There’s more trouble ahead for Chinese developer of Oosten condo

The board’s attorney filed liens against 43 units

TRD NEW YORK /
Feb.February 06, 2019 11:30 AM

Oosten at 421 Kent Avenue in Brooklyn (Credit: iStock)

The Chinese developer behind Williamsburg’s Oosten condominium is on the hook for more than $250,000 in common charges, according to a new report.

That puts the board’s finances in a tough spot, the New York Post reported. The board’s attorney, Adam Leitman Bailey, filed liens against 43 of the units for unpaid charges from October 2018 through Jan. 1, totaling nearly $253,000.

The move adds to existing legal conflicts XIN Development, the U.S. arm of Xinyuan Real Estate, is facing at the project. Last year, Halstead Property Development Marketing sued the developer, alleging it was owed nearly $1.3 million after getting terminated from the project. According to the lawsuit, Halstead was hired by Xinyuan in 2013 and last year, amid a shakeup of the developer’s New York team, was terminated without cause.

In 2017, the company dismantled the team running its U.S. development arm. Following the departure of several key executives, XIN has turned over the management of three New York City projects to Kuafu Properties, a four-year-old development firm backed by Chinese private equity. Xinyuan said it would retain ownership of the projects.

The company has had rocky relationships with vendors and faced other litigation as well. In 2015, facing rumors of cost overruns, Xinyuan filed a $10 million claim against the Oosten’s designer, Wank Adams Slavin Associates. Then, in in 2017, Xinyuan was hit with a $20 million suit by a former general contractor, Wonder Works Construction, alleging it was improperly terminated. At least one dissatisfied buyer also filed a lawsuit alleging the developer didn’t deliver on its promises.

Apartments at the building have sold for prices ranging from $698,000 for a one-bedroom to $6.5 million for a six-bedroom penthouse. [NYP] — Meenal Vamburkar


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