Posted by Anthony Deen
As reported in the Brooklyn Courier and online at YourNabe.com, the Toll Brothers are being sued by those whose land they promised to buy:
“Toll entered a contract to purchase the property from Joseph Phillips and Citibank in 2004, and made a down payment of $5.75 million on the purchase price of $21.5 million, which was since revised to $20.6 million. The imbroglio was first detailed on the blog Pardon Me for Asking.
According to the contract, the sale of the property would be contingent on the fate of a rezoning request by the developer. In March of last year, the city approved rezoning the site from manufacturing to residential use.
But when the Environmental Protection Agency announced in April that it was considering naming the canal a Superfund site, the future of Toll’s project became as murky as the canal along whose banks it might rise. Critics of the designation say it will cast a stigma on all projects near the waterway, stifling private development for years to come.”