Securities Lawyers Blog
On December 5, 2013, the board of managers of 90 William Street condominium filed a construction defect case against SDS Procida and its managers and sister agencies (Defendants). SDS Procidia was the sponsor of the building. The complaint alleges that the building was marketed to potential and current owners as a luxury condominium project and was to provide innovative modern urban residences offering creative lifestyle and a social atmosphere.
The 113 unit condominium alleges that the building was built with inferior materials and contains pervasive construction defects, including serious health and safety issues in fire protection, roofing, windows, electrical, plumbing, insulation, elevator and domestic water systems of the building.
According to the complaint the Defendants concealed critical information about the 15 story building and improperly substituted materials and equipment from the owners of the units, the general public and prospective purchasers. In addition, the complaint states that the Defendants failed to construct the building in compliance with its offering plan.