NYC Condo Owners Seek $35M Over Sandy Displacement

By Kaitlin Ugolik (November 20, 2012, 2:36 PM EST) -- Condominium owners at the Greenwich Club Residences in New York City launched a $35 million derivative suit against the condo board and property manager Friday, saying they took no precautions against flooding before Superstorm Sandy and have since refused to file insurance claims.

The luxury apartment building at 88 Greenwich St. in lower Manhattan experienced significant flooding when the storm surge breached the West Side Highway, drowning its three-tiered basement and destroying all electrical and heating equipment in addition to many residents' storage spaces, lead plaintiff Jonathan Stark told Law360 on Tuesday.

But despite their fiduciary duty to make a good...

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