At least one Karl Fischer-designed building has turned into
a spectacular shitshow a somewhat troubled project. The building in question is a 107-unit Hot Karl called the Caton on the Park. It's been under a Stop Work Order since April, after worker were reported to be working days, nights and weekends to make progress on it in 2007. (It's also racked up more than 80 complaints to the Department of Buildings.) Now, the developer is supposed to go to court after being sued by a lender, Corus Bank. The bank loaned $33.2 million for the halted development, which had been owned by Kensington Stables. The building was supposed to be marketed by Corcoran. The architect, meanwhile, who's worked with the developer on other projects, tells the Real Deal that "I suspect it had to do with the financial crunch." The lender, meanwhile, has apparently been having trouble with nearly $1 billion in late condo loans. The case will be heard next week.
· Brooklyn developer to face bank in condo default case [TRD]
· Work Stops at Caton Place Condos [Brownstoner]