When boom-built condo Boulevard East first went up in 2005, things were so good that the residents even had an unofficial blog with cheery resident profiles and glowing commentary. That was then. This is now: building residents sued developer Mario Procida in late February, arguing that the building needs $4.7 million in repairs. The case is happening now, the Times explains, because of a six-year statute of limitations on buyers suing developers for breach of contract and fraud. At the DoBro condo building, the alleged problems include leaks, unfinished brickwork, and missing ties and joint reinforcements. Whoops! While residents wait for a resolution to the case, those hoping to sell are, shocker, having a hard time convincing prospective buyers. One resident who paid about $730,000 for a unit in 2007 was willing to take a $130,000 loss, but even so, her deal fell through. Two other potential buyers backed out when they heard about the lawsuit, and the apartment is off the market for the moment.
· At Boulevard East, Controversy Hurts Apartment Sales [NYT]