Buyers File Lawsuit Against Roosevelt Lofts

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The practice of developers fudging their sales numbers may come back to haunt Milbank Real Estate, the local developer behind Roosevelt Lofts in Downtown L.A.

Eight buyers who put down deposits at Roosevelt Lofts, a 222-unit adaptive reuse project at 7th and Flower, filed a lawsuit against Milbank this week in Los Angeles County Superior Court, alleging among other things that the developer misled buyers into thinking more units had been sold than was actually the case.

Six of the plaintiffs who put down deposits in summer 2007 were told by sales staff that the development was 50 percent sold out. Those buyers were told they would be able to move in November 2007. Additionally, two buyers who put down deposits in December 2007 were told they could move in January 2008. The Roosevelt has seen no closings to date.



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