Mired in Litigation, the Stalled Delancey Bridge Tower Attracts Another Lawsuit
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The four-year-old Delancey Bridge Tower project site has been in a perpetual state of arrested development for the majority of that time. The steel framework remains stuck at four stories. And it’s only getting worse. This bang-to-bust tale is replete with litigation.
The consortium of 53 Chinese investors behind the half-built, 12-story condo together filed suit against a prospective buyer last week, according to the Real Deal. You’ll recall that the derelict property was placed on the open market in June 2015 for an overvalued $35.5 million. Flushing-based developer Xingmei Chen of American Chengxing Investment Lined up as buyer, but allegedly failed to close on the $29.5 million contract at deadline last May. This despite being “granted numerous extensions of time to consummate the transaction,” according to a complaint filed in Manhattan Supreme Court last Wednesday.
The lawsuit against Chen isn’t the only one at Delancey Bridge Tower. The aforementioned 53 investors are themselves being sued by the former property owner, who claims he was contractually promised a 1,600 sq/ft basement with a private entrance, in a diagram attached to the sale agreement, as well as a unit 850-1,000 sq/ft at a price of $408 sq/ft, but alleges that since the condo building was never vetted by the state attorney general, the project is technically illegal causing tens of thousands in losses.
This is what happens when developers are in such a hurry to ruin the neighborhood with gaudy towers…