The eight condominium buyers at financially distressed Park Lafayette development, the condo towers located at the east side of Milwaukee are filing cases to withdraw their purchases. The buyers claim that developers of the condo towers violated their purchase contract agreement by developing the second residential tower.
Renaissant Lafayette LLC is the condo towers’ developer, which is led by Warren Barr.
According to the buyers, their purchase agreement was violated and wants their money back. The suit claims that the agreement was violated because Park Lafayette developed the second tower before attaining $50 million in sales agreement.
The suit also states that Renaissant Lafayette misrepresents the number of condominium buyers the condo towers have in contract in September 2008.
Renaissant Lafayette said that in September 2008, about 30 percent of the condo towers have been sold, but in 2009, only around 41 condo units or 15 percent of the residential building were under contract, and a total of only $18 million in sales.
The eight condo buyer’s suit makes arguments and claims akin to the chain of suits which are filed by other people who did not close their purchase deals on Renaissant Lafayette, but provided money for it.
The property, Renaissant Lafayette, is under foreclosure suit by Amalgamated Bank in New York.
Developers, Renaissant Lafayette LLC, still owed the bank $102.8 million. It will be sold in a bankruptcy auction.
Renaissant Lafayette, a 20-storey condo towers located at E Lafayette Place and N Prospect Ave, it has around 150 units that are leased as apartments.