Once the can of worms that is Long Island City condo conversion Arris Lofts is opened, there's no predicting what will happen. This time around, not only are the owners of the building's priciest condo trying to back out of their purchase two years after making it?but the owners of the building's less expensive apartments aren't happy either! More than half of the building's owners are suing the developer, Andalex Group, for negligence and professional malpractice, including breaches of warranty and the misappropriation of building funds to pay for construction materials. They're taking their dissatisfaction to court because the developer holds three of five seats on the condo board, Crain's explains, and haven't called board meetings to address residents' concerns. What kind of compensation do the residents have in mind? $20 million. It (maybe) pays to be a remorseful buyer these days!
· Queens condo owners sue developer for $20M [Crain's]
· Arris Lofts [Curbed]