When they invest in luxury buildings or condos, buyers expect many things, and defects aren't one of them. Despite the universal expectation of “you get what you pay for” when you buy into luxury real estate, the reverse is unfortunately true for many New Yorkers. The New York Times recently published an article that notes how a new condo building in Long Island City has been plagued with leaks, unfinished common rooms, unusable elevators and amenities, and a failed Zen garden. These problems have resulted in the closure of the building for months-long stents even though it was recently built.
Construction Issues During the Pandemic
In many ways, we are on the other side of the pandemic, but we're still reeling from the impacts in other ways. NYC real estate development is a prime example. Developers faced supply chain issues and construction worker shortages during a time when buyers were buying at a break-neck pace. Promises of luxury living were made, and in instances like those described by the NYT article, those promises were broken.
Complaints Aren't Limited to Buyers
As defects come to light, and buyers realize they aren't getting the luxury they paid for, it's reasonable to assume that litigation will follow. In addition to buyers, renters also have standing to sue in some scenarios. Tenants in luxury properties often pay $10 to 20 thousand dollars monthly, and they're entitled to protections enforced by New York's Landlord Tenant Code, which assures Warranty of Habitability.
Call a New York City Real Estate Lawyer Today
These construction issues will continue to come to light over the next several months. If you're facing legal issues related to your real estate investments in NYC, speak with the experienced team at the office of Melvin Monachan, Attorney at Law. We understand how complex the real estate market is today, and we offer sophisticated solutions concerning your real estate portfolio and potential default issues. If you'd like to learn how we can help you, call (347) 389-1682, or contact us online today.