Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues. This blog will consist of information describing the various forms of Home Equity Theft and links to news reports & other informational sources from throughout the country about the victims of Home Equity Theft and what government authorities and others are doing about it.
Saturday, July 18, 2015
'Homeless' Real Estate Developer: 'I Paid $2.2M For Living Space In Landmark Upper West Side Building 16 Years Ago & I Still Can't Move In Because Co-Op Board Keeps Changing The Rules On Me!'
In (guess where???), the New York Post reports:
He bought the Manhattan apartment space for more than $2 million in 1999 — and is still waiting to move in!
Prominent real estate developer Robert Siegel says he’s been blocked from occupying his would-be new home — the former ballroom at the famed Dakota building — for 16 years because its co-op board has been using half of it for tenant storage.
Siegel, 54, claims in a new $55 million lawsuit that he purchased the space for $2.2 million after the board promised he’d be able to convert it into four bedrooms and install an air-conditioning system.
A year later, the board told him that they’d only approve his proposed plans if he coughed up another $1.8 million to buy additional shares of cooperative stock, on top of paying $1.1 million in additional maintenance fees, the Manhattan Supreme Court papers say.
Siegel said he paid the extra dough — but the board of the tony West 72nd Street complex, where John Lennon lived and was fatally shot, changed the rules on him again.
He says in his suit that they “secretly” amended its certificate of occupancy to “change the legal use of one-half of the apartment to non-habitable storage space.”
“That is a beautiful space, with high ceilings,” said broker Dolly Lenz. “Today, it would be worth $40 million, if not more. It is my favorite building in the city.’’
Siegel, a dad of four, notes in his suit — filed by lawyers Steven Sladkus and Jay Goldberg — that he and his family have bounced from place to place and have never spent a single night in the iconic building.
“The Siegel children . . . have never known one apartment as their home, despite Mr. Siegel’s ownership of the apartment for the past 16 years,” the suit says.
Siegel is suing the board for fraud, breach of contract, constructive eviction and other related causes of action. Sladkus and Goldberg, as well as a lawyer for the Dakota, declined comment.
CBC News: Betrayal of Trust (A CBC investigation reveals how lawyers across Canada have misappropriated and mishandled clients money, to the tune of tens of millions of dollars, or sometimes even charging vulnerable people top dollar for shoddy services)
Land Contract/Contract For Deed/Rent-To-Own Rackets
The New York Times: The Housing Trap (In the wake of the housing crisis, low-income families have turned to seller financing to buy homes but these deals can be a money trap)
Beware The Fine Print: Consumers Forced To Sign Away Their Rights To Use Court System
The NY Times: Arbitration Everywhere, Stacking the Deck of Justice(Part 1 in series examining how clauses buried in tens of millions of contracts have deprived Americans of one of their most fundamental constitutional rights: their day in court)
Foreclosure Mills' Abysmal Record In Complying With New NYS Foreclosure Requirements
Justice Deceived: How Large Foreclosure Firms Subvert State Regulations Protecting Homeowners
MFY Legal Services Report On Questionable Practices By Process Servers In Debt Collection Cases
Justice Disserved: A Preliminary Analysis of the Exceptionally
Low Appearance Rate by Defendants in Lawsuits Filed in the Civil Court of the City of New York
Mortgage Mess Redux: Robo-Signers Return (A Reuters investigation finds that many banks are still employing the controversial foreclosure practices that sparked a major outcry last year)
CNN Video: As Foreclosures Mount, Florida Court Turns To 'Rocket Docket'
The Wall Street Journal: A Florida Court's 'Rocket Docket' Blasts Through Foreclosure Cases (2 Questions, 15 Seconds, 45 Days to Get Out; 'What's to Talk About?' Says a Judge)
"Produce The Note" Strategy When Dealing With Missing Promissory Notes In Foreclosure Actions
ABC Video: Fighting Against Foreclosure (Some homeowners have found a new tactic to keep the banks at bay)
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