Created on Thursday, 20 May 2010 09:23
Residents of a Norristown condo and apartment building must vacate their units by 5:00PM Friday. The Rittenhouse Club on Sandy Street is facing condemnation just three years after it opened, and some residents are facing possible financial ruin. Eight condo owners need to find living quarters they can afford while still paying mortgages and property taxes. A Montgomery County judge found the four-story building structurally unsound and gave developer Bruce Fazio 30 days to come up with a report on the building’s deficiencies and a plan for fixing them. He has already defaulted on a $2.5 million construction loan, and he says he is so far underwater financially that he could not make a profit on the building even if he sold the remaining 18 units.