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.
Ha, that’s funny. So he’s a Corcoran broker that’s actually the agent for another apartment listed for sale in the building? Doesn’t that violate some sort of conflict of interest? I mean he’s got every reason to sell that other apartment at an inflated, unrealistic price to an unsuspecting customer so that the value of his damaged apartment increases. I wonder if he’ll disclose the flooding issue to prospective buyers. Hmmm…. ya think? But would anyone be surprised if a Corcoran broker did something unethical? After all, isn’t that how the mega-brokerage was born?
hope people who buy using him as a broker SUE HIM.
I do feel sorry about the water, but these thinsg happen. In a condo, in a co-op, in a house
If you don’t have a “protected view” you have no view. Anyone buying should know that. Or have an attorney who points it out.
“Four of the seven lofts are listed for sale. Henn hasn’t listed his loft, but is the broker for another one, asking $775,000 and advertising “wall to wall views.â€
WTF,the broker is simultaneously suing the developer for shoddy construction and the fact that his view is going to be obstructed but at the same time trying to sell off some of the remaining units for the same developer? And brokers want to know why everyone thinks they are so sleazy? Does he think this newspaper article is going to help?
That’s hysterical if he’s the broker for other listings in the building — and he’s touting the views too! Just shows how dishonest brokers are, and how unethical they can be. No problem for him to screw others, but it’s a crime if someone does it to him!
I would have sold it back and run. who needs the stress? THis place will be worthless with a building blocking its windows.
Be Aware of the warranty claims that come with new condos…while it may seem like a no brainer, unless your devleoper is decent they can basically reject your warranty claims and you can do nothing unless you decide to sue them. I am experiencing this. I have water damage but for some reason my developer doesn’t think so even tho insurance, inspectors and everyone else with eyes can see the visibly warped boards. My warranty has been rejected and now I must sue them to get the situation fixed. Lazy developers get away with this because most people dont want to deal with it.
WTF is with this line from the article:
“…..said project executive Mike Reznik (who told the Eagle his name was Joe Miller)”.
Real classy developer, having an executive try to lie about his identity.
The irony of him being a broker is the icing on the cake.
how could a real estate agent not know about a “lot line window” issue? that’s just ridiculous. and why is he touting the “wall-to-wall views” in his other listings in the building? does this guy know anything about disclosure rules? does this guy deserve to carry a broker’s license?