The Real Estate Bloggers

Posted: 01 Jun 2010 09:36 AM PDT

Watch this video and cringe.

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Green Developers Sued For Not Being Green Enough

Posted: 01 Jun 2010 07:11 AM PDT

Kermit The Frog It Ain't Easy Being Green “It ain’t easy being green.”

Those famous words sung by Kermit the Frog may be the theme song for developers who jumped on the green building (and marketing) bandwagon.

One developer in New York sure is singing like Kermit after being sued for 1.5 million dollars for not making their luxury Battery Park City condo green enough. That is the complaint by a homeowner at The Riverhouse One Rockefeller Park.

The owners of a luxury condominium in Battery Park City are suing for $1.5 million in damages because they say the eco-friendly building isn’t green enough.

The Riverhouse One Rockefeller Park was “marketed as being at the cutting edge of ‘green’ technology,” according to a complaint filed in New York State Supreme Court, but the owners of one apartment allege fraud and breach of contract by its developers.

Among other claims, they say their apartment’s air-infiltration system and heating unit weren’t up to promised standards.

Steven Gidumal and Allison Keeley, who filed the complaint earlier this month, bought their three-bedroom, three-bathroom apartment in 2008 for $4.2 million, according to Streeteasy.com.

“If you hold yourself out to be green, then deliver the goods,” Mr. Gidumal said.

While green marketing has been the rage in the real estate industry the past couple of years it also attracts a certain type of buyer who has lofty expectations of the impact your green designation will make. If you do not achieve the levels stated in your marketing or by your sales staff, you may have to start paying significant fees to your attorney. As well as settlements to your buyers.

Hattip to Rob Hahn and Nikki Beauchamp for bringing this story to my attention.

Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.

Green Developers Sued For Not Being Green Enough