The Real Deal New York

Condo board at Brooklyn’s Richard Meier-designed building files $200M suit against developers

September 11, 2012 10:00AM

On Prospect Park and SDS Procida’s Mario Procida

Owners of condominiums at the Richard Meier-designed On Prospect Park filed a more than $200 million suit yesterday in Brooklyn state court against developer SDS Procida Development Group and other companies involved the building, the New York Post reported.

The suit alleges that the building still lacks a certificate of occupancy nearly four years after move-ins began and that its temporary one expired a month ago. As a result owners can’t refinance their mortgages or sell their units and fail to meet other mortgage and insurance requirements. The owners also claim the sponsors are behind $62,000 in common charges for unsold units and that proceeds from sales have been misappropriated. They also say that promised amenities still have yet to be completed and that construction defects remain in the building.

The suit also names the Corcoran Group, which originally handled sales at the 15-story, 115-unit project at One Grand Amry Plaza, architect Stephen Jacobs, who oversaw Meier’s design and investor Stephen Gordon. Brown Harris Stevens has since taken over sales at the project and slashed some unit prices by more than 50 percent.

SDS Procida’s Mario Procida told the Post that the certificate of occupancy issues are being worked on and that the remaining issues are being worked out with the condo board. [Post] – Adam Fusfeld

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