Pitfalls of Preconstruction: Why a Woman Paid $1.4M for a View of a Brick Wall

Posted On Mon, June 13, 2016 By

Posted On Mon, June 13, 2016 By In Policy, Tribeca

We’re always hearing about big-ticket condo buildings selling out–or nearly so–almost as soon as the first shovel hits the ground. While there’s plenty of proof that preconstruction purchasing is a way to get in on the ground floor–so to speak–of a building whose value often skyrockets as soon as its elegant, move-in-ready homes hit the market, handing over a pile of cash and/or a big financial commitment based on a glossy brochure is still a huge leap of faith. Case in point, the New York Post brings us the tale of a buyer who took the leap for a $1.39 million Tribeca apartment with sweeping city views–and landed a pad with views of the brick wall next door.

5 Franklin Place, Tribeca condos
5 Franklin Place

Retailing expert and CNBC analyst Stacy Widlitz reportedly trusted the assurances of the Douglas Elliman agent and lawyer who assisted her in purchasing a home at Tribeca’s 5 Franklin Place that the newly-minted one-bedroom condominium in the plastic-wrapped, scaffolding-covered 20-story building would have open views of the city skyline in addition to its gleaming chef’s kitchen and new-condo smell.

After the repeated delays that are known to be par for the course for pre-construction buyers, a first walk-through revealed that the apartment’s windows “faced directly into a brick wall” rather than the dazzling city skyline views promised by the aforementioned pair–views that clinched deal for Widlitz, who has now filed suit against the lawyer and agent for unspecified damages in a Manhattan supreme court. Says the Post, the unhappy buyer “expected that at a price north of $1 million, she’d get an apartment with a nicer view than a brick wall.”

The building, which launched sales in 2013, is now fully completed, offering a 24-hour attended lobby, fitness center, children’s playroom, and a rooftop deck with a pool. Available units start at $1.5 million (with possibly one more on the market soon, with a nice brick-clad view).

[Via NYP]


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Neighborhoods : Tribeca



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