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building at 45 Sutton Place South

Started by JimSmith
almost 16 years ago
Posts: 4
Member since: Jan 2010
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 1city9
about 15 years ago
Posts: 7
Member since: Nov 2010

The previous is significantly incorrect. The buildings are in litigation with the city, however the work was not structural. It was essentially repairs to spalling concrete, none of which was structural. In fact, all the necessary work required only patching and repair as there was no foundation work. The city abused it's authority and spent tax payer money to replace concrete (as opposed to repair). Unfortunately, the city went even further and paid a single disinterested contractor nearly $40MM for work that should have cost several hundred thousand dollars. The case will likely be settled for tens of millions less than the city spent...of your taxes! Good to know that the city is so ready to throw in excess of $25MM of your tax dollars away.

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Response by 1city9
almost 14 years ago
Posts: 7
Member since: Nov 2010

Litigation is now settled ... for significantly less than the $40 million.

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