In 2018, unit owners at The Oosten, a luxury condominium in Brooklyn’s Williamsburg neighborhood, faced a financial crisis as Chinese developer Xin Development accrued over $250,000 in unpaid common charges, leading to legal actions such as liens filed by the board’s attorney, Adam Leitman Bailey. The Oosten, designed by Dutch architect Piet Boon, featured upscale amenities but suffered from unpaid charges, a lawsuit by a contractor owed approximately $470,000, and a $1.3 million lawsuit by Halstead Property Development Marketing. Additionally, discrepancies and construction defects plagued the building. A group of unit owners hired Adam Leitman Bailey, P.C., which discovered a major Martin Act violation involving an engineer’s report from China. With the Attorney General’s involvement, a four-year battle with the sponsor ensued, ultimately resulting in a landmark settlement covering identified issues. This rare settlement saved residents from costly litigation. A board member had this to say about Adam and his team:
“Adam is a very good strategist and I think that’s kind of his superpower, if you will. I think he knows the law, but he’s able to also explain it in a way that’s simple to people who are maybe not legal experts. […] Adam not only is very strong on kind of the high level strategy for what we’re gonna do, he is also getting in the weeds when he needs to and getting involved and using his kind of contact network and levers with the Attorney General and such to kind of make things happen. […] He also has a great team. I mean, any firm has to have a great team. So like Rachel and Courtney were the ones to kind of get deep in the weeds. You know, Adam’s like a pretty no nonsense guy who just tells it like it is, but some people you can’t do that with. You have to understand how to address them in a way that’s gonna resonate with them and that’s a real skill. […] I really think it goes back to kind of Adam and his ability to build a great team that can support him and move things forward to the end goal. And our end goal was always to get a settlement agreement, to get one that was large enough to fix all or substantively all of the issues.”
Case Studies:
-
Adam Leitman Bailey, P.C. Secures Largest Condominium Construction Defect Settlement in Brooklyn History
Adam Leitman Bailey, P.C. Secures Largest Condominium Construction Defect Settlement in Brooklyn History
In 2018, Adam Leitman Bailey, P.C. was retained by a group of unit owners at a new construction condominium in Williamsburg, Brooklyn. The new build encompassed an entire block and contained over 200 units consisting of one to three-bedroom units, duplexes, lofts, penthouses and townhomes. On paper, the building sounded wonderful. In reality, however, the building was plagued with construction defects and shoddy workmanship from the start. Shortly after moving in, residents quickly discovered a myriad of issues including leaks...
Read More -
Adam Leitman Bailey, P.C. Received a Rare Injunction Stopping the Foreclosure Auction, Forcing the Sponsor to Abide by the Settlement Agreement Ensuring Millions Paid, and Both Condominium Unit and Numerous Parking Spaces at No Charge
Adam Leitman Bailey, P.C. Received a Rare Injunction Stopping the Foreclosure Auction, Forcing the Sponsor to Abide by the Settlement Agreement Ensuring Millions Paid, and Both Condominium Unit and Numerous Parking Spaces at No Charge
In 2018, Adam Leitman Bailey, P.C. was retained by a group of unit owners at a new construction condominium in Williamsburg, Brooklyn. The new building was advertised as a luxury condominium, and encompassed an entire block, with over 200 units consisting of one to three-bedroom units, duplexes, lofts, penthouses, and townhomes. On paper, the building sounded like paradise. In reality, however, the building was plagued with construction defects and shoddy workmanship from the start. Shortly after moving in, residents quickly...
Read More
Articles:
-
Chinese development company in hot water over unpaid common charge
Chinese development company in hot water over unpaid common charge
The New York PostBy Lois Weiss A Chinese company that developed a luxury condominium on the Brooklyn waterfront owed over $250,000 in common charges, putting the board’s finances into unchartered territory. The Oosten, a 216-unit Brooklyn high-rise, was touted in 2015 when Dutch architect Piet Boon designed his first US building. It has an interior garden, roof deck, a spa, townhomes and a prime location in Williamsburg at 429 Kent Ave. Its Chinese developer, Xin Development, is the subsidiary of Beijing-based Xinyuan Real Estate...
Read More -
A Brooklyn Luxury Condo With Monster Arrears
A Brooklyn Luxury Condo With Monster Arrears
Habitat MagazineThere are arrears. And then there are serious arrears. And then there are absolute monster arrears like those racked up by the Chinese developer, Xin Development, at the Oosten, a 216-unit luxury condo building in Williamsburg, Brooklyn – a cool quarter of a million dollars or, to be precise about it, $252,752.23. The company’s failure to pay common charges from October 2018 to January 1 of this year has led the board’s attorney, Adam Leitman Bailey, to file liens against 43 of the units, the New York Post reports....
Read More -
Auction set for 21 units at troubled Oosten condo
Auction set for 21 units at troubled Oosten condo
The Real DealChinese developer defaulted on loan at $372M Williamsburg project A block of 21 unsold units in the beleaguered Oosten condominium is up for grabs, with some strings attached. The ownership stake controlling the luxury apartments is set to be auctioned off July 25 in a UCC foreclosure after the Williamsburg project’s Chinese developer defaulted on a $45 million loan. But a beef with the condominium board might divert some proceeds of the sale. Sale proceeds from the 21 units would be...
Read More