Newlyweds Buy Toy Factory Dream Loft, Says Quickly
Became ‘Money Pit,’ Windows to be Blocked By Brick Wall
By Sarah Ryley
Brooklyn Daily Eagle
DOWNTOWN BROOKLYN — Winchester Realty Group, developer of The Toy Factory Lofts in Downtown Brooklyn, is being sued by a disgruntled couple claiming improper construction flooded their loft. Adding to the couple’s frustration, Avalon Bay Communities is building a tower against their 60-foot wall of windows, the sun-filled loft’s biggest selling point.
Rookie Corcoran broker Philip Henn said he and his wife, Lauren Stewart, expected to move into their new dream apartment at The Toy Factory Lofts after their August 2005 honeymoon, but found its hardwood floors had completely buckled from water damage. Instead, they ended up storing their new furniture and renting an apartment.
Henn said over the course of six months the floors had to be replaced four times and the walls twice because the developer failed to waterproof the façade. He pointed out hairline cracks throughout the apartment, and his wife sent photographs of the loft when its walls and floors were ripped out. The couple said in a letter to developer Winchester Realty Group the trouble cost them $70,000, and that they still sop up water with towels on rainy days.
Early on, Winchester offered to buy the 1,179-square-foot loft back at cost, $650,000, plus closing fees, but the couple turned down the offer.
“One of the reasons we bought there was because we thought that one day it would appreciate,” said Henn. “We just wanted to be reimbursed for our expenses.”
Winchester attorney Jason Sultzer said the couple wanted $770,000 for the unit. “Mr. Henn’s sole motivation for buying the property was to quickly sell it at a substantial profit,” said Sultzer. “His real estate gamble ultimately was unsuccessful.”
Henn said he’s kicking himself for not taking that offer now.
Unbeknownst to him, months after the couple closed on their unit Avalon Bay entered into contract to buy the low-lying garage outside their window, according to city records. The $39.5 million deal closed a year later, January 2007, with plans to build a 42-story tower, which the construction manager at the site confirmed would stop less than a foot away from Henn’s 60-foot wall of windows.
“He should have known, he should have read the offering plan,” which disclosed that some windows were along the lot line and could be obstructed, said project executive Mike Reznik (who told the Eagle his name was Joe Miller). “Avalon Bay is building as of right,” which was confirmed by a Department of Buildings spokeswoman.
Henn’s completely open loft has three other sets of windows, but other owners on the affected line built bedrooms that blocked those windows, or in the two lowest lofts, only have one other window anyway.
Four of the seven lofts are listed for sale. Henn hasn’t listed his loft, but is the broker for another one, asking $775,000 and advertising “wall to wall views.” After the lawsuit is over, Henn said the couple plans to move to a house just outside the city.
© Brooklyn Daily Eagle 2007
All materials posted on BrooklynEagle.com are protected by United States copyright law.
Just a reminder, though -- It’s not considered polite to paste the entire story on your blog. Most blogs post a summary or the first paragraph,( 40 words) then post a link to the rest of the story. That helps increase click-throughs for everyone, and minimizes copyright issues.
So please keep posting, but not the entire article. arturc at att.net
Main Office 718 422 7400
