250 Bowery Condo Owners Together Sue over Shoddy Construction and Flooding
There’s a certain element of schadenfreude here…
Condo owners at 250 Bowery are realizing what supermodel Gigi Hadid did last year. Maybe they should’ve thought twice before buying into the development. The starlet, and Taylor Swift pal, sold her pad for $2.3 million. The next month, February 2016, the proverbial shit hit the fan.
Indeed, the condo board filed a lawsuit last Thursday against developer VE Equities, Morris Adjmi Architects and Douglas Elliman. The complaint alleges shoddy construction, and that water pipes were not properly insulated, leading to a rupture in February 2016. In the resultant flood, “almost all of the residential units have been uninhabitable and vacant,” the suit claims.
Condo owners collectively claim that the bathrooms in each apartment were poorly assembled, and that water leaks behind the walls. Owners seek at least $13 million in damages.
“Our client denies any and all of the board’s unsubstantiated and unsupported allegations. In seeking to ensure the superior quality of this project, our client engaged the most qualified and proficient architects, consultants and contractors,” VE Equities attorney Terrence Oved told The Real Deal. “The board’s claim to the contrary is merely a shameful ploy to tarnish our clients’ reputations in a transparent attempt to extract an unwarranted and unfounded payout.”
It took forever for the shi-shi 250 Bowery to come of age. The parcel was a dormant pit for years, conceived as a boutique hotel by FLAnk Architects, and later an emblem of the 2008 economic downturn. Anthropologie signed on the ground floor, but then backed out shortly after Hurricane Sandy. A year later, the condos upstairs finally went on line. Then in 2015, the International Center of Photography purchased the the ground level for $23 million.