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LouisSeize t1_j47st0q wrote

I saw the report last night. Clearly, there's a lot not being said. How did the addition go unnoticed for the two previous owners?

Also, since the board spoke to its lawyers, do they not realize what they are doing to the value of the building because of its reputation? Who will ever want to buy an apartment in a building where the board has an owner thrown into jail?

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bittoxic00 t1_j48x16d wrote

The members should also be worried that a blocked sale of any buyer willing to buy and remedy will probably lead to a foreclosure at this rate. Thus a future huge disbursement from the building fund will lead to a new levy, that or a bank takes it, do they then throw some poor vp from boa in jail?

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AceContinuum t1_j491l8n wrote

>The members should also be worried that a blocked sale

It's a condo, not a co-op. Condo boards don't typically have the right to block a sale, nor does the article suggest that the condo board is trying to block Riccardi from selling. Rather, as a practical matter, no buyer in their right mind would want to buy once they learn of the whole mess.

As for the possibility of a bank taking over ownership after foreclosure (the article doesn't mention whether Riccardi has a mortgage on the property - he might own it outright), the advantage of the corporate form is that it's not possible to jail a company. The most the judge would be able to do is fine the bank.

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bittoxic00 t1_j499ho2 wrote

The article claims any sale is blocked while this is ongoing

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AceContinuum t1_j49cgkk wrote

No, the article just says:

>The Riccardis say they would just like to get out but can’t sell the condo with the legal controversy pending.

"Can't sell with the legal controversy pending" is entirely consistent with "can't sell due to inability to find a buyer."

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KaiDaiz t1_j47t1e4 wrote

So any recourse for current owner to get from previous seller of undiscussed illegal additions?

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LouisSeize t1_j47t9yl wrote

No idea what was in the contract or research.

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myassholealt t1_j4dskxb wrote

I remember this story from last year it's a long ongoing battle between rich people. And rich people fight with lawyers; he's on the losing side.

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