Did you invest in The Charles, a condo development by Bluerock Real Estate located at 1355 1st Avenue in New York? If so, The White Law Group may be able to help recoup some of your investment losses.
Investors appear to have had the opportunity to invest in The Charles through two investment offerings. Both investments, launched in 2008, gave investors an opportunity to invest in commercial real estate through Tenant-in-Common (TIC) interests, or through the purchase of 12% Subordinates Notes.
Unfortunately, construction on the 32-story condo building was reportedly stalled for several years.
The upper east side high-rise grabbed the medias attention more than once for the projects delay. According to NY Curbed, The Charles was scheduled to finish in the spring of 2010 but still was nothing more than an empty lot the winter of 2011. It wasn’t until 2014 that the luxury building celebrated its topping out.
Many investors may have been attracted to the potentially high returns offered by TIC investments and other real estate ventures like The Charles. Unfortunately, their brokers should have warned them that these types of investment are high risk, speculative investments and arguably unsuitable for many.
In addition, TICs like The Charles, typically pay a high commission – often as much as 10%. Sadly, these high commissions provide enough motivation for some brokers to overlook suitability issues when recommending TICs to clients.
If you invested in BR 1355 First Avenue S, LLC or BR 1355 First Avenue Development, LLC, and would like to discuss your litigation options with a securities attorney, please call The White Law Group’s Chicago office at (312)238-9650 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, please visit our website www.whitesecuritieslaw.com.