BOARD OF MANAGERS OF 150 EAST 72ND STREET CONDOMINIUM v. VITRUVIUS ESTATES, LLC

9703, 160831/16.

173 A.D.3d 589 (2019)

2019 NY Slip Op 05074

Board of Managers of 150 East 72nd Street Condominium, Respondent, v. Vitruvius Estates, LLC, Appellant, et al., Defendant.

Appellate Division of the Supreme Court of New York, First Department.

Decided June 25, 2019.


Plaintiff contends that defendant, sponsor of the condominium offering plan, underfunded plaintiff's reserve fund by using the wrong value for "total price" in the calculation of the amount of the fund (see Administrative Code of City of NY §§ 26-703[b][i] ["three per cent of the total price"]; 26-702[b] [2] ["the sum of the cost of all units in the offering at the last price which was offered to tenants in occupancy prior to the effective date of the plan...

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