The office of the attorney general has now taken extraordinary action against Yair Levy, by banning the sponsor from ever selling real estate again,” Mr. Held said. “It is the hope and expectation that Mr. Levy will improve the finances of the condominium by making restitution to the unit owners for what was done to them.”
“The aforesaid purchase agreement constituted ‘discriminatory inducements’ in favor of certain favored ‘tenants in occupancy’ in violation of the plan,” Held wrote in the complaint.
Developers can’t use projects as their personal piggy banks,” said Mr. Held. “They must be held accountable for their ability to disclose this mortgage to people who purchase in this building and subsequent board members who took over Boulevard East.”
Marc Held, a lawyer representing the residents, said he filed the case because of the impending six-year statute of limitations under state law for buyers to sue developers for breach of contract or fraud.
“The unit owners will happily work together with Related to bring the building up to par as a first-class, luxury condo,” said attorney Marc Held,
Marc Held, a lawyer representing owners of the 46 units that Mr. Levy sold as condos before his conversion went down in flames, told the Broadsheet, “the unit owners will happily work together with Related to bring the building up to par as a first-class, luxury condo. Related is a fine organization that delivers a first-class product. That unit owners are hopeful that this is what they are going to do at 225 Rector. But only time will tell whether this will occur.”
January 13, 2011 1:15 PM Related Cos. to pay $82.8M for Rector Sq. project Gets the troubled residential tower’s 232 unsold units, plus garage and office space, from Anglo Irish Bank at bargain price; ongoing fallout from failed condo conversion. BatteryParkCityApartments Buck Ennis [+] Enlarge Battery Park City mixes apartment buildings, office towers and green space. Also See * Most residential landlords drop concessions * Surprising rebound in Manhattan apt. market Filed Under : Battery Park City, Construction & Property, […]
Levy, Deutsch hit with new $20M suit at Rector Square December 23, 2010 03:30PM By David Jones alternate text Rector Place and Yair Levy Embattled developer Yair Levy and his son-in-law Daniel Deutsch are facing a $20 million lawsuit from unit owners at the Rector Square condominium, alleging they failed to complete construction and pay common charges as well as illegally converted funds at the property, all before the building was foreclosed on by Anglo Irish Bank. The suit, filed […]
The unit owners are pleased that the court has prevented Yair Levy from getting out of his legal and financial responsibilities under the law by denying Mr. Levy’s claims that the attorney general’s office did not have the authority to act,” said Marc Held
“Clearly, a sponsor should be held fully accountable when he raids a segregated reserve fund account designated for the benefit of unit owners in order to pay for his personal Macy’s and American Express credit card bills,” said Held in an e-mailed statement. “Basically, Mr. Levy went for the grand slam, but struck out instead!”