Condominiums have long been a popular form of housing in New York City. A new surge in condo development and construction will put twice as many units on the market in 2015 as in 2014. It is predicted to be the greatest number of new condo units opening for sale in the city since 2007.
Litigation is a risk that comes with the territory on big real estate developments. The L Lofts condominium project in Brooklyn is no exception. The developers have recently been hit with a lawsuit alleging the developers failed to remedy a number of construction defects in the property.