An upper floor unit in a luxury condominium was purchased in 2006. A terrace was an included and important amenity.
A unit owner alleged that in 2010, water began leaking through the ceiling above a terrace door and that the leaks emanated from the exterior common elements.
The president of the board of managers acknowledged that, in around 2011, the owner began to complain about water infiltration in the apartment. The board retained an architect to conduct an inspection to the building’s façade and concluded that there may have been “some water leaks…at the time of inspection…from above window heads and at each side of window jambs”; but nevertheless concluded that the building had been diligently maintained.
Paintings, artifacts, antiquities and other “collectibles” have become almost everyday financial “commodities” in the investment world. And, as such, those purchases, sales and investments have generated a predictably-broad array of disputes, ending in litigation, that are commonplace with respect to other “commercial” transactions.
A few recent examples follow:
Schulhof v. Jacobs, 2018 NY Slip Op 00528, App. Div. 1st Dept. (January 30, 2018) Continue reading