$10 Million Lawsuit Against Joshua Zegen, Brian Shatz’s Madison Realty
Madison Realty, whose apartments have been featured on Bravo’s “Million Dollar Listing”, have great plans Great Jones Alley, a tiny, 20-foot wide, 137-foot long Lane-crossing between Bond and West 3rd streets.
Two buildings in this tiny alley, a 22-unit boutique co-op at 684 Broadway and a new Noho condo called 1 Great Jones Alley, where a fancy new condo sold its penthouse for $30 million, owned by Madison Realty. Both buildings own part of that alley, now looks neglected.
The developer has been promoting Great Jones Alley as a private entrance to the building to keep the paparazzi at bay.
But the neighbors at 684 Broadway don’t like the plan and they’ve filed a $10 million lawsuit last week against Joshua Zegen and Brian Shatz’s Madison Realty, in Manhattan Supreme Court to protect their interests, the New York Post reports.
The lawsuit says that Madison Realty has been promoting a fantasy, and that the condo developer has no right to change their shared slice of pavement.
The developer is “not authorized to remove and/or alter the gate that sits at the entrance to the alley … [and] do not have the right to advertise the alley as ‘private’ to potential buyers,” according to court papers.
The developer cannot even allow cars to sit and idle in the space — without the consent of 684 Broadway, the suit contends. [NYP] —Christopher Cameron
Read more about: Brian Shatz, Great Jones Alley, Joshua Zegen, Lawsuits, Madison Realty Capital, real estate in New York