From left: the Printing House condo and Taconic co-CEOs Paul Pariser and Charles Bendit
[Updated at 5:05 p.m. with information on who the developers were in talks with] Taconic Investment Partners has filed a $4.38 million lawsuit against the developers of the West Village’s Printing House condominium, alleging they were used as a “stalking-horse bidder” on a deal to buy 104 unsold units, when the true intent was to find a more lucrative deal.
Taconic, in a suit filed in Manhattan Supreme Court April 18, alleges that the developers, Mountbatten Equities, led by investors Winthrop Chamberlin and Barnet Liberman, offered the units at 421 Hudson Street for $77 million, but allegedly moved on to another bidder, after several weeks of negotiations.
“During the negotiations, defendants and Mountbatten’s exclusive agent represented to Taconic that all material terms had been agreed to and Mountbatten was committed to consummating a deal with plaintiffs,” wrote Taconic’s attorney, Janice Mac Avoy of Fried Frank, who alleged in court papers that Taconic was preparing to close the deal. “In fact,” she wrote, “defendants did not have any intention of selling the condominium units to plaintiff.”… [more]