Magic Johnson Investment Firm Threatens Lawsuit Over New York Condo Project

Magic Johnson's Investment Group Suing Over New York Condo Project

NBA Hall of Famer Magic Johnson and his Canyon Johnson Urban Funds investment group are threatening a lawsuit against the contractor on Canyon’s 20 Henry Street condominium project in New York.

Last week the firm filed suit in Manhattan Supreme Court claiming that contractor Hudson Meridian threatened to walk off the job if they didn’t receive an additional $700,000 in payment. Canyon says Hudson is five months behind schedule due to lack of supervision of workers.

Canyon Johnson says most of the building’s 39 condo units are under contract and were supposed to begin closing in June.

Hudson Meridian says the delays are not their fault and that the new charges are due to changes in the requested work. The contractor was hired onto the project last year after safety concerns were raised regarding the practices of the original contractor.

Canyon Johnson Urban Funds has several holdings around the country. They own more than 6,200 residential units and more than two million square feet of commercial space.

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Source: therealdeal.com