Grandview Palace - Sale Contract Signed
Fellow Unit Owners and Stakeholders of the Grandview Palace of NY Condominium:
After many years of the Grandview Palace in limbo, we are writing to inform you of a potential resolution of the condominium by way of a sale to an interested third party.
A potential purchaser/developer has devoted several months to thoroughly exploring the option of acquiring this property. We’ve had many individuals express interest in the property over the years, only for them to ‘kick the tires’ and move on. None of them demonstrated the level of commitment or completed the necessary due diligence process that the current prospective buyer has undertaken to potentially make the purchase.
This writing is to inform you that the Board of Managers supports the sale of the property, as is, to this developer as a means to finally close this chapter of the Grandview Palace. What was once a special place now, sadly, remains a heap of ruins that only the most well-heeled developer could put back to productive use. The agreed upon purchase price is $1,200,000.
Due to the property being owned by as many as 396 individuals or entities, the liquidation of the property and the winding up of the affairs of the Condominium will be no easy task. In conformance with the condominium bylaws, a partition action (litigation) is necessary to combine the ownership interests of the property and complete a sale to the developer. As such, our attorneys and the purchaser’s attorney will present the case to the N.Y.S. Supreme Court in order to ensure that the transaction complies with the law and is fair to all parties.
Following the sale, we expect that the net proceeds of the sale will be held in escrow until a final accounting of the ownership interests and distribution of the net proceeds can be determined.
It goes without saying that the loss of the Grandview by fire in 2012 and the ensuing difficulties that we have collectively endured over the years seem like a bad dream. We are hopeful that the transaction described above will finally wake us from that dream and allow us to liquidate our rights to, and responsibilities for, the property and finally move on.
In the ensuing weeks you will be hearing more from us on this matter. We respectfully request your cooperation as we move forward. In the meantime, we will provide information and post answers to questions on our official website, www.gvpjustice.com. If you have any questions that are not already posted, we have set up a special e-mail address through our attorneys to field questions at email@example.com.
Grandview Palace of NY Board of Managers