As noted by a plugged-in tipster, the buyers of a $5.85 million, two-bedroom unit on the 55th floor of the new tower at 181 Fremont Street have just filed suit against the tower’s development team, agents and brokers involved in the sale back in late 2016, claiming fraud, deceit and negligence.
According to the suit, which was filed in San Francisco Superior Court, the defendants “failed to disclose that the spectacular views from the condominium they were selling [and the plaintiffs purchased] could be potentially blocked by neighboring developments,” specially on Transbay Block 4, which was zoned for development up to 450 feet in height, and that the sales team hid the fact that “the 55th floor” of the tower “is actually the 42nd floor since the building is missing 13 stories.”
In addition, the suit alleges that the sales team subsequently misrepresented the pace of sales in the building, circa 2017, in order to ensure the buyers closed escrow.
As such, the owners of 181 Fremont Street #55B are now seeking damages of “no less than $3,000,000,” along with a requested trebling of said damages, based on the claimed fraud, and the recovery of all attorney’s fees.
At the same time, the three-bedroom unit #60A at 181 Fremont, which was purchased for $5,772,672 in May of 2018, remodeled and then returned to the market listed for $6.465 million last year, doesn’t appear to have found a buyer despite having been reduced to a sub-2018 price of $5.595 million six months ago.
We’ll keep you posted and plugged-in.
UPDATE (5/13): And on Monday, which was the next business day after we highlighted the case and five days after it was filed, the Plaintiff’s attorney requested that the entire complaint be dismissed.