Wednesday, September 7, 2011

Judge To Developer: Falsely Luring Condo Buyers With Promises Of Panoramic NYC Views Will Cost You $4.8M+

In Jersey City, New Jersey, the New York Post reports:

  • Jamie LeFrak, heir to iconic New York real-estate company The LeFrak Organization, has been ordered to fork over $4.8 million to 16 jilted residents of one of his luxury apartment buildings in Jersey City.

  • The award closes the loop on a ruling from June that found LeFrak falsely lured buyers to his tony Shore Club condominium with promises of panoramic views of Manhattan that were soon obstructed by another LeFrak building, the 32-story AquaBlu.

  • New Jersey state court Judge Edward O’Connor’s order included $3.8 million in damages, plus interest, for the false advertising. Adding insult to injury, the judge also ordered the 38-year-old developer and his firm to cough up close to $1 million in legal fees -- bringing the final tally to close to $5 million.

  • LeFrak has 45 days to appeal. A call to a LeFrak Organization spokeswoman of wasn’t returned.

Source: LeFrak’s view screw costs $4.8M.

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