A group of condo owners at 432 Park Avenue in New York City has filed a lawsuit against developers CIM Group, accusing them of fraud for allegedly hiding major structural cracks in the building. The lawsuit claims that thousands of cracks led to water damage and corrosion, disregarding warnings from professionals. The owners demand $165 million in damages. CIM Group denies the allegations and plans to dismiss the case. Previous disputes highlight ongoing issues between the owners and developers regarding the buildingâs integrity.
As the complaint details, this matter extends beyond negligence into an alleged calculated scheme, driven by greed, that eroded trust. Such reprehensible misconduct warrants, and will receive, a forceful and uncompromising response.
The owners are seeking $165 million in damages, plus compensation for alleged loss of property values, highlighting the stakes of the lawsuit.
CIM Group categorically denies the allegations and intends to move to dismiss the complaint in court, maintaining their position against the condo owners' claims.
Photos included in the complaint depict cracks and spalling in the buildingâs exterior concrete, potentially undermining the structural integrity and safety.
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