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Last month an American Arbitration Association panel awarded $14.3 million to two parties listed in a bankruptcy exhibit: James Carnicelli Jr. of Scarsdale, and The Gateway Development Group of Greenwich.
Fareri’s testimony that he was unaware of activities and tax filings that “inured only to his personal benefit” was not credible, arbitrators said.
The condominium was marketed and sold “as a top-tier luxury product that would afford owners and residents an elegant, pampered lifestyle,” the complaint states. “The sponsor has not delivered on that promise.”
The downtown condominium project was stalled for several years by the 2008 bankruptcy of its previous developer.