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Megadollar Homes, Megapainful Headaches

Published: January 8, 2004

…at 19 Beach Street in TriBeCa, owners of the six multimillion-dollar lofts say the roof and showers are leaking and that the build- ing is poorly ventilated. Adam Leitman Bailey, their lawyer, said the board is negotiating with the developer for repairs.

Mr. Bailey said that because land and real estate are so expensive in Manhattan, devel- opers are spending more to buy land or old buildings to convert, and less on ‘’quality ma- terials and labor.’’…


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