404, E 76 Street..Impala Condos...

It's been going on since 2011. Don't know why they waited so long to sue.

https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=tfBqwaTs/EBu7lkEvZfCWg==&system=prod

Thanks NWT. I guess best to stay away from this building then?/

The point of buying in an older rather than in a new building is, there's been enough time for problems to reveal themselves. In this case the problems have been revealed -- in spades -- so no sense buying into a mess. Unless it's a big bargain and you have a high stress-and-uncertainty threshold.

The complaint answers the question of why it took so long for the buyers to sue. They complained to the Attorney General in 2003, and in 2004 entered into a Settlement Agreement with the sponsor. The buyers claim that the sponsor didn't hold up its end of the Settlement Agreement bargain, and hence the 2011 lawsuit. The buyers also say the sponsor concealed "Rejected Shop Drawings" during the agreement negotiations. Those drawings didn't turn up until 2010, in a filing cabinet the sponsor forget about and left in the building's basement.

Thanks NWT..I see your point. The question is what really is a bargain in this building, I have no idea reading this lawsuit.

I don't know. Plaintiffs usually lay it on pretty thick. Thing is, there's an immediate penalty for a condo suing the sponsor (or we wouldn't be having this conversation,) so I figure things have to be bad for them to go that far. They did try to settle.

Fortunately, there're other nothing-special condos like this, and you can always rent there for a year while you get a better feel for the place.

i looked at this building and tbh was unimpressed with the 4th and 5th floor place i saw... maybe the bigger or higher floors are nicer but i stayed away from it as it wasnt that nice and felt dated...litigation just added to it but just my opinion...agree with NWT as i ended up in a really nice building that was built in 1968 and well kept and all issues have already had over 40 years to manifest..

Thanks NWT & Jpaserman. I verbally agreed to a price without realizing how bad the litigation issues. I am still surprised to see that there are meaningful sales in this bldg almost every month...I was looking at a very high floor and views & the size of the apt are fabulous, which is what attracted us in the first place. I am planning to go back to seller and ask for a big discount or Im going to walk away as I agree with you guys that the litigation seems to be a big mess and could drag on forever and have an impact on the sales in the building.

I walked away from this building as its a nightmare and no one has any clue on what the hell is going on. Also the tax abatement ends this year and the taxes alone are 25k for a 2b Condo...Sounds insane to me...Anway, my advice after wasting a week on this building is to stay the hell away!!!!