DUMBO’S Olympia developer accused of fraud by investors

February 28, 2025 Brooklyn Eagle Staff

The Old Fulton Street Yard section of Anchorage Plaza, located on the Fulton Ferry side of the Brooklyn Bridge, is included in the RFP. The Olympia DUMBO condo rises in the background. Eagle photo by Mary Frost

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DUMBO — INVESTORS have sued Fortis Property Group, developer of the Olympia condo tower at 30 Front St., alleging fraud and financial misrepresentation, according to Crain’s New York. The investors, who include members of the Hakimian real estate family, claim Fortis inflated the value of the project’s parking garage and community facility to secure nearly $6 million in funding. The lawsuit also alleges that Fortis falsely claimed some luxury units were ready for occupancy when actually unfinished and uninhabitable. Fortis has denied the accusations, calling them “baseless and false.” The Olympia project has struggled, with only 50% of its 76 units sold since 2021, Crain’s reported.

Fortis is also facing lawsuits over a building in Lower Manhattan known as the “Leaning Tower of FiDi,” according to The Real Deal. The same developer was also behind what came to be known as the “Screeching Cobble Hill Condo,” the Brooklyn Eagle reported.

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