The Real Deal New York

Downtown Brooklyn condo board alleges developer committed fraud

April 12, 2011 11:51AM

alternate text
53 Boerum Place

Brooklyn Bridge Boulevard, the developer of the 11-story, 99-unit Boulevard East condominium at 53 Boerum Place in Downtown Brooklyn, allegedly committed fraud in obtaining a $500,000 mortgage on the superintendent’s apartment in the building, and collecting the proceeds of that mortgage. According to Crain’s, Boulevard East’s board filed a lawsuit seeking $570,000 in compensatory damages. The allegations are just part of a larger, $5 million lawsuit that alleges structural damages in Boulevard East that require substantial repair. While Boulevard East confirmed the mortgage, they denied any fraudulent activity, and promised to address any construction issues. “There was no fraud. Everything we have done is in accordance with the offering plan of the building,” said Mario Procida, the building’s sponsor. “We are hopeful that this will get resolved.” [Crain's]

Comments are closed.

MENU