Cannon Point North

Started by JimSmith

over 16 years ago

Posts: 4

Member since: Jan 2010

Discussion about 25 Sutton Place South at 25 Sutton Place South in Sutton Place

25 & 45 Sutton place South owe approximately $40mm to the city of New York. The amount is for structural repair work that was done a few years ago by the City for the portion of their foundation that extends over FDR. The parties have been in litigation regarding who should pay for the remedial costs. Assume the remedial costs will be allocated equally based on total number of units in both buildings. This translates into approximately $67,000 per unit.

Response by ANDYOH

about 15 years ago

Posts: 23

Member since: Nov 2009

any body know the latest on the negotiations with the city over the highway work. has the assessment been negotiated down?

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Response by alanhart

about 15 years ago

Posts: 12397

Member since: Feb 2007

Why would the assessment be negotiated down for work done to safeguard a building's foundation?

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Response by NWT

about 15 years ago

Posts: 6643

Member since: Sep 2008

It's still in court. As far as I can tell, an appeals court said that Cannon Point North (and South) do own the platform over the FDR on which they're built, but did not say that CPN and CPS were responsible for its maintenance.

The notes to each co-op's financials should give the current status of the litigation, and probably say how much it's cost so far, etc.

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Response by mmomommomo

over 14 years ago

Posts: 1

Member since: Mar 2011

Does anyone know the latest status of the law suit?
Steve

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Response by lleibowitz

over 14 years ago

Posts: 2

Member since: Jan 2009

Law suit just settled! Want details? Call me... Lorna Leibowitz, VP Prudential Douglas Elliman. 917.992.5350.

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Response by Brooks2

over 14 years ago

Posts: 2970

Member since: Aug 2011

why not just post it?

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Response by janejamison

about 14 years ago

Posts: 1

Member since: Feb 2012

I agree, why not post it. What is the final impact on apartment holders in each building?

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Response by murphandpat

about 14 years ago

Posts: 1

Member since: Mar 2010

Anyone know the latest status of the lawsuit? Was it settled? Should you buy in this building?

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Response by KrankyPants

about 11 years ago

Posts: 5

Member since: Nov 2014

This building also requires buyers to hold a minimum of 1.5x the purchase price in liquid assets. The terms "snooty" and "crusty" could quite fairly be applied to this board.

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Cannon Point North

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