henn and a handful of others representing individual units. I’m pretty sure it said in the article that Henn is one of the brokers.
dont be fooled they are the same poster
Architect:
Scarano & Associates
enough said…
The What tag teaming with Brooklynnative??? What’s this world coming to?
I agree with your first sentence, 4:25, but not the second and third. Holding is futile as these prices (after inflation) will never return in your lifetime. From an investment standpoint, timing is everything. A claim to the contrary is pure broker propaganda as it is ALWAYS a good time to buy in their opinion. Think about it.
i turned down the right to purchase one of the units in this line when i found out that it contains lot-line windows.
i was a first time buyer at that time. even i know better than a corcoran broker.
i could understand the broker sueing the owner for the flood damage. how could they sue them for the lot line windows that is clearly stated in the offering plan?