The Real Deal New York

88 Greenwich, target of lawsuit, set to reopen

November 30, 2012 09:00AM

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88 Greenwich Street

The high-end residential condominium building 88 Greenwich Street in Lower Manhattan, which was badly damaged from flooding caused by Hurricane Sandy, and the target of a $35 million lawsuit, expects to reopen next week, the building’s manager said in a statement last night.

88 Greenwich, also known as the Greenwich Club Residences, is managed by Cooper Square Realty, and had its basement flooded by 3 million square feet of salt water. The city’s Department of Buildings gave the building, at the corner of Rector Street, approval for reoccupancy after declaring the structure “unsound” shortly after the storm hit, the management’s statement said.

A condo owner and resident of the building, Jonathan Stark, sued the management company and the condo board, seeking $35 million on Nov. 19. A call to Stark was not immediately returned.

At least two other buildings in Lower Manhattan were hit with a lawsuit in the wake of Hurricane Sandy. Two plaintiffs claimed TF Cornerstone’s 2 Gold Street and the adjacent 201 Pearl Street, which together have 849 rental units, were not adequately prepared for the storm. The company said they made substantial preparations for the storm, and that the suit was without merit.

Apartments in the building are being listed for an average of $1,114 per square foot, information from Streeteasy.com shows. –Adam Pincus

 

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