Construction Defects Appear in Pandemic Era New Developments
“I don’t accept the pandemic excuse,” said Will Hodges, a 31-year-old software developer who bought a two-bedroom apartment in Hero in early 2021 for $100,000 below asking price – a discount of approximately 8%. , excluding partial payment of its closing costs. He said he thought the discount was in line with the depressed condo market and he didn’t think the building would have that much trouble. “It just feels like they’ve effectively abandoned the project.”
Mr Chandramowli said the Nest Seekers International sales team were aware of the flooding but played down the damage to potential buyers. In May 2021, a group of residents protested an open house in the lobby telling visitors about the building’s issues.
A spokeswoman for Nest Seekers International said the brokerage was aware of the flooding in Hero, but nearly all buildings “experience settlements and adjustments within the first year of construction completion” .
Complaints are just beginning in pandemic-era buildings, for both legal and financial reasons, lawyers have said. In newer condos, developers typically control the residential council for the first few years, making it harder for individual residents to order an expensive engineering report or pay legal fees. Even when owners unite, many choose not to go public for fear of hurting the resale value of the property or retaliation from the developer.
Several of the residents of the troubled buildings have admitted to being duped by clever marketing.
The building on Greene Street in SoHo was promoted by Ryan Serhant, the famous real estate broker and star of the reality show “Million Dollar Listing New York”. He appeared in a marketing video last spring that showcased the building’s “ginormous” lofts, with their 12-foot ceilings, 10-foot windows with automatic blinds, Russian white oak floors, Caesarstone countertops and appliances. Honey.
The landlord sued some tenants for unpaid rent; several of the lawsuits are ongoing, although some tenants have already settled. Arch, the developer, said it received “mostly positive feedback from residents” and many have renewed their leases for a second year.