|
|
|
Developers Agree to Pay Downtown Los Angeles loft owners $1.32 million for building repairs
PRWEB
Developers of the Toy Warehouse loft building in downtown Los Angeles agreed to pay $1.32 million to homeowners to improve soundproofing and to make other repairs, according to Brian S. Kabateck, an attorney for the homeowners. The settlement was reached May 19, 2004 after the plaintiffs had rested their case in a civil trial underway between the parties in Los Angeles Superior Court.
LOS ANGELES, CA (PRWEB) May 25, 2004 - Developers of the Toy Warehouse loft building in downtown Los Angeles agreed to pay $1.32 million to homeowners to improve soundproofing and to make other repairs, according to Brian S. Kabateck, an attorney for the homeowners. The settlement was reached May 19, 2004 after the plaintiffs had rested their case in a civil trial underway between the parties in Los Angeles Superior Court (Toy Warehouse Loft Owners Association vs. Toy Warehouse Lofts Realty Investors, LLC, Decoma Structural Industries, Canon Capital, et al. Case No. BC292056).
The defendants, Decoma Structural Industries, Canon Capital and Toy Warehouse Realty Investors LLC, initially made a pre-trial settlement offer of $125,000. The agreed-upon $1.32 million settlement will be sufficient to make all the necessary repairs, says Kabateck, partner in the Los Angeles law firm of Kabateck & Garris LLP.
The Toy Warehouse, located in what is known as the Artists District, was the first loft conversion project in downtown Los Angeles. Prospective loft buyers were drawn to the Toy Warehouse because of the promise of its upscale accommodations and its convenience to a revitalized downtown entertainment and business district, explains George D. Bojic, an attorney with Kabateck & Garris. Instead, homeowners have been subjected to unbearable substandard living conditions.
At trial, loft owners charged that numerous construction defects exist throughout the building. Most notable is the lack of soundproofing. Owners hear their neighbors kitchen, bedroom and bathroom activities. The homeowners argued that the developers knew of these and other defects prior to and after the sale of the lofts, but concealed them from homebuyers.
Anyone living in a citys downtown knows that general city and traffic noise is an acceptable part of the lifestyle. Not acceptable is having to live with the constant noise coming from inside the building due to poor soundproofing, says Matthew J. Geragos, plaintiffs co-counsel and partner with Geragos & Geragos.
The Artists District is a great community and Toy Warehouse lofts have the most square footage of for-purchase lofts available and the best location downtown, says Matasha Zahine, president of the Toy Warehouse Loft Owners Association. We are elated and relieved that at last we will be able to create the dream lofts we purchased. We are very grateful to Brian Kabateck, Matt Geragos and George Bojic for their belief in us and their excellent representation. They got us the funds we need to bring our lofts to the standards we were told we were buying. Now the artists can do it right.
The Toy Warehouse is an 80,000 square foot building originally constructed in 1907. Located at 215 S. Santa Fe Avenue, it was renovated in 2000 to include 20 individual lofts/condominiums.
###
|
Other
Related Information:
Home
| Products
| Articles
| Resources |
