The board of managers at 50 Bridge Street, a luxury condominium between Plymouth and Water streets in Dumbo, has received a settlement of an undisclosed amount to assuage their claims of construction defects at the building, as Brownstoner first reported today.
The suit, which had dragged on since 2007, sought damages from the building’s notorious developer Joshua Guttman, and “certain affiliates,” for improper roofing and waterproofing at the building, according to a statement from the board.
Guttman came under scrutiny after the Greenpoint Terminal fire in 2006, which conveniently demolished the historic building where Guttman hoped to develop a residential building, as The Real Deal reported at the time. Another of Guttman’s buildings, 247 Water Street, was also the victim of a well-timed fire, some of Guttman’s critics have pointed out.
“It has been a long chapter in our building’s history,” Todd Tuner, president of the building’s board, said in a statement. “With this settlement we are working closely with Cowley Engineering to finalize our plans and look forward to undergoing repairs and renovations later this year.”
The building is a 58-unit condo originally constructed in 1894, and redeveloped in 2004.
Guttman was not immediately reachable for comment. — Guelda Voien