Buckling under pressure, a financial district residential condominium developer opted to buy-back a condominium unit rather than litigate with ALBPC.
Our clients (“Unit Owners”) purchased a financial district condominium (“Unit”) advertised as graceful, sophisticated, and refined. After moving in, they realized they got anything but grace. The developer refused to work with them to actually refine the Unit. The developer refused to acknowledge that it installed faulty and dangerous appliances. The developer told them to cover-up the dents and scratches in the Unit themselves. Distraught and unable to enjoy the Unit, the Unit Owners turned to ALBPC to get results.
Our team immediately conducted a Unit-wide analysis of construction issues and studied all the legal documentation for the Unit. The ALBPC team then began a multi-front campaign to get results for the Unit Owners. ALBPC made settlement demands, started a lawsuit, began administrative proceedings, and promised to take all the issues to the press. The developer pushed back and refused to do anything. But after a few short months of sparring with ALBPC, the developer offered to repurchase the Unit at the full initial sales price, to avoid litigating against ALBPC.
In addition to agreeing to repurchase the Unit at the full initial sales price, the developer reimbursed the Unit Owners for nearly all of the costs of their purchase closing and paid costs for the repurchase closing, including ALBPC’s transactional attorney’s fees.
Dov Treiman, Esq., William Geller, Esq.,Courtney Lerias, Esq. and another attorney of the Real Estate Litigation Group at Adam Leitman Bailey, P.C. secured this win for the Unit Owners.