building at 238 Saint Marks Avenue

Unbelievable! My buyer pulled out from buying into this building a few months ago given the plethora of issues and suffering that the current owners are going through due to the very poor quality construction and water leaks to a point where they are about to sue the sponsor. Shocked to see this place being sold for over a million! I guess people just don't care and have a blind eye to what they... [more]

Unbelievable! My buyer pulled out from buying into this building a few months ago given the plethora of issues and suffering that the current owners are going through due to the very poor quality construction and water leaks to a point where they are about to sue the sponsor. Shocked to see this place being sold for over a million! I guess people just don't care and have a blind eye to what they are getting into...people are ready to sell/buy any crap these days! Read on..here's the excerpt based on the building inspection report... DISCLOSURE ACKNOWLEDGEMENT AGREEMENT THIS AGREEMENT (this “Agreement”), made this __ day by (name removed) (collectively, the “Seller”) and ____________________________ (collectively, the “Purchaser”). WHEREAS, Seller purchased from 238-40 St. Marks, LLC, a limited liability company, (the “Sponsor”) the premises known as, and located at, 238 St. Marks Avenue, Brooklyn, New York, Unit #, (the “Unit”) on April 8, 2010. The premises is a Unit in the building known as the Vantage 238 Condominium (the “Condominium”); and WHEREAS, subsequent to the closing of title to the Unit, Purchaser discovered several defects in the Unit including those which resulted in leaks in and around the Unit as well as the growth of mold in the Unit; and WHEREAS, Purchaser wishes to buy the Unit in its “as-is" condition as of the date of this Agreement. NOW, THEREFORE, in consideration of the mutual covenants and conditions herein contained and the exchange of good and valuable consideration, the receipt of which is acknowledged, it is agreed: WITNESSETH: 1. The recitals set forth hereinabove are, by this reference, incorporated into and deemed a part of this Agreement. 2. Purchaser acknowledges that they are aware of conditions in the Unit and the building in which it is located (the “Building”), including but not limited to: i. that there were numerous instances since Seller purchased the Unit when there was substantial water infiltration into the Unit (the “Water Infiltration”); ii. that there was mold growing in the Unit (the “Mold Growth”); iii. that an engineer inspecting the Unit took pictures (see Exhibit A attached hereto) of the exterior wall showing substantial gaps between the bricks that could result in water infiltration (the “Exterior Wall Gaps”) iv. that the Board of Managers of the Condominium has retained counsel and an engineer to assess the quality of the building’s construction and seek redress from the Sponsor (the “Board Actions”); v. that the Board maintains that there are numerous defects in the building’s construction (the “General Defects”); and vi. that the evidence of problems in the building’s construction indicate that there may be building defects beyond what has been described above in sections i-v of this paragraph (the “Hidden Defects”) 3. Purchaser is entering into a contract to purchase the Unit from Seller and will close on the transfer of the Unit in accordance with the terms of the Contract and this Agreement subject to the condition of the Unit “as-is” at the time of this Agreement. The “as-is” condition of the Unit incorporates current defects, potential defects and various actions related to the Unit and the Building including but not limited to knowledge of the Water Infiltration, Mold Growth, Exterior Wall Gaps, Board Actions, General Defects and Hidden Defects (said conditions to be hereinafter collectively referred to as the “Defective Conditions”) described above. [less]