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The Boston Real Estate BlogI am an independent real estate broker, focused on the residential real estate market in downtown Boston. |
Real Estate Investor Singed By Mandarin Developer?
I can't believe the copywriters over at the Herald didn't come up with that headline.
There were stories in both the Globe and Herald today regarding Pritam Singh, who has signed a purchase and sale contract on a $14.3 million condominium home in the new Residences at the Mandarin, currently under construction next to the Prudential Tower, in the Back Bay.
The suit, filed against CWB Boylston, LLC, charges that the developer "intentionally withheld information about how much light was available in the penthouse, and how much shadow was created by nearby buildings."
Singh says the amount of light is of "critical importance", because his wife, Ann Johnston, suffers from seasonal affective disorder, or SAD.
This is where you might lose sympathy for Mr. Singh:
Singh [argues] he was led to believe he was buying a sun-lover’s paradise. In his suit, Singh points to Mandarin marketing materials that said sunlight would “flood through the windows.”
Encouraged, he signed an agreement to buy not one top-floor condo, but two, which offered 360- degree views, gardens, decks and floor-to-ceiling windows. It was only after having signed a purchase and sale agreement, when he went out to look at the site one morning last March, that Singh said he noticed something amiss -a deep shadow cast over the site by surrounding buildings.
Okay, the building wasn't even up, hadn't even had its first steel beam put up, in March. It was the same hole in the ground it was the day they opened the sales office. How could he get a different opinion of how much light he was going to get, between the two days?
More importantly, how could you possibly think the building would be "flooded with light", regardless of the sales brochure??? Has this guy ever even been to that side of the Prudential Center??? It's in the shade half the day, year round!
As he says, "It's Boston, and it's dark early." Exactly!!! Didn't you know that???
Dude, you're a multi-millionaire real estate developer with over 30 years experience, and you're suggesting that the Mandarin sales staff misled you??? What jury or judge would ever think that's even possible?
Based on the newspaper stories, and nothing else, I'd have to come to the conclusion that he had buyer's remorse and just wants out of the deal.
Fat chance. His $3.4 million in escrow will stay there, until the sun goes out and shadows engulf the earth, 24-7!
(Props to Mr Singh's PR firm, though ... they got a story in both the Globe and Herald, on the same day!)
More: A shady deal? Mandarin condo buyer sues over sun block - By Scott Van Voorhis, The Boston Herald
Also: Buyer's remorse? $14.3m condo allegedly lacks light - By Kimberly Blanton, The Boston Globe
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