Africa-Israel Investments, headed by Lev Leviev (above) has settled with New York attorney general Eric Schneiderman over three of the developer's projects that had defects stemming from the recession, including the 79-unit 85 Adams St in Downtown Brooklyn, according to a New York Times report.
After years of litigation—in which the AG and residents contended that the developer did not fulfill its promises of luxurious amenities and instead delivered projects fraught with problems such as missing fireproofing, faulty wiring, leaks and mold—Africa-Israel must resolve the defects at the three buildings, which also include Manhattan's 15 Broad St and 20 Pine St.
It must also surrender control to the condo boards and pay a $2M penalty to the city for improperly taking tax breaks on the Broad Street building and an adjacent structure. [NYT]
