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20 Pine - The Collection Now Faces 20 Pine - The Lawsuit

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It wasn't supposed to be like this for 20 Pine. The Boymelgreen-developed, Shvo-marketed, Armani/Casa-designed condo conversion helped kick-off Financial District mania a few years back, and 20 Pine ("The Collection") was to be FiDi's most luxuriofantastic residential building. But the delays and complaints kept piling up, and now there's this: a Brooklyn-based buyer has filed a lawsuit against 20 Pine, naming Boymelgreen and Shvo in the suit, for exaggerating sales figures and completion dates, and then refusing to rescind the buyer's contract to purchase 10 apartments. The Real Deal reports that the plaintiff says he tried to walk away from the deal?and get his $819,500 deposit back?during a seven-day recission period, but he was turned down and told the building would be completed on schedule. The building was supposed to be ready for occupancy "by January 2007." The first closing, rather famously, was in March 2008. Attorneys for Boymelgreen and 20 Pine filed a counterclaim earlier this month, saying the developer was ready to close on the apartments but the plaintiff tried to rescind the contracts "without sufficient cause and justification." What, waking up to suddenly realize you bought 10 FiDi condos isn't sufficient cause?
· Shvo, Boymelgreen named in suit against 20 Pine Street [TRD]
· Curbed's 20 Pine coverage [Curbed]
· 20 Pine - The Collection [Official Site]