In late 1998, Monroe Station Associates started construction on the Belmont, a seven-story, 34-unit condominium building in Hoboken. Monroe Station served as the sponsor, developer and general contractor of the Belmont. Prior to completing construction, Monroe Station filed a public offering statement (POS), which stated that there were no known defects in the common elements of the Belmont building that a prospective purchaser could not determine by a reasonable inspection.??Attached to the POS were certain marketing materials, which provided that the potential buyers would be getting a “Proven Developer and Construction Management Team which has overseen the building and renovation of over 400 Single Family & Condominium Homes, and over 1,000,000 Sq. Ft. of Office/Commercial/Retail Development.”

In reality, the Belmont was the first building the owner of Monroe Station, Dean Geibel, had ever developed. Having hired several experienced project/construction managers, Geibel relied on their collective experience as support for the representation in the marketing materials that the buyers would be getting a “proven” developer. Unfortunately, the Belmont suffered from water intrusion problems from the very beginning. Unit owners experienced water leaks into their units from molding around windows, light fixtures, balconies and air-conditioning ducts. In response, the condominium association hired various contractors, home inspectors and professional engineers to investigate, test and repair the source of the water leaks.

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