Condominiums—Fraudulent Inducement—Negligent Misrepresentation—Breach of Contract —Martin Act
The plaintiffs in this action were a homeowner’s association, two condominiums and individual unit owners within a residential development. Shortly after moving into their new homes, the owners allegedly experienced problems with, inter alia, heating, air conditioning, plumbing systems and common area buildings. The association “drastically increased assessments after the first year to repair the alleged defects in the common areas because the income realized was significantly less, and the expenses were considerably more, than the budget projections in the offering plan.” The plaintiffs sued the sponsor, principals of an LLC which was a member of the sponsor, the sponsor’s parent organizations, a management company, a real estate broker, an engineering firm, and architects.
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