25 and 45 Sutton place south

Any info please, about to go into contract.

Thanks

It sounds like you need to talk to your lawyer & your broker & maybe the management people of the building. I can't imagine that your real estate lawyer can't get that information. Good luck!

How "tough" are the boards in these two buildings? And what is the difference between the two?
Thanks

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 cantilevers over FDR. The parties have been in a protracted 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 which is 528. Based on this methodology the share of each unit is approximately $67,000.

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.

Because of the litigation, it is almost impossible to get a coop mortgage loan. FANMA does not accept any longer mortgages on these properties.

You might find additional info on this thread:
http://streeteasy.com/nyc/talk/discussion/15701-litigation-between-45-sutton-place-south-and-city-of-ny

"fanma does not accept any longer mortgages on these properties"
who told you so? it's incorrect info. as recently as couple month ago mortgage was obtained from citi bank, who sold it to fannie mae soon after. business as usual for 45 sutton place south.
please do not spread unconfirmed info !

anybody know the current status of the lawsuits with the city for 25 and 45 sps. ? we are looking at an apt in this building but are worried about the potential liability

The litigation involving 25 SPS and 45 SPS has been resolved this past week. For more details feel free to call me Lorna Leibowitz, VP Prudential Douglas Elliman. 917.992.5350.

why not just post it?

I looked at http://iapps.courts.state.ny.us/webcivil/FCASSearch?param=I and searched for Sutton Place, but none of the cases that came up were for 25 SPS or 45 SPS. Are the corporation names different? There are many cases for both 20 SPS and 50 SPS.

Search for "Cannon Point" as party name.

The various cases could've been settled (if that's what "resolved" means) so there won't be any decisions.

or you could pay a borker 6% for "info" re the suit

NWT
about 2 years ago
ignore this person
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Go to http://iapps.courts.state.ny.us/webcivil/FCASSearch?param=I and search for index 120652/2003.

The littigation has, in fact, been settled.

I am on the edge of my seat.

Couldn't have been good. THis guy just dropped his price

http://streeteasy.com/nyc/sale/655312-coop-25-sutton-place-south-sutton-place-new-york

09/13/2010
Previously Listed by Corcoran at $1,295,000.
10/26/2010
Corcoran Listing is no longer available.
01/18/2012
Listed by Brown Harris Stevens at $1,159,000.

I'm not sure how to address whether the settlement was "good". The entire matter surmounted to an abuse of authority by the city to begin. I can't image much "good" ever being the end result of this type of litigation. The city paid (in VERY round numbers) arguably 15 times the actual cost of work provided and then settled with the buildings for 4 times that cost. In the end, NYC taxpayers paid for $26,000,000 of the work which speaks a great deal to the city's true concern for its citizens and their tax dollars!

The mayor should fire any city official who sanctioned those repairs and allowed it to happen!

sounds like Chicago