Vizcayne condo associations stuck with building costs

Miami /
Oct.October 14, 2014 12:45 PM

Two condo associations at a pair of luxury Miami high-rises – both victims of the housing crash — are refusing to cover a construction cost run-up after the projects were sold in bankruptcy.

The associations for the north and south towers at Miami’s Vizcayne are suing for control of the towers, according to the Daily Business Review. They claim that the private equity firm that finished construction misused funds and wrote off its expenses as a loan to the associations.

“It’s about unit owners getting stuck with what the hedge fund should have paid,” said David Haber, an attorney representing the north and south condo associations. “They made a lot of money on the sale of the units, but they didn’t have the right to stick it to the unit owners. It’s about greed.”

The development, which is located at 253 Northeast 2nd Street, includes 409 units in the north tower and 440 in the south tower. Unit prices range from about $240,000 to $2.5 million. [Daily Business Review]Christopher Cameron


Related Articles

arrow_forward_ios
Mallory Kauderer and 5501 Northeast Second Avenue (The Porosoff Group, Twitter, Getty)
Churchill’s Pub in Little Haiti hits market
Churchill’s Pub in Little Haiti hits market
Allied Partners' Eric Hadar and RH's Gary Friedman with the Savoy hotel (Allied Partners, Getty, Google Maps)
Inside RH’s plans for $100M renovation of Miami Beach hotel
Inside RH’s plans for $100M renovation of Miami Beach hotel
Codina Partners’ Armando Codina and Ana-Marie Codina Barlick with 5350 Park condo project (Codina Partners, Getty)
Judge orders Codina Partners’ affiliate to pay Grycon $8M in damages
Judge orders Codina Partners’ affiliate to pay Grycon $8M in damages
Balzebre Investments' Robert Balzebre with 8710 Southwest 72nd Street
Winn-Dixie sues landlord over leaky roof at South Miami store
Winn-Dixie sues landlord over leaky roof at South Miami store
Allied Partners founder Eric Hadar and The Savoy Hotel & Beach Club at 425 Ocean Drive (Google Maps, Getty)
Investor seeks $50M for allegedly botched Ocean Drive hotel repairs
Investor seeks $50M for allegedly botched Ocean Drive hotel repairs
Restoration Hardware’s Gary Friedman, Michael Comras and Apollo's Ben Gray (Getty, Comras Company, LinkedIn)
“No f*cking around:” Restoration Hardware’s Miami Design District deal implodes
“No f*cking around:” Restoration Hardware’s Miami Design District deal implodes
Jose Luis Zapata with 505 North Fort Lauderdale Beach Boulevard (Orchestra Hotels, Google Maps)
No check-in zone: Fort Lauderdale Hilton-branded condo-hotel unit owners fight for access
No check-in zone: Fort Lauderdale Hilton-branded condo-hotel unit owners fight for access
Moishe Mana, 48 East Flagler Street (left) and 76 East Flagler Street (right) (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images and Google Maps)
Moishe Mana’s downtown Miami tenants allege fraudulent eviction
Moishe Mana’s downtown Miami tenants allege fraudulent eviction
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...