Yitzhak Tshuva
Report: Apartment buyers in NY threaten to sue Tshuva
New York Times says buyers in Israeli businessman's luxury Manhattan project have hired a lawyer, claiming they are still living in a construction site six months after moving into new condominium
Dozens of apartment buyers in Israeli businessman Yitzhak Tshuva's luxury project in Manhattan threaten to launch legal proceedings against the developer, El Ad Properties, the New York Times
reported Sunday.
According to the report, six months after the buyers started moving into the glassy new condominium tower called the Link at 310 West 52nd Street., they are still living in a construction site with an unfinished lobby, uncarpeted hallways and no access to the garden that was supposed to help them escape from the city’s stresses.
El Ad Group is Tshuva's private company and is in charge of his real estate activity in the United States.
Plaza Hotel
Golan Hazani
Israeli tycoons acquire Las Vegas' New Frontier Hotel which they plan to turn into grandiose Plaza Hotel complex
About 40 owners at the Link became so frustrated with the developer, which is also renovating the Plaza Hotel, that they hired real estate lawyer Robert Braverman in an effort to get an executive at El Ad to meet with them.
Lloyd Kaplan, the company’s spokesman, said that El Ad’s head of construction would meet with owners as long as they didn’t bring their lawyer.
Kaplan said that the company had tried to address all of the individual owners’ problems and that the builder expected to complete everything by November 15, nine months after the first residents’ arrival.
According to the NY Times, the Link is one of many new condos in New York City whose owners complain that developers have been slow to deliver what they promised.
El Ad Group is mostly active in the East Coast. The company's most known project is the renovation of the Plaza Hotel, which it purchased three years ago for $675 million.
The company recently announced that it was expanding to the West Coast, where it would build the Plaza project in Las Vegas along with businessman Nochi Dankner and a prestigious apartment building in Los Angeles.
