Developer to pay $330K settlement to condo reserve fund
The City News reports Billionaire condo developer in New York City agrees to $330k to Board after failing to disclose major gas piping issues after converting the rental units to condos. The Board president and two other members reportedly filed a complaint back in March 2019 after a gas leak in the building raised concerns about the developer’s transparency and proper maintenance management. The HOA will put the settlement towards the reserve fund and homeowners will now receive free gas stoves. The developer must also pay another $150k in penalties to the state.