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Title of story, click here . No way can this be true, let me explain. Everyone knew that there was contamination there and if you own a building that has 21 E problems you own them forever, you can not walk away from them. As result owners usually have to perfrom remediation before they are able to sell. Or it they do sell they come to agreement as to how much the seller will pay for future remediation.
Here is how the NY Times and WBDC sale probably went down:
- They agree to very low sale price of 300,000 because of contamination
- WBDC not too worried since they think that they will
- WBDC agrees not to hold the NY Times repsonsible for any clean-up costs and maybe there agreed to a number. Think I read that somewhere. Lets say they agreed to reimburse back 200,000?
My guess is that if there was any vote by the New York Times, it was to pay the agree reimbursment at the time of sale. No way is the NewYork Times pay all the clean-up costs, since if they were they would have never sold the building for 300,000.
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