Alexico Group scored another victory at its once-financially troubled but since recapitalized Mark Hotel (note: clarification appended). A U.S. District Court Judge in Manhattan ruled that Alexico did not have to return the $4.68 million deposit to the buyer of a $18.75 million co-op who attempted to renege on her purchase because she claimed there were defects in the unit, the New York Times reported.
In 2009 — two years after Alexico purchased the property, and converted the top floors into 18 co-op units — Roberta Campbell purchased a co-op in the building at 25 East 77th Street. However, upon inspecting the apartment she found defects including a missing microwave, unfinished floors and a lack of heat and gas. But the developers claimed fixes could be made in just a few days.
The judge said Campbell “may have made a wise lifestyle decision to abandon her purchase at the Mark Hotel,” but the deficiencies were not sufficient enough to warrant the developer returning the deposit. Campbell will also have to pay interest and legal fees.
Meanwhile, the Times noted that Campbell purchased a $17.5 million condominium unit in 15 Central Park West shortly thereafter. [NYT] — Adam Fusfeld