Word on the street is that the Hudson Tea condo association has sued Toll Brothers for a variety of structural defects. Still in the early phases, a claim amount has not even been set yet as the engineering firm has not finished it’s job of discovering what’s wrong with the building. Evidently, there are some structural problems regarding the roof and windows and leaks.
These sort of suits happen more often than you might realize here in Hoboken. What is interesting is that several reliable mortgage lenders have told me that there will be no money lent to buyers while the litigation is pending. This is especially so because the amount of damages is so uncertain at this point.
So what do unit owners do? Well, they can stay put. If that’s not feasible due to life circumstances, they can try to find tenants. Hudson Tea has always been a popular complex. I expect that the longer the suit drags on, the more pressure from unhappy unit owners will be put on the parties to settle. I’ll keep you posted as I learn more.
Maybe this will prompt Eli to stay put for longer.