There are actually two stories in this nasty little situation from Downtown Brooklyn in the shadow of the Oro Condo. One is about a nasty little situation at the Toy Factory. The other concerns the fact that a planned second Oro Condo tower has been a hole in the ground for so long that it may be dead. The two stories are intertwined because they both have to do with the Toy Factory where a Corcoran broker that bought a condo in 2005 is suing the building's developer. Why? Well, the Brooklyn Daily Eagle reports that he says the building isn't waterproof and that a second Oro Condo tower is going to block some of his windows. Interestingly, the developer offered to buy back the 1,179-square-foot loft at cost, $650,000, plus closing fees, but the buyer and his wife said no. He tells the Eagle: "One of the reasons we bought there was because we thought that one day it would appreciate." A lawyer for the developer says the couple wanted $770K for the unit and that "his real estate gamble ultimately was unsuccessful." Also, the information about the windows being blocked was in the offering plan. This is where Part Two of the story comes into play: Brownstoner notes there is a very good chance of another nearby tower, the Oro Jr., is "dead in the water," so to speak.
· Nightmare on Johnson Street [Brooklyn Daily Eagle]
· Death Watch: Oro Part Deux [Brownstoner]
· Curbed Price Chopper: Used Toy for Sale [Curbed]
Filed under:
Loading comments...