Sometimes getting it in writing isn’t enough.
J.D. Carlisle allegedly promised the former owner of 160 Madison Avenue a commercial condominium in the new 42-story tower it was building on the site, but failed to deliver the goods, a new lawsuit claims.
John Rapp, a managing member of 168 Madison Avenue LLC, filed suit Tuesday in New York State Supreme Court, claiming that the commercial condo in the new 319-unit rental building was “a material part of the purchase price and consideration.” The contract spelled out the details: the commercial unit was to be 3,500 square feet, with 35 feet of frontage on Madison Avenue, according to the suit.
J.D. Carlisle bought the property in 2012, paying $12 million. According the lawsuit, the commercial condo is worth $8 million or more. The former owner is seeking a court order to force J.D. Carlisle to provide the unit, along with damages to exceed $8 million.
A copy of the contract of sale was filed as Exhibit A in the case, but was apparently later retracted.
A representative from J.D. Carlisle with knowledge of the case wasn’t available to comment. John Rapp couldn’t be reached, and attorneys representing 168 Madison Avenue LLC declined to comment.