Having paid $11 million for the unfinished Grand Penthouse shell #2 atop “The Pacific” at 2121 Webster Street, a unit with roughly 3,800 square feet of raw interior space and a 1,520-square-foot terrace, back in 2016, William Wang is now suing the developer of the building, Trumark Urban, and its agents for fraud, misrepresentation and a breach of fair dealing among other complaints.
At the heart of the suit are two claims which were first raised back in 2018: (1) that the HVAC system for the penthouse was improperly designed and defective; and (2) that a required clearance for the building’s window washing equipment, which encroaches on the unit’s terrace, was misrepresented, resulting in a net loss of over 600 square feet, or roughly 42 percent, of the unit’s “unique,” “buildable” and “customizable” outdoor space as sold.
And having failed to settle the claims amicably, the suit is now seeking damages “well in excess of” $1.88 million dollars to make the plaintiff whole. But there’s a twist.
As an alternative to the requested damages, Mr. Wang is willing to return the completed unit to Trumark for the full amount that has since been invested in the unit since it was purchased, including all holding costs. And this is where it gets rather insightful and particularly interesting.
According to our accounting and review of the complaint, Mr. Wang has spent $7,831,980 building out the penthouse shell, which does include $383,871 in fixtures and furnishings and $707,000 in design fees, for a total investment of $18,831,980, not including an additional $712,242 in taxes, insurance and HOA fees that have been paid.
And should Trumark pursue the “rescission” route, the suit explicitly seeks any increase value that the build out has yielded, beyond the cost of construction, as well. We’ll keep you posted and plugged-in.