LAS VEGAS -- The Cosmopolitan, which sits half-built in the middle of the Strip, has been held up as a symbol of Las Vegas' doubtful future.In fact, the $3 billion property -- part of the resort corridor's largest construction boom, amid its worst economic slump in recent memory -- might better serve as a symbol of the Strip's long-term economic strength.While Cosmopolitan reps have kept quiet since the project's primary lender started foreclosure proceedings in January, plenty has gone on behind the scenes.The centrally located site offers a rare opportunity to buy Stripfront property, and experienced hotel operators, including Hilton and Hyatt, are lining up to acquire it.Evidently, some investors still think Las Vegas is a good long-term bet.Closing a deal, however, will be difficult.The usual hurdles have grown higher amid the economic downturn. Prospective buyers need to come up with several billion dollars during a credit crunch that has made capital cost-prohibitive. Owner Deutsche Bank, unwilling to see the costly and complex project that it bankrolled fall into the wrong hands, will be choosier than the typical seller.The difficulty in getting financing, the tourism slowdown and the challenge of reconfiguring an under-construction property to meet a new owner's needs will likely add up to a loss on the sale for Deutsche Bank, which is owed more than $900 million on the property.Just how much of a loss the bank will take is an open question. The bigger the discount, the more appealing the prize.The company declined to comment.The resort was the vision of an outsider who financed it when capital was cheap.Where others saw a 9-acre parcel that might have housed a parking garage or a strip mall, New York condo developer Ian Bruce Eichner saw enough space for a 7 million-square-foot resort featuring twin skyscrapers attached to a five-story base. Rather than buy out time-share owners at the neighboring Jockey Club, he erected his resort flush with their property and built parking spaces for the Jockey Club residents beneath Cosmopolitan.The towering design tested the limits of county planners, who weren't entirely comfortable with its density.The design also presents a challenge for potential buyers.The resort stands out on the Strip, where whimsical designs belie a time-tested method for separating customers from their money.Eichner viewed his design, with retail on the first few floors and the casino, restaurants and other amenities on floors high above the Strip, as an eye-catching innovation that would appeal to well-heeled city dwellers.Some casino operators, at least privately, panned the design. Gamblers should expend little effort to get to the casino floor, they said. Guests want to be greeted by the energy of gaming tables and whirring slots rather than the relatively sterile atmosphere of a mall, the insiders said.Others said Eichner was ahead of his time. CityCenter and even the new Palazzo have entrances that lead into malls, and space constraints will require future developers to be more creative with multistory attractions.Deutsche Bank took possession of the property after Eichner defaulted on the property's $760 million construction loan.The plans for Cosmopolitan's rooms -- which have the bold look of a rock star's pad -- are another hard pill to swallow. Hipsters will no doubt welcome the shag carpeting, mirrored walls, glass chandeliers and zebra-print furniture. But what will a conservative hotel company do with such baubles?Eichner planned to open the property by early 2010, but the foreclosure process might delay its debut.All this uncertainty is making a lot of people uncomfortable, including hundreds of condo buyers who plunked down nonrefundable deposits.Despite the challenges the project poses, would-be buyers are already at the table. The wheeling and dealing will continue to be quiet but intense. And it could go on for as long as the credit crunch continues.The winning bidder will gain a status purchase and a potential flagship property, and help continue to fuel the Strip's growth for decades.(Distributed by Scripps Howard News Service, www.scrippsnews.com.)
How can I get my deposit back
I am one of those condo buyers that plunked down $120K for a cosmopolitan unit back in 2005. I want my money back, especially if it is in foreclosure. Is there a class action suit brewing amongst the other depositors who are also in limbo?
I too am a buyer
The deposits are supposedly safe, escrowed and bonded.
Cosmopolitan: If anyone is
Cosmopolitan: If anyone is interested in walking away from their Units. I may be interested in buying. WBYLAW@aol.com
Concerned Cosmopolitan Investor
Dear Concerned Cosmopolitan Investor,
I am attorney and a partner in the law firm LURIE & PARK LLP, located in West Los Angeles, California. Our Firm specializes in real estate litigation and I have been noticing increasing complaints from investors regarding delays in construction at the Cosmopolitan Resort & Casino.
My firm is investigating and closely monitoring the situation at the Cosmopolitan. We are currently representing clients who are trying to get their deposits back from other luxury condominium projects (e.g. Trump Baja resort). Based on our Firm's legal research and experience, we believe there is a strong case that the developer is legally required to refund the deposits if they do not deliver the units on time, as promised. Many of these purchase agreements also have provisions for reimbursement of legal fees for the prevailing party.
We are forming a plaintiffs' group to share in the costs of an arbitration against those persons and companies we believe responsible for failing to complete construction as promised. The more buyers we represent, the more each buyer will save in legal costs (i.e., 5 clients = 20% of legal costs for each client).
If you are interested in joining the group, please contact me at dpark@lurieparklaw.com. Our Firm will arrange for a free conference call with all those who are interested to answer various questions you may have and to offer you an assessment of your individual legal rights.
I look forward to hearing from you.
Sincerely,
Daniel E. Park, Esq.
LURIE & PARK LLP
12121 Wilshire Boulevard, Suite 1325
Los Angeles, California 90025
Tel: (310) 207-9400
Fax: (310) 207-8666
Cell: (310) 207-5415
Dpark@lurieparklaw.com
www.lurieparklaw.com
cosmo condo
Want to sell
Concerned Cosmopolitan Investor
Dear Concerned Cosmopolitan Investor,
I am attorney and a partner in the law firm LURIE & PARK LLP, located in West Los Angeles, California. Our Firm specializes in real estate litigation and I have been noticing increasing complaints from investors regarding delays in construction at the Cosmopolitan Resort & Casino.
My firm is investigating and closely monitoring the situation at the Cosmopolitan. We are currently representing clients who are trying to get their deposits back from other luxury condominium projects (e.g. Trump Baja resort). Based on our Firm's legal research and experience, we believe there is a strong case that the developer is legally required to refund the deposits if they do not deliver the units on time, as promised. Many of these purchase agreements also have provisions for reimbursement of legal fees for the prevailing party.
We are forming a plaintiffs' group to share in the costs of an arbitration against those persons and companies we believe responsible for failing to complete construction as promised. The more buyers we represent, the more each buyer will save in legal costs (i.e., 5 clients = 20% of legal costs for each client).
If you are interested in joining the group, please contact me at dpark@lurieparklaw.com. Our Firm will arrange for a free conference call with all those who are interested to answer various questions you may have and to offer you an assessment of your individual legal rights.
I look forward to hearing from you.
Sincerely,
Daniel E. Park, Esq.
LURIE & PARK LLP
12121 Wilshire Boulevard, Suite 1325
Los Angeles, California 90025
Tel: (310) 207-9400
Fax: (310) 207-8666
Cell: (310) 207-5415
Dpark@lurieparklaw.com
www.lurieparklaw.com
Refund of down payment
I would also be interested in a refund of my deposit and cancellation of the purchase of the condo.
Concerned Cosmopolitan Investor
Dear Concerned Cosmopolitan Investor,
I am attorney and a partner in the law firm LURIE & PARK LLP, located in West Los Angeles, California. Our Firm specializes in real estate litigation and I have been noticing increasing complaints from investors regarding delays in construction at the Cosmopolitan Resort & Casino.
My firm is investigating and closely monitoring the situation at the Cosmopolitan. We are currently representing clients who are trying to get their deposits back from other luxury condominium projects (e.g. Trump Baja resort). Based on our Firm's legal research and experience, we believe there is a strong case that the developer is legally required to refund the deposits if they do not deliver the units on time, as promised. Many of these purchase agreements also have provisions for reimbursement of legal fees for the prevailing party.
We are forming a plaintiffs' group to share in the costs of an arbitration against those persons and companies we believe responsible for failing to complete construction as promised. The more buyers we represent, the more each buyer will save in legal costs (i.e., 5 clients = 20% of legal costs for each client).
If you are interested in joining the group, please contact me at dpark@lurieparklaw.com. Our Firm will arrange for a free conference call with all those who are interested to answer various questions you may have and to offer you an assessment of your individual legal rights.
I look forward to hearing from you.
Sincerely,
Daniel E. Park, Esq.
LURIE & PARK LLP
12121 Wilshire Boulevard, Suite 1325
Los Angeles, California 90025
Tel: (310) 207-9400
Fax: (310) 207-8666
Cell: (310) 207-5415
Dpark@lurieparklaw.com
www.lurieparklaw.com
Cosmopolitan
I also invested in this project and feel the same way. I'm not sure what coarse to take. Can we talk?
I am a buyer too.
I checked and the deposits are safe in escrow. I wonder if anyone will be able to get their deposit back though?
Well, in that case everyone
Well, in that case everyone would like to get their deposit back.
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Concerned Cosmopolitan Investor
Dear Concerned Cosmopolitan Investor,
I am attorney and a partner in the law firm LURIE & PARK LLP, located in West Los Angeles, California. Our Firm specializes in real estate litigation and I have been noticing increasing complaints from investors regarding delays in construction at the Cosmopolitan Resort & Casino.
My firm is investigating and closely monitoring the situation at the Cosmopolitan. We are currently representing clients who are trying to get their deposits back from other luxury condominium projects (e.g. Trump Baja resort). Based on our Firm's legal research and experience, we believe there is a strong case that the developer is legally required to refund the deposits if they do not deliver the units on time, as promised. Many of these purchase agreements also have provisions for reimbursement of legal fees for the prevailing party.
We are forming a plaintiffs' group to share in the costs of an arbitration against those persons and companies we believe responsible for failing to complete construction as promised. The more buyers we represent, the more each buyer will save in legal costs (i.e., 5 clients = 20% of legal costs for each client).
If you are interested in joining the group, please contact me at dpark@lurieparklaw.com. Our Firm will arrange for a free conference call with all those who are interested to answer various questions you may have and to offer you an assessment of your individual legal rights.
I look forward to hearing from you.
Sincerely,
Daniel E. Park, Esq.
LURIE & PARK LLP
12121 Wilshire Boulevard, Suite 1325
Los Angeles, California 90025
Tel: (310) 207-9400
Fax: (310) 207-8666
Cell: (310) 207-5415
Dpark@lurieparklaw.com
www.lurieparklaw.com
Get deposit back
I'd also like to get my deposit back. This is getting rediculous and I'm not even sure that the mortgage I could easily qualify for when I bought in, will be attainable when this thing is built. Are they going to provide lenders to all the people who could qualify for loans under the loan standards at the time they bought? I doubt it. If there are enough people who want their deposits back, we should check into a class action lawsuit.
I want my deposits back too.
I want my deposits back too. The legal way to get out of the contract is a builder default or unfulfill one of the contractual obgligations by the builder (i.e. 3700 Associates, LLC headed by Bruce Eicher). We need to provide good reason(s) in order to claim that they have breached contract. Some good, solid, and factual reasons are:
1) fraud committed by Eichner for not disclosing that he had lost similar RE developments in New York many years ago (I only learned about it through media when the default news broke early this year).
2) delay of contruction due to inexcusable causes (and there are plenty of these--poor construction planning, cost overran from original $1.5B to $3B+ today, contruction mishaps that caused mutiple deaths, workers's protest, and potential (material) design changes, etc...). this will have to wait after Q1 of 09 for those who bought the first building.
3) Change of developer (Deutsche bank and/or whoever takes over the project from Eichner)
4) Cosmopolitan name has been damaged with Hearst's on-going lawsuit and could be lost if Hearst won.
I think we should send them letter indicating our intention (return deposits to us). If they say no, then we should find a good Nevada attorney who is willing to take our case to file a class action on our behalf against 3700 Associates, LLC. and Deutsche Bank.
Let me know what you think.
Regards,
Anonymous
Sounds good to me
This sounds like a good idea with good backup. The dilema I see is:
1. Should just a few of us try to get our deposits back by writing a letter to 3700 Associates, LLC hoping that they will try to sweep us under the rug by giving our deposits back and NOT start the ball rolling for a class action lawsuit? or:
2. Should we try to get as many people who want out of the project to sign the initial letter, hoping 3700 Associates, LLC won't want a class action lawsuit. If so, how do we find these people (I haven't seen a whole lot of people screaming for their deposits back) and what if there aren't that many people who want out? Don't quote me, but I would think that a class action lawsuit would have to involve a certain percentage of buyers. Maybe, not. Anyway, I like your reasoning as I have also been going over these same ongoing problems.
The city center was not
The city center was not disclosed when I signed my purchase contract. I also would like me deposit back.
I too am a buyer of Cosmo
I totally agree with you. I want my deposit back too. Please e-mail me back so we can discuss what to do. My e-mail address is jungjmok@yahoo.com
I want my deposits back too.
Count me if for a Class Action lawsuit...I own two units and I want out!
Concerned Cosmopolitan Investor
Dear Concerned Cosmopolitan Investor,
I am attorney and a partner in the law firm LURIE & PARK LLP, located in West Los Angeles, California. Our Firm specializes in real estate litigation and I have been noticing increasing complaints from investors regarding delays in construction at the Cosmopolitan Resort & Casino.
My firm is investigating and closely monitoring the situation at the Cosmopolitan. We are currently representing clients who are trying to get their deposits back from other luxury condominium projects (e.g. Trump Baja resort). Based on our Firm's legal research and experience, we believe there is a strong case that the developer is legally required to refund the deposits if they do not deliver the units on time, as promised. Many of these purchase agreements also have provisions for reimbursement of legal fees for the prevailing party.
We are forming a plaintiffs' group to share in the costs of an arbitration against those persons and companies we believe responsible for failing to complete construction as promised. The more buyers we represent, the more each buyer will save in legal costs (i.e., 5 clients = 20% of legal costs for each client).
If you are interested in joining the group, please contact me at dpark@lurieparklaw.com. Our Firm will arrange for a free conference call with all those who are interested to answer various questions you may have and to offer you an assessment of your individual legal rights.
I look forward to hearing from you.
Sincerely,
Daniel E. Park, Esq.
LURIE & PARK LLP
12121 Wilshire Boulevard, Suite 1325
Los Angeles, California 90025
Tel: (310) 207-9400
Fax: (310) 207-8666
Cell: (310) 207-5415
Dpark@lurieparklaw.com
www.lurieparklaw.com
Condo
I also want my deposit back, we should look for class action
Let me know if any thing new coming up.
Concerned Cosmopolitan Investor
Dear Concerned Cosmopolitan Investor,
I am attorney and a partner in the law firm LURIE & PARK LLP, located in West Los Angeles, California. Our Firm specializes in real estate litigation and I have been noticing increasing complaints from investors regarding delays in construction at the Cosmopolitan Resort & Casino.
My firm is investigating and closely monitoring the situation at the Cosmopolitan. We are currently representing clients who are trying to get their deposits back from other luxury condominium projects (e.g. Trump Baja resort). Based on our Firm's legal research and experience, we believe there is a strong case that the developer is legally required to refund the deposits if they do not deliver the units on time, as promised. Many of these purchase agreements also have provisions for reimbursement of legal fees for the prevailing party.
We are forming a plaintiffs' group to share in the costs of an arbitration against those persons and companies we believe responsible for failing to complete construction as promised. The more buyers we represent, the more each buyer will save in legal costs (i.e., 5 clients = 20% of legal costs for each client).
If you are interested in joining the group, please contact me at dpark@lurieparklaw.com. Our Firm will arrange for a free conference call with all those who are interested to answer various questions you may have and to offer you an assessment of your individual legal rights.
I look forward to hearing from you.
Sincerely,
Daniel E. Park, Esq.
LURIE & PARK LLP
12121 Wilshire Boulevard, Suite 1325
Los Angeles, California 90025
Tel: (310) 207-9400
Fax: (310) 207-8666
Cell: (310) 207-5415
Dpark@lurieparklaw.com
www.lurieparklaw.com
I would like to get back the deposit as well
Hi Everyone,
I've been searching for people like me who bought a unit. First, I would like to know what everybody has done already? I talked to an attorney in Neveda about this. I forget. When was the delivery date? And has Deutsche Bank Taken back the property yet? Lets talk I'll tell you what the attorney said. The attorney I got looked at the contract beliefly but for the last three to four weeks says he'll finish it next week and doesn't finish so I'm not really sure of all options. And Are people still buying the 2nd tower?
2nd, I'm a pretty good mortgage broker for a lot of years and not sure if some people are gonna qualify now for the property. Condo Hotel Financing is a lot harder to come by and rates are up
Contact me and we'll talk
Refund on Cosmo.
I bought a unit at the Cosmo. I'm very worried to and I wouldn't mind getting my deposit back. I had an attorney look over my contract and he said I'm pretty much locked in no matter what happens. What did yours say?
Concerned Cosmopolitan Investor
Dear Concerned Cosmopolitan Investor,
I am attorney and a partner in the law firm LURIE & PARK LLP, located in West Los Angeles, California. Our Firm specializes in real estate litigation and I have been noticing increasing complaints from investors regarding delays in construction at the Cosmopolitan Resort & Casino.
My firm is investigating and closely monitoring the situation at the Cosmopolitan. We are currently representing clients who are trying to get their deposits back from other luxury condominium projects (e.g. Trump Baja resort). Based on our Firm's legal research and experience, we believe there is a strong case that the developer is legally required to refund the deposits if they do not deliver the units on time, as promised. Many of these purchase agreements also have provisions for reimbursement of legal fees for the prevailing party.
We are forming a plaintiffs' group to share in the costs of an arbitration against those persons and companies we believe responsible for failing to complete construction as promised. The more buyers we represent, the more each buyer will save in legal costs (i.e., 5 clients = 20% of legal costs for each client).
If you are interested in joining the group, please contact me at dpark@lurieparklaw.com. Our Firm will arrange for a free conference call with all those who are interested to answer various questions you may have and to offer you an assessment of your individual legal rights.
I look forward to hearing from you.
Sincerely,
Daniel E. Park, Esq.
LURIE & PARK LLP
12121 Wilshire Boulevard, Suite 1325
Los Angeles, California 90025
Tel: (310) 207-9400
Fax: (310) 207-8666
Cell: (310) 207-5415
Dpark@lurieparklaw.com
www.lurieparklaw.com
how do I contact you?
how do I contact you?
Hi Everyone, OOPPSS.I've
Hi Everyone,
OOPPSS.I've been searching for people like me who bought a unit. First, I would like to know what everybody has done already? I talked to an attorney in Neveda about this. I forget. When was the delivery date? And has Deutsche Bank Taken back the property yet? Lets talk I'll tell you what the attorney said. The attorney I got looked at the contract beliefly but for the last three to four weeks says he'll finish it next week and doesn't finish so I'm not really sure of all options. And Are people still buying the 2nd tower?
2nd, I'm a pretty good mortgage broker for a lot of years and not sure if some people are gonna qualify now for the property. Condo Hotel Financing is a lot harder to come by and rates are up
Contact me and we'll talk 847-477-6347 or meetwithmark@hotmail.com
Concerned Cosmopolitan Investor
Dear Concerned Cosmopolitan Investor,
I am attorney and a partner in the law firm LURIE & PARK LLP, located in West Los Angeles, California. Our Firm specializes in real estate litigation and I have been noticing increasing complaints from investors regarding delays in construction at the Cosmopolitan Resort & Casino.
My firm is investigating and closely monitoring the situation at the Cosmopolitan. We are currently representing clients who are trying to get their deposits back from other luxury condominium projects (e.g. Trump Baja resort). Based on our Firm's legal research and experience, we believe there is a strong case that the developer is legally required to refund the deposits if they do not deliver the units on time, as promised. Many of these purchase agreements also have provisions for reimbursement of legal fees for the prevailing party.
We are forming a plaintiffs' group to share in the costs of an arbitration against those persons and companies we believe responsible for failing to complete construction as promised. The more buyers we represent, the more each buyer will save in legal costs (i.e., 5 clients = 20% of legal costs for each client).
If you are interested in joining the group, please contact me at dpark@lurieparklaw.com. Our Firm will arrange for a free conference call with all those who are interested to answer various questions you may have and to offer you an assessment of your individual legal rights.
I look forward to hearing from you.
Sincerely,
Daniel E. Park, Esq.
LURIE & PARK LLP
12121 Wilshire Boulevard, Suite 1325
Los Angeles, California 90025
Tel: (310) 207-9400
Fax: (310) 207-8666
Cell: (310) 207-5415
Dpark@lurieparklaw.com
www.lurieparklaw.com
Cosmo Contract Concern
Count me in. I made a $132K deposit in 2005. Suckered in by my realtor friend who is in serious problems with various properties. We will never qualify for a loan and the property is not worth $1000 per sq foot! Sales people are no help.... I would be interested in a class action of some sort... my email is ruffus327@aol.com 619-948-5770
Concerned Cosmopolitan Investor
Dear Concerned Cosmopolitan Investor,
I am attorney and a partner in the law firm LURIE & PARK LLP, located in West Los Angeles, California. Our Firm specializes in real estate litigation and I have been noticing increasing complaints from investors regarding delays in construction at the Cosmopolitan Resort & Casino.
My firm is investigating and closely monitoring the situation at the Cosmopolitan. We are currently representing clients who are trying to get their deposits back from other luxury condominium projects (e.g. Trump Baja resort). Based on our Firm's legal research and experience, we believe there is a strong case that the developer is legally required to refund the deposits if they do not deliver the units on time, as promised. Many of these purchase agreements also have provisions for reimbursement of legal fees for the prevailing party.
We are forming a plaintiffs' group to share in the costs of an arbitration against those persons and companies we believe responsible for failing to complete construction as promised. The more buyers we represent, the more each buyer will save in legal costs (i.e., 5 clients = 20% of legal costs for each client).
If you are interested in joining the group, please contact me at dpark@lurieparklaw.com. Our Firm will arrange for a free conference call with all those who are interested to answer various questions you may have and to offer you an assessment of your individual legal rights.
I look forward to hearing from you.
Sincerely,
Daniel E. Park, Esq.
LURIE & PARK LLP
12121 Wilshire Boulevard, Suite 1325
Los Angeles, California 90025
Tel: (310) 207-9400
Fax: (310) 207-8666
Cell: (310) 207-5415
Dpark@lurieparklaw.com
www.lurieparklaw.com
Please keep me in the loop....
If there is a class action suit, I would be interested. I plopped down about $132K in 2005 as well, and would like to look at all options. Having someone else hold that amount of money for 4-5 years with no return on investment is ridiculous, and not what was represented to me when I bought in.
Thanks, AZ
senorzee@yahoo.com
602-909-8730
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