Arris Lofts owners sue developer for $20M

TRD New York /
Aug.August 30, 2010 04:00 PM

Arris Lofts

More than half of the owners at Arris Lofts — a 237-unit condominium conversion in Long Island City located in the former Eagle Electric building — are suing developer Andalex Group for $20 million, seeking damages for alleged negligence, including misappropriated funds and breaches of warranty, Crain’s reported. The attorney representing the 120 apartment owners involved in the lawsuit, Steven Sladkus of Wolf Haldenstein Adler Freeman & Herz, said he is finalizing a formal complaint outlining all the allegations. While the developers no longer own apartments in the building, they maintain control of the condo board. In their suit, the owners claim that the developers were inappropriately using funds to pay for things like construction material, and that they “exhibited a total lack of interest in calling board meetings and doing what is necessary on behalf of unit owners,” Sladkus said. Calls by Crain’s to Andalex Group and their attorney, James Hausman of Meister Seelig & Fein, were not returned. Meanwhile, a couple who lives in a $3 million penthouse at Arris Lofts and invoked the Interstate Land Sales Full Disclosure Act are seeking to quash an apartment contract. That case is pending. (note: correction appended) [Crain’s]

 

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