Fortis Property Group is being sued for allegedly lying about the value of assets at Olympia Dumbo, its residential development in Brooklyn.
Crain’s New York Business reports Fortis is being accused of misrepresenting the prospective sale prices of a commercial garage and community center attached to the development. The company also allegedly served up false projections to lure investors, and it is being blamed for “gross mismanagement” that resulted in a mortgage default and disrepair within the development’s condominium units.
The lawsuit, which seeks $11 million in damages, is tied to an LLC with the same address as to the Hakimian Organization, a New York City-based real estate developer, owner and manager.
“Fortis flatly acknowledged that it intentionally provided false information to secure Plaintiffs’ investments,” the lawsuit said.
A spokesperson for Fortis called the lawsuit “pathetic,” adding the company “looks forward to achieving a complete vindication in court.”
Photo courtesy of Urban Atelier Group
