Scarano troubles continue and buyers shudder
The NY Times Real Estate section, in its' 'Big Deal' section (third item), has a write-up on the past, continuing and forthcoming troubles of the Brooklyn starchitect, Robert Scarano. In news that should please no one except his own worst enemies, many of his buildings have been recently cited for non-compliance issues. This can only server to hinder buildings that he has been working on, including but not limited to the Washington Condos at 35 Underhill.
As the blurb quotes, "the city has expanded its investigation of an architect, Robert M. Scarano Jr., accusing him of failing to take proper steps to guarantee safe conditions at a building site.."
Unfortunately, many people are affected by this news:
the developer Isaac Fischman (reputational and credit risk),
the broker, Aguayo & Huebener (reputational and franchise risk) and
the buyers (market and liquidity risk).